Athabasca Potash
Appoints New President and CEO
SASKATOON, SASKATCHEWAN--(Marketwire Canada - August 6th, 2009)
Athabasca
Potash Inc. ("API" or the "Company") (TSX:API) is
pleased to announce the appointment of Mr. Robert T. Boyd as the Company's
new President and Chief Executive Officer. Mr. Boyd's appointment is
effective immediately. He has also been appointed to API's Board of
Directors.
Jim Gardiner, Chairman of the Executive Committee of the Board of Directors
stated, "We are extremely pleased to have Robert Boyd join our team at
Athabasca Potash. Robert is a solid, experienced chief executive from
the Canadian mining sector. He has the qualifications now needed to
take the Company successfully forward as we move to advance development of
the Burr Project towards feasibility, financing and either a strategic
alliance with an established global industry player or an alternative
strategic transaction."
Mr. Boyd brings strong mining industry management and governance
credentials, to API. Mr. Boyd is currently Lead Director of Peregrine
Diamonds Ltd., Chairman of True North Gems Inc., and serves on several
other corporate and mining association boards. He was formerly Chief
Executive Officer of Ashton Mining of Canada Inc. from 2000 to
2007. Prior to joining Ashton, Mr. Boyd was a Partner and Principal in
Geographe International, a boutique mining advisory firm providing
strategic joint venture, mergers & acquisitions and technical advisory
services to mining companies. He spent over a decade with Homestake
Mining Co., as Director, Canadian Exploration and later Vice President
Exploration of Homestake Canada Limited, where he was responsible for
Homestake's Canadian exploration, financial and administrative
group. Mr. Boyd holds a degree in Geology from the University of
Western Ontario.
His background includes more than 30 years of experience in corporate
management, project development, mergers and acquisition evaluations and
preparation of feasibility studies. Mr.. Boyd's appointment will also
strengthen the API's contacts in the capital markets, as he brings with him
good relationships with industry analysts and investors.
"Joining API is an exciting opportunity," said Mr.
Boyd. "The Company has made great progress in positioning itself
as a possible low-cost conventional potash producer. The Burr Project
is a "best-in-class" project supported by a strong board and
excellent professional team and staff. I look forward to working with
this team and its advisors to move the Burr Project through the completion
of its pre-feasibility and feasibility studies and, at the same time,
continuing to evaluate the range of strategic options for the Company that
will deliver value for our shareholders."
The targeted mining members of the Burr Project, including both the Upper
Patience Lake ("UPL") and Lower Patience Lake ("LPL")
Sub-Members, contain Measured Mineral Resources of 125,800,000 tonnes at a
grade of 21.27% potassium oxide ("K2O"), Indicated Mineral
Resources of 299,000,000 tonnes at a grade of 23.07 % K2O, and Inferred
Mineral Resources of 186,900,000 tonnes at a grade of 23.55%
K2O. Mineral resources do not have demonstrated economic
viability. Susan Lomas, P.Geo. of Lions Gate Geological Consulting
Inc., is the Qualified Person (as defined by NI 43-101) for having prepared
the mineral resource estimates and scientific and technical information in
this press release and has reviewed the results reported herein. For
more scientific and technical information relating to the estimated mineral
resources for the Burr Project, please refer to API's press release dated
May 29, 2009 and the technical report entitled NI 43-101 Technical Report
for a Resource Estimation on the Burr Project, Athabasca Potash Inc.,
Saskatchewan, Canada, with an effective date of September 18, 2008 (the
"Technical Report"). The May 29 press release and the
Technical Report are available at www.sedar.com or www.athabascapotash.ca.
About Athabasca Potash Inc.
API is a Canadian-based corporation and was founded with a goal of
establishing itself as a pre-eminent Canadian public company engaged solely
in potash exploration and development with focus on the Company's wholly
owned Burr Project in Saskatchewan, and to provide its shareholders with a
unique investment opportunity focused entirely on potash.
Caution Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning
of applicable Canadian securities legislation, including statements with
respect to the Company's strategic review process and its ongoing
pre-feasibility study on the Burr Project. Forward-looking information
involves known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements of API, or industry
results, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
information. Such factors include, among others, exploration risks,
lack of historic drill hole documentation, challenges or impairments to
title, the negotiation of access to certain potash mineralization,
permitting requirements, governmental regulations, aboriginal land use, environmental
risks and competition in attracting and retaining personnel. In
addition, the forward-looking information contained in this press release
is based upon what management believes to be reasonable assumptions,
including, but not limited to, assumptions regarding the mining and
processing methods to be used in connection with any future development at
the Burr Project, mining and processing costs, transport costs, minimum
mining widths, metallurgical recovery rates, the long term price of potash,
the bulk density of potash mineralization and the estimated extraction
ratio. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in the forward-looking
information contained herein. Accordingly, readers are advised not to place
undue reliance on forward-looking information. Except as required
under applicable securities legislation, API undertakes no obligation to
publicly update or revise forward-looking information, whether as a result
of new information, future events or otherwise.
For more information, please contact:
Athabasca Potash Inc.
John King Burns
Chairman
(306) 933-4298
Email: info@athabascapotash.ca
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