Listed: TSX, NYSE Symbol: POT SASKATOON, SK, Jan. 23 /PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc. (PotashCorp) today announced that its Board of Directors has approved its intention to commence, subject to regulatory approval, an open-market repurchase program of approximately 5 percent of its outstanding common shares over a one-year period through a normal course issuer bid. The share buyback will involve the purchase of common shares at the prevailing market price from time to time. "We have a long history of using our strong cash flow to create value for our shareholders," said PotashCorp President and Chief Executive Officer Bill Doyle. "We believe there is no better assets in our industry than the ones held by our own company. We have tremendous potential today and in the years ahead, with expected increasing global demand, rising prices for our products and the unique capability to capitalize in this environment. Reinvesting in our own company positions us well to maximize long-term value for our shareholders." Under the announced share repurchase program, PotashCorp would be permitted to repurchase up to 15.82 million of its outstanding shares in the open market. The actual number of shares purchased, the timing of purchases and the price at which the shares would be bought would depend on future market conditions and upon potential alternative uses for cash resources. At December 31, 2007, the company had 316,411,209 common shares outstanding. Shares purchased under the program will be cancelled. PotashCorp also announced today that its Board of Directors has declared a quarterly dividend of US $0.10 per share payable May 8, 2008 to shareholders of record April 10, 2008. Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, second largest in nitrogen and third largest in phosphate; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and the world's largest capacity for production of purified industrial phosphoric acid. This release contains forward-looking statements. These statements are based on certain factors and assumptions as set forth in this release, including foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, and effective income tax rates. While the company considers these factors and assumptions to be reasonable, based on information currently available, they may prove to be incorrect. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to: fluctuations in supply and demand in fertilizer, sulfur, transportation and petrochemical markets; changes in competitive pressures, including pricing pressures; the results of negotiations with China and India; timing and amount of capital expenditures; risks associated with natural gas and other hedging activities; changes in capital markets and corresponding effects on the company's investments; changes in currency and exchange rates; unexpected geological or environmental conditions; government policy changes; and earnings, exchange rates and the decisions of taxing authorities, all of which could affect our effective tax rates. Additional risks and uncertainties can be found in our 2006 financial review annual report and in filings with the U.S. Securities and Exchange Commission and Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this release and the company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. DATASOURCE: Potash Corporation of Saskatchewan Inc. CONTACT: Investors: Denita Stann, Director, Investor Relations, Phone: (847) 849-4277, Fax: (847) 849-4691, Email: ; Media: Rhonda Speiss, Manager, Public Relations, Phone: (306) 933-8544, Fax: (306) 933-8844, ; Web Site: http://www.potashcorp.com/

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