VANCOUVER, British Columbia–(BUSINESS WIRE–
Western Potash Corp. (the "Company" (TSX: WPX, FSE: AHE is
pleased to announce the receipt of an updated NI 43-101 Technical Report
titled "NI 43-101 Technical Report Summarizing the Preliminary
Feasibility Study for a Potash Solution Mine on the Milestone Project
(Subsurface Mineral Lease KLSA 008, Saskatchewan." The Company confirms
that this Report has been filed on SEDAR on December 15, 2011. The
Technical Report includes an updated resource estimate, and a summary of
the Company's Pre-Feasibility Study announced via news release dated
October 31, 2011. The Prefeasibility Study (the "Study" was completed
by AMEC Americas Limited ("AMEC". AMEC is a leading international
engineering and project management company that currently manages
multiple potash expansion projects in Saskatchewan with a capital value
of several billion dollars.
The updated resource estimate slightly increases the Milestone
recoverable Potash Resource (Patience Lake, Belle Plaine, and Esterhazy
Members including the upper halite interbed to 66.6 million tonnes of
Measured Resource (contained KCl, 186.9 million tonnes of Indicated
Resource, and 708.2 million tones of Inferred Resource. Inferred
Resource around the Milestone Project plant site land and associated
infrastructure have been removed from the estimate. Purchase of the
plant site land was announced via news release dated June 21, 2011.
Mineral Reserves were not reported within this updated Technical Report.
Mineral reserves have not been estimated because the Company is
negotiating to obtain mineral leases for all the Freehold mineral rights
within the Indicated and Measured resource areas. These negotiations are
expected to be completed within the next few months. Mineral reserves
will be presented when acquisition of these mineral leases is
substantially complete. The updated resource estimate at Milestone was
prepared by Agapito Associates Inc. ("AAI" of Grand Junction, Colorado.
The Qualified persons for the Resource Estimate were Dr. Michael P.
Hardy, P.E (US, P.Eng. (SK, P.G. (US, and Dr. Douglas F. Hambley,
P.E. (US, P.Eng. (SK, P.G. (US.
A detailed summary of the Measured, Indicated and Inferred Mineral
Resource within Crown and Leased Freehold Areas is presented in Table 1,
2 and 3 respectively.
Patience Lake
28.68
320.37
91.87
30. 2
Halite Interbed
4.72
144.20
6.81
2.24
Belle Plaine
30.16
131.52
39.67
13.04
Esterhazy
33. 70
190.71
64.27
21.13
Search Radius of 800 m used; Mt = million tonnes; K2O
grade 15%; Density = 2. 08 t/m3, KCl = 1.58303 K2O.
Resource accounts for geologic anomalies (5%, and extraction
ratio (34.6%.
Patience Lake
28. 60
935.65
267.58
84.25
Halite Interbed
4.76
385.38
18.33
5.77
Belle Plaine
30.00
392.59
117. 79
37.09
Esterhazy
33.64
538.76
181.23
59. 57
Search Radius of 1.6 km outside radius and 2.5 km inner
radius (between drill holes used; Mt = million tonnes; K2O grade
15%; Specific Gravity = 2.08 t/m3, KCl = 1.58303
K2O. Resource accounts for geologic anomalies (9%,
extraction ratio (34.6%.
Patience Lake
28. 63
4,261.37
1,220.01
316.59
Halite Interbed
4.66
1,793.31
83.59
21.69
Belle Plaine
30.07
1,972. 32
593.02
153.89
Esterhazy
33.48
2,486.17
832.38
216. 00
8.0 km radius used; Mt = million tonnes; K2O grade 15%;
Density = 2.08 t/m3, KCl = 1.58303 K2O.
Resource accounts for geologic anomalies (25%, extraction ratio
(34.6%.
AAI have made estimates of the Measured, Indicated and Inferred Mineral
Resources based on a Radius of Influence (ROI similar to that applied
by mine operators and peer group explorers working on solution mining
properties in the region. Furthermore, the Measured, Indicated, and
Inferred Mineral Resources were arrived at by discounting the overall
calculated tonnage by Loss Factors of 5%, 9% and 25% respectively, to
account for unknown geologic anomalies. The resulting potash quantity
was further reduced using an extraction ratio factor of 34.6%, which is
the estimated potash available to be extracted for the life of an
envisioned operation leaving sufficient material to support cavern
stability. The resource estimate was prepared in accordance with the
requirements of NI 43-101 of the Canadian securities regulators.
The recently completed Prefeasibility Study confirms that the Milestone
Project shows significant positive economics and that the asset is of
sufficient size and grade to support primary and secondary solution
mining for more than forty years at a production rate of 2.8Mt/yr. The
study concluded that there are no known limitations that may prevent a
successful and profitable project outcome. The Feasibility Study is in
progress, and will produce results which adhere to the AACE "Class 3"
classification for projects. Water sources are currently being evaluated
for the project.
