TORONTO – (Business Wire) – July 15, 2015 – IC Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“ICP” or the “Company”) announces that longtime potash executive Kay Randall “Randy” Foote has been appointed by the Board of Directors to serve as President and CEO of the Company and its subsidiaries. The Company also announces that Sidney Himmel, who has been with the company since June 2006, most recently as President and CEO, has stepped down from this position effective immediately.
Dr. George Poling, Chairman of the Board of Directors, expressed, “Sid Himmel was instrumental in developing IC Potash Corp. into a world class fertilizer asset. On behalf of the Board of Directors, I thank Sid for his years of service. Looking forward, we are grateful to have Randy Foote’s considerable experience and expertise as we move into the next phase of development for the Company.”
Randy Foote has served as Chief Operating Officer of Intercontinental Potash Corp. (USA) and as a Director of the Board of IC Potash Corp. since 2010. Mr. Foote holds a Bachelor of Science degree in mining engineering from the University of Arizona, and has 33 years of experience in the potash industry. During these years, Mr. Foote worked for Mississippi Chemical Corporation, whose assets were later purchased by Intrepid Potash. Mr. Foote served as General Manager responsible for all activities at the Carlsbad potash mining location, including mine production and mineral processing. In 1997, he was promoted to Vice President and General Manager, and was responsible for two mines and three surface operations, mining over 5,000,000 tons of ore per year.
This announcement is the latest development for ICP following the restructuring announced June 8, 2015.
About IC Potash Corp.
ICP has demonstrated a low-cost method to produce sulfate of potash (“SOP”) from its 100%-owned Ochoa polyhalite deposit in southeast New Mexico and seeks to become a primary, long-term producer of SOP. SOP is a non-chloride potash fertilizer widely used in the horticultural industry and for high value crops, such as fruits, vegetables, tobacco and potatoes. It is applicable for soils where there are substantial agricultural activity, high soil salinity, and in arid regions. The Ochoa Project has access to excellent local labor resources, low-cost electricity and natural gas, an approved non-potable water source, rail lines, and the Port of Galveston, Texas. ICP’s land holdings consist of approximately 98,500 acres of federal preference right potassium leases, federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit www.icpotash.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of ICP to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, the need for additional mine development expertise in management, reserve estimates, ICP’s expected position as one of the lowest cost producers of SOP in the world, the timing of receipt and publication of ICP’s environmental permits, the sufficiency of ICP’s cash balances, the timing of production, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of ICP, including, but not limited to, risks associated with hiring and retaining personnel, mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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Vice President, Communications