Mosaic misses quarterly profit estimates, finance chief to retire
Mosaic had cut its Q3 production forecast following equipment failures in Canada and hurricanes at the US Gulf Coast.
VANCOUVER, BRITISH COLUMBIA – January 21st 2014 – Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, “Pacific Potash”, “the Company”) is pleased to announce that it has completed drilling its first well on its 100% owned Amazon Basin Potash Project. The well was drilled to a total depth of 1421m. In total 960m of core has been obtained from the well. The core is being cut, logged and prepared for assaying. The sections of core of interest will be sent to the Saskatchewan Research Council for analysis.
The Company would also like to update the progress in regards to the M.O.U financing. The due diligence period has been extended to allow for review of the drilling of the first well. Both parties have been working diligently to complete their obligations and continue to work in good faith.
Current Executive Co-Chairman and Director, Mr. Balbir Johal will be assuming the role of CEO for Pacific Potash effective immediately in addition to his current roles. Mr. Andre Costa will assume the role of Chief Geologist for Pacific Potash moving forward to allow his undivided attention on the Company’s projects.
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Amazonas Potash Project and the surrounding potash claims targeting the Middle Amazonas Potash Basin, currently the host to multiple new exploration campaigns for potash. The Middle Amazonas Basin is one of the largest evaporate basins in the world (10,000km2).
We seek safe harbour.
On behalf of the Board,
Pacific Potash Corporation
Balbir Johal
Executive Co-Chairman & Director
For further information, please visit our website at www.pacificpotash.com or contact our V.P of Corporate Communications, Mike Blady:
Mike Blady
Office: +1 604.895.7446
Email: [email protected]
Andre Costa, P.Geo, of Pacific Potash Corp and qualified person for the purposes of NI 43-101, has reviewed and approved the preparation of the technical information in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Pacific Potash in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Pacific Potash’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Pacific Potash disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