A summary of the assumptions and results of the Prefeasibility Study
appears below:
Target Annual Production rate
2. 8 Mt/yr
Life of Mine
40 years
Years of Construction
3
Construction Start-up
2013
Production Start-up
2016
Years to Full Secondary Production
6
Long Term Potash Price (FOB Gate
$511 US/tonne
Assumed Exchange Rate
US$/CAD$ 1. 00
Taxes and Royalties
$28.90/tonne CAD
Sustaining CAPEX Rate %
2.0%
Base Case
100% Equity
Initial CAPEX
$2. 458 Billion CAD
Port CAPEX
$300 Million CAD
Total Initial CAPEX
$2.758 Billion CAD
NPV (10
$4.14 Billion CAD
IRR
22. 7%
Payback Period
5 Years
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
The Company also reports that all environmental baseline data required
for the preparation of the EIS has now been collected. On October 11,
2011, the Company submitted a «Project Proposal» to the Saskatchewan
Ministry of Environment. The Project Proposal provides a conceptual
level description of the Milestone Project and formally initiates the
regulatory review process under the provincial Environmental Assessment
Act. Upon review of the Project Proposal, the government of Saskatchewan
will issue Project Specific Guidelines, which provide detailed
information requirements to be included in the EIS. The EIS remains on
schedule and on budget, with an anticipated EIS submission date of Q3
2012. Golder Associates Ltd. ("Golder" of Saskatoon, Saskatchewan
continues to assist the Company with the preparation of the
Environmental Impact Statement ("EIS" for the Milestone project. Golder
is an employee-owned, global company providing consulting, design, and
construction services in earth, environment, and related areas of
energy. Golder was chosen by the Company due to their commitment to
technical excellence and their experience with environmental assessments
for potash projects.
The 100% owned Milestone property, comprising 500 square kilometers, is
located 30 kilometers southeast of Regina, and southeast of Mosaic's
Belle Plaine Mine, one of the largest producing potash solution mines in
the world.
On July 28 2008, the Company signed an agreement with Amarillo Gold
Corporation (Amarillo", a company related by a common director, to
acquire potash mineral rights in Brazil. Amarillo, through its Brazilian
subsidiary, submitted applications on behalf of the Company for 113
potash permits totaling 982,962 hectares within potash prospective
portions of the Brazilian Amazon Basin. The Company is pleased to
announce that these permits have now been granted by the Brazilian
government. These potash permits are currently being transferred into
the Company's wholly owned Brazilian subsidiary, Potássio Ocidental
Mineração Ltd. (the "Subsidiary". The Subsidiary has also, since its
incorporation in December 2008, submitted its own applications for an
additional 53 potash permits totaling 91,245 hectares. These additional
permits are located in the Amazon Basin, and have been granted to the
Subsidiary by the Brazilian government.
Western Potash Corp. is a mineral exploration company engaged in the
evaluation, exploration and development of potash mineral properties in
Western Canada. The Company intends to define and develop a world-class
potash deposit in an ecologically sustainable, economically efficient
and socially responsible manner.
The in-house qualified persons for the purposes of NI 43-101 guidelines
are J. Patricio Varas, P. Geo and Dean Pekeski, P. Geo, both of whom
have reviewed and approved the contents of this news release. Dean
Pekeski is also co-author of the updated NI 43-101 Technical Report on
which this news release is based.
For more information on Western Potash Corp. 's projects, please visit
the Company's website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"J. Patricio Varas"
J. Patricio Varas
President and CEO
Except for statements of historical fact relating to the Company,
certain information contained herein constitutes «forward-looking
information» under Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with respect to
the effect and estimated timeline of the drilling and assay results on
the Company, the estimation of mineral reserves and mineral resources;
the timing and amount of estimated future exploration; costs of
exploration; capital expenditures; success of exploration activities;
permitting time lines and permitting; government regulation of mining
operations; environmental risks; unanticipated reclamation expenses; and
title disputes or claims; Generally, forward-looking information can be
identified by the use of forward-looking terminology such as «plans»,
«expects» or «does not expect», «is expected», «budget», «scheduled»,
«estimates», «forecasts», «intends», «anticipates» or «does not
anticipate», or «believes», or variations of such words and phrases or
statements that certain actions, events or results «may», «could»,
«would», «might» or «will be taken», «occur» or «be achieved».
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and they are subject
to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements
of the Company to be materially different from those expressed or
implied by such forward-looking statements or forward-looking
information. Although management of the Company has attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements and forward-looking information. The
Company does not undertake to update any forward-looking statements or
forward-looking information that are incorporated by reference herein,
except in accordance with applicable securities laws.
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