Vancouver-Potash One Inc. said March 27 that it has significantly expanded its potash permit holdings around its Legacy Project and acquired permit applications under review in southeastern Saskatchewan. The company signed an agreement with an arms-length vendor to acquire 100 percent of three potash exploration permits in Saskatchewan (KP-355, KP-356, and KP-357) and two permit applications (KP-416 and KP-417) currently under review. All of the permits and applications border or are in the vicinity of existing or planned potash operations. The land size covered by these permits and permit applications is as follows: Permits: KP-355 – 72,181 acres; KP-356 – 87,002 acres; KP-357 – 79,920 acres (total equals 239,100 acres). Permit applications: KP-416 – 91,120 acres; KP-417 – 96,240 acres (estimated equals 187,360 acres). Historical exploratory drilling and seismic programs were conducted on the newly acquired properties in the 1950s and 1960s. This historic information will be reported once the company has completed its review of all relevant historical data. The purchase price payable to arms-length vendor consists of 1,408,000 common shares of the company (with a 4-month hold) and $2,897,880 in cash upon closing. “We are very pleased to expand our potash asset base in Saskatchewan,” said Paul Matysek, Potash One president and CEO. “The acquisition of new permits in the vicinity of KP-289 creates a critical mass in an area that is potentially amenable to potash solution mining. Potash One controls permits and permit applications that cover over 500,000 acres in this important potash producing region of the world. This allows us to position Potash One as one of the key potash development companies in Saskatchewan.”
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