Aydon <angela@westernpotash.com>
Subject: Western Potash Files Updated Technical Report on SEDAR, AdvancesEIS, and Updates the Measured Indicated and I
--->nferred Potash Resource atMilestone
PLAIN TEXT:
December 16, 2011 06:58 AM Pacific Time
Western Potash Files Updated Technical Report on SEDAR, Advances EIS, and Updates the Measured Indicated and Inferred
--->Potash Resource at Milestone
VANCOUVER, British Columbia--(BUSINESS WIRE<http://www.businesswire.com/>)--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 Technica
--->l 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 Stud
--->y announced via news release dated October 31, 2011. The Prefeasibility Study (the "Study") was completed by AMEC Amer
--->icas Limited ("AMEC"). AMEC is a leading international engineering and project management company that currently manag
--->es multiple potash expansion projects in Saskatchewan with a capital value of several billion dollars.
"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 updated resource estimate slightly increases the Milestone recoverable Potash Resource (Patience Lake, Belle Plain
--->e, and Esterhazy Members including the upper halite interbed) to 66.6 million tonnes of Measured Resource (contained K
--->Cl), 186.9 million tonnes of Indicated Resource, and 708.2 million tones of Inferred Resource. Inferred Resource aroun
--->d 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 thi
--->s updated Technical Report. Mineral reserves have not been estimated because the Company is negotiating to obtain mine
--->ral leases for all the Freehold mineral rights within the Indicated and Measured resource areas. These negotiations ar
--->e expected to be completed within the next few months. Mineral reserves will be presented when acquisition of these mi
--->neral 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.
Table 1. Measured Mineral Resource within Crown and Leased Freehold Areas Only*
Bed
Average KCL
Grade (%)
In-Place
Tonnage (Mt)
In-Place KCL
Tonnage (Mt)
KCL
Resource**(Mt)
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
Total
25.75
786.80
202.63
66.60
* 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%).
Table 2. Indicated Mineral Resource within Crown and Leased Freehold Areas Only*
Bed
Average KCL
Grade (%)
In-Place
Tonnage (Mt)
In-Place KCL
Tonnage (Mt)
KCL
Resource**(Mt)
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
Total
25.97
2,252,38
584.93
186.68
* 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%).
Table 3. Inferred Mineral Resource within Crown and Leased Freehold Areas Only*
Bed
Average KCL
Grade (%)
In-Place
Tonnage (Mt)
In-Place KCL
Tonnage (Mt)
KCL
Resource**(Mt)
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
Total
25.96
10,513.16
2,729.00
708.18
* 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 regio
--->n. Furthermore, the Measured, Indicated, and Inferred Mineral Resources were arrived at by discounting the overall cal
--->culated tonnage by Loss Factors of 5%, 9% and 25% respectively, to account for unknown geologic anomalies. The resulti
--->ng potash quantity was further reduced using an extraction ratio factor of 34.6%, which is the estimated potash availa
--->ble to be extracted for the life of an envisioned operation leaving sufficient material to support cavern stability. T
--->he resource estimate was prepared in accordance with the requirements of NI 43-101 of the Canadian securities regulato
--->rs.
The recently completed Prefeasibility Study confirms that the Milestone Project shows significant positive economics a
--->nd 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 su
--->ccessful and profitable project outcome. The Feasibility Study is in progress, and will produce results which adhere t
--->o 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.
Milestone EIS Update
The Company also reports that all environmental baseline data required for the preparation of the EIS has now been col
--->lected. On October 11, 2011, the Company submitted a "Project Proposal" to the Saskatchewan Ministry of Environment. T
--->he Project Proposal provides a conceptual level description of the Milestone Project and formally initiates the regula
--->tory review process under the provincial Environmental Assessment Act. Upon review of the Project Proposal, the govern
--->ment of Saskatchewan will issue Project Specific Guidelines, which provide detailed information requirements to be inc
--->luded in the EIS. The EIS remains on schedule and on budget, with an anticipated EIS submission date of Q3 2012. Golde
--->r Associates Ltd. ("Golder") of Saskatoon, Saskatchewan continues to assist the Company with the preparation of the En
--->vironmental 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 p
--->otash 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.
Brazil Update
On July 28 2008, the Company signed an agreement with Amarillo Gold Corporation (Amarillo"), a company related by a co
--->mmon director, to acquire potash mineral rights in Brazil. Amarillo, through its Brazilian subsidiary, submitted appli
--->cations on behalf of the Company for 113 potash permits totaling 982,962 hectares within potash prospective portions o
--->f the Brazilian Amazon Basin. The Company is pleased to announce that these permits have now been granted by the Brazi
--->lian government. These potash permits are currently being transferred into the Company's wholly owned Brazilian subsid
--->iary, Pot�ssio Ocidental Minera��o Ltd. (the "Subsidiary"). The Subsidiary has also, since its incorporation in Decemb
--->er 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.
About Western Potash
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 ec
--->ologically 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<
--->http://cts.businesswire.com/ct/CT?id=smartlink&div=biceejjef&url=http%3A%2F%2Fwww.westernpotash.com&esheet=50109544&la
--->n=en-US&anchor=www.westernpotash.com&index=1&md5=66bb053c9b5000da8a5c049f14366af4>.
ON BEHALF OF THE BOARD OF DIRECTORS
"J. Patricio Varas"
J. Patricio Varas
President and CEO
Cautions Regarding Forward-Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "fo
--->rward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not lim
--->ited 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; cos
--->ts of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting; gove
--->rnment 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 "p
--->lans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "ant
--->icipates" 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-look
--->ing 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 ac
--->tivity, 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 identif
--->y important factors that could cause actual results to differ materially from those contained in forward-looking state
--->ments or forward-looking information, there may be other factors that cause results not to be as anticipated, estimate
--->d 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 f
--->orward-looking statements or forward-looking information that are incorporated by reference herein, except in accordan
--->ce with applicable securities laws.
Thank you,
Angela Aydon
Investor Relations
Western Potash Corp.
Suite 1818 - 701 W. Georgia St.
PO Box 10144, Pacific Centre
Vancouver, BC V7Y 1C6
T: 604.689 WEST (9378)
C: 778.668.9249
[cid:image001.jpg@01CCBBF3.1A8347C0]
The information in this E-mail is confidential, is intended solely for the addressee, and may contain privileged infor
--->mation. Access to this E-mail by anyone other than the addressee is unauthorized. Any review, re-transmission, disse
--->mination or other use of, or taking of any action in reliance upon this information by persons other than the intended
---> recipient is prohibited. If you have received this E-mail in error, please contact the sender and delete all copies.
Growth Through the Salt of the Earth
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<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">December 16, 2011 06:58 A
--->M Pacific Time <o:p></o:p></span></p>
<h1><span style="font-size:11.0pt">Western Potash Files Updated Technical Report on SEDAR, Advances EIS, and Updates t
--->he Measured Indicated and Inferred Potash Resource at Milestone
<o:p></o:p></span></h1>
<p><span style="font-size:11.0pt">VANCOUVER, British Columbia--(<span class="org"><a href="http://www.businesswire.com
--->/">BUSINESS WIRE</a></span>)--<i>Western Potash Corp. (the “Company”) (TSX: WPX, FSE: AHE)</i> 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 (th
--->e “Study”) was completed by
AMEC Americas Limited (“AMEC”). AMEC is a leading international engineering and project management compan
--->y that currently manages multiple potash expansion projects in Saskatchewan with a capital value of several billion do
--->llars.
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">“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.”<o:p></o:p></
--->span></p>
<p><span style="font-size:11.0pt">The updated resource estimate slightly increases the Milestone recoverable Potash Re
--->source (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 R
--->esource 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 with
--->in the next few months. Mineral reserves will be presented when acquisition of these mineral leases is substantially c
--->omplete. The updated
resource estimate at Milestone was prepared by Agapito Associates Inc. (“AAI”) of Grand Junction, Colorad
--->o. 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). <o:p></o:p></span></p>
<p style="margin-bottom:12.0pt"><span style="font-size:11.0pt">A detailed summary of the Measured, Indicated and Infer
--->red Mineral Resource within Crown and Leased Freehold Areas is presented in Table 1, 2 and 3 respectively.<o:p></o:p><
--->/span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">Table 1. Measured Mineral Resource within Crown and Leased
--->Freehold Areas Only*</span></b><span style="font-size:11.0pt">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Bed</span></b><span st
--->yle="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Average KCL</span></b>
---><span style="font-family:"Times New Roman","serif""><br>
<b>Grade (%)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">In-Place</span></b><sp
--->an style="font-family:"Times New Roman","serif""><br>
<b>Tonnage (Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">In-Place KCL</span></b
--->><span style="font-family:"Times New Roman","serif""><br>
<b>Tonnage (Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">KCL</span></b><span st
--->yle="font-family:"Times New Roman","serif""><br>
<b>Resource**(Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Patience Lake
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">28.68 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">320.37 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">91.87 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">30.2 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Halite Interbed
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">4.72 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">144.20 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">6.81 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">2.24 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Belle Plaine
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">30.16 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">131.52 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">39.67 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">13.04 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Esterhazy
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">33.70 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">190.71 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">64.27 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">21.13 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Total</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">25.75</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">786.80</span></b><span
---> style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">202.63</span></b><span
---> style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">66.60</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">*</span></b><span style="font-size:11.0pt"> Search Radius o
--->f 800 m used; Mt = million tonnes; K2O grade > 15%; Density = 2.08 t/m<sup>3</sup>, KCl = 1.58303 K2O.<br>
<b>**</b> Resource accounts for geologic anomalies (5%), and extraction ratio (34.6%).
<o:p></o:p></span></p>
<p class="bwcellpmargin"><span style="font-size:11.0pt"> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
</tbody>
</table>
<p style="margin-bottom:12.0pt"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">Table 2. Indicated Mineral Resource within Crown and Leased
---> Freehold Areas Only*</span></b><span style="font-size:11.0pt">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Bed</span></b><span st
--->yle="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Average KCL</span></b>
---><span style="font-family:"Times New Roman","serif""><br>
<b>Grade (%)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">In-Place</span></b><span style="font-size:11.0pt"><br>
<b>Tonnage (Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">In-Place KCL</span></b><span style="font-size:11.0pt"><br>
<b>Tonnage (Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">KCL</span></b><span st
--->yle="font-family:"Times New Roman","serif""><br>
<b>Resource**(Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Patience Lake
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">28.60 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">935.65 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">267.58 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">84.25 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Halite Interbed
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">4.76 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">385.38 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">18.33 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">5.77 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Belle Plaine
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">30.00 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">392.59 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">117.79 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">37.09 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Esterhazy
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">33.64 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">538.76 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">181.23 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">59.57 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Total</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">25.97</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">2,252,38</span></b><sp
--->an style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">584.93</span></b><span
---> style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">186.68</span></b><span
---> style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">*</span></b><span style="font-size:11.0pt"> Search Radius o
--->f 1.6 km outside radius and 2.5 km inner radius (between drill holes) used; Mt = million tonnes; K2O grade > 15%; S
--->pecific Gravity = 2.08 t/m<sup>3</sup>,
KCl = 1.58303 K2O.<br>
<b>**</b> Resource accounts for geologic anomalies (9%), extraction ratio (34.6%).
<o:p></o:p></span></p>
<p class="bwcellpmargin"><span style="font-size:11.0pt"> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
</tbody>
</table>
<p style="margin-bottom:12.0pt"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">Table 3. Inferred Mineral Resource within Crown and Leased
--->Freehold Areas Only*</span></b><span style="font-size:11.0pt">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Bed</span