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SASKATOON, Saskatchewan, September 27, 2011 /PRNewswire/ –North Atlantic Potash Inc., the Canadian subsidiary of JSC Acron, and Rio Tinto today signed a joint venture agreement on potash exploration opportunities and possible mine construction.
The agreement relates to North Atlantic Potash”s potash permit holdings located in the southern part of Saskatchewan”s potash district. The joint venture will cover nine permitted areas that cover an area of about 600,000 acres (about 241,000 hectares) that extends from the eastern shore of Last Mountain Lake southeast toBroadview (see map on website: permits KP 375 in the west to KP 403 in the east).
An extensive exploration program is planned under the direction of the Joint Venture partners.
“This agreement is another step to maximize the development potential of our vast potash exploration holdings in Saskatchewan,” said Arie Zuckerman, President of North Atlantic Potash. “We strongly believe that together with the professional experience and financial capabilities Rio Tinto brings into this project, we will be able to be the next producing mine in Canada.”
“We”ve recently completed an extensive seismic survey on our Foam Lake area permits in the northeast segment of our holdings and will be embarking this fall on a drilling campaign in that area,” added David Waugh, CEO of North Atlantic Potash. “The opportunity this Joint Venture brings to North Atlantic Potash, is to expand our resource base knowledge in additional permitted areas, leveraging our land and holdings, while moving forward on advancing our potash development strategy.”
North Atlantic Potash
North Atlantic Potash is focused on developing potash production in Canada. It currently holds more than 2.7 million acres and 26 exploration permits in the Prairie Evaporite potash deposit in Saskatchewan. Evaluations are ongoing on their extensive holdings to prioritize exploration activities and other options to maximize their potential. http://www.northatlanticpotash.com
JSC Acron
Acron is a fast-growing group of interrelated companies and one of theleadingglobal mineral fertilizer producers. Key business segmentsinclude ammonia, nitrogen and complex mineral fertilizers, as well as organic and non-organic compounds. The Group includes three major production facilities, its own logistics infrastructure, an international sales network, and is investing in its own raw material base. http://www.acron.ru/en/
For further information:
Media Contacts: David Waugh, CEO
North Atlantic Potash
Mobile +1(306)203-1950
Arie Zuckerman
North Atlantic Potash
Mobile +011-972-50-200-7067
