Athabasca Potash Inc. Announces
Termination of President and Establishment of Special Executive Committee
SASKATOON,
SASKATCHEWAN--(Marketwire - June 25, 2009)
Athabasca Potash Inc.
("API" or the "Corporation") (TSX:API) announces that
Dawn Zhou, President and Chief Executive Officer of the Corporation has
been removed from her executive positions with the Corporation. Ms. Zhou
remains a director of the Corporation. Ms. Zhou's entrepreneurial expertise
and experience in geotechnical matters surrounding exploration was key in
the formation and early development of API. API has now reached a stage
where the skills required of its chief executive officer, in addition to
familiarity with potash and the related chemicals processing industry,
include mining project finance and development, and building completion and
operations experience. A new CEO will be sought who also brings to the
Corporation strong management and administrative skills required from an
internal governance perspective as well as externally with respect to the
marketplace.
The Board has established a Special Executive Committee (the
"Committee") which will be responsible for the general exercise
of powers and authority of the Board in managing the business and affairs
of the Corporation. The Committee will also be responsible for managing the
transition process with respect to search and retention of a new chief
executive officer. The Committee consists of three directors; Mr. J.G.
(Jim) Gardiner, who will act as Chairman, and Messrs. Leo Bingleman, CA and
John King Burns. Mr. Gardiner is the former President and Chief Executive
Officer of Fording Canadian Coal Trust, Mr. Bingleman is chairman of the Corporation's
audit committee and has 25 years experience as a finance executive in the
mining industry. Mr. King Burns is Managing Director of NuCoal Energy
Corp., a Saskatchewan based energy company. Mr. King Burns will continue as
interim Chairman of the Board of Directors.
The Committee expects to work closely with the Corporation's Chief
Operating Officer, Terry Walbaum, in advancing of the Corporation's
preliminary feasibility study with respect to its Burr Project.
The Board along with Management continues in it's belief that the Burr
Project, as indicated by the May 29, 2009 Resource Update, has the
potential to be developed as a low cost conventional potash mine.
About Athabasca:
Athabasca Potash Inc. 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, 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. Such forward-looking
information includes, but is not limited to, statements with respect to
estimated Mineral Resources at the Burr Project, the filing of a new NI
43-101 compliant technical report for the Burr Project and the completion
of the Pre-feasibility Study. 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, permit 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
Interim Chairman
(306) 933-4298
or
Athabasca Potash Inc.
Jim Gardiner
Chairman, Special Executive Committee
(306) 933-4298
Email: info@athabascapotash.ca
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