TORONTO,
June 19, 2017
/CNW/ - Potash Ridge Corporation ("Potash Ridge" or the
"Company") (TSX: PRK), a near term producer of premium
fertilizer in North America, is
pleased to announce an offtake agreement with a leading supplier of
fertilizer products in North
America, for up to 10,000 tonnes per year, which represents
approximately 25% of the Company's annual potassium sulphate
("SOP") production.
"This announcement is another major milestone following
several key commercial agreements signed in the past year," said
Jay Hussey, President of Valleyfield
Fertilizer Corp. "The distribution agreement secures a meaningful
volume of our production with an established industry partner who
possesses significant knowledge and experience of the SOP
market in Eastern North America,
our primary target market."
The preliminary non-binding, multi-year agreement between
the Company's wholly-owned, Quebec-based subsidiary, Valleyfield
Fertilizer Corp., and a leading fertilizer distribution partner
represents approximately 25% of Valleyfield's initial annual production with a
portion of the distribution volume under a take-or-pay formula.
Definitive binding terms of the contract are expected to be
finalized in the coming weeks.
With this offtake along with the other commercial
contracts in place, the Company believes it is well positioned as
discussions continue to facilitate project financing and become the
first Mannheim SOP producer in North
America.
About Potash
Ridge
Potash Ridge's strategy is to become
a premier producer of SOP in North America. The Corporation
owns two SOP projects: the Valleyfield project that plans
to produce SOP through the Mannheim Process; and the Blawn
Mountain project in Utah that plans to produce SOP
by processing an alunite material. Potash Ridge has a
highly qualified and proven management team in place with
significant financial, project management and operational
experience and the ability to take projects into
production.
Forward-Looking
Statements
This press release contains
forward-looking statements, which reflect the Corporation's
expectations regarding future growth, results of operations,
performance and business prospects. These forward-looking
statements include statements related to advancing the Valleyfield
Project and may also include statements that are predictive in
nature, or that depend upon or refer to future events or
conditions, and can generally be identified by words such as "may",
"will", "expects", "anticipates", "intends", "plans", "believes",
"estimates", "guidance" or similar expressions. In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements. These statements are not historical
facts but instead represent the Corporation's expectations,
estimates and projections regarding future events. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Corporation,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include,
but are not limited to: the state of the equity capital markets;
the receipt of any required approvals for the private placement;
the future financial or operating performance of the Corporation
and its subsidiaries and its mineral projects; the anticipated
results of exploration activities; the estimation of mineral
resources; the realization of mineral resource estimates; capital,
development, operating and exploration expenditures; costs and
timing of the development of the Corporation's mineral projects;
timing of future exploration; requirements for additional capital;
climate conditions; government regulation of mining operations;
anticipated results of economic and technical studies;
environmental matters; receipt of the necessary permits, approvals
and licenses in connection with exploration and development
activities; appropriation of the necessary water rights and water
sources; changes in commodity prices; recruiting and retaining key
employees; construction delays; litigation; competition in the
mining industry; reclamation expenses; reliability of historical
exploration work; reliance on historical information acquired by
the Corporation; optimization of technology to be employed by the
Corporation; title disputes or claims and other similar
matters.
If any of the assumptions or estimates made by
management prove to be incorrect, actual results and developments
are likely to differ, and may differ materially, from those
expressed or implied by the forward-looking statements contained
herein. Such assumptions include, but are not limited to, the
following: that general business, economic, competitive, political
and social uncertainties remain favorable; that agriculture
fertilizers are expected to be a major driver in increasing yields
to address demand for premium produce, such as fruits and
vegetables, as well as diversified protein rich diets necessitating
grains and other animal feed; that actual results of exploration
activities justify further studies and development of the
Corporation's mineral projects; that the future prices of minerals
remain at levels that justify the exploration and future
development and operation of the Corporation's mineral projects;
that there is no failure of plant, equipment or processes to
operate as anticipated; that accidents, labour disputes and other
risks of the mining industry do not occur; that there are no
unanticipated delays in obtaining governmental approvals or
financing or in the completion of future studies, development or
construction activities; that the actual costs of exploration and
studies remain within budgeted amounts; that regulatory and legal
requirements required for exploration or development activities do
not change in any adverse manner; that input cost assumptions do
not change in any adverse manner, as well as those factors
discussed in the section entitled "Risk Factors" in the
Corporation's Annual Information Form (AIF) for the year-ended
December 31,
2016 found
on sedar.com. The Corporation disclaims any intention or obligation
to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by applicable law.
SOURCE Potash Ridge Corporation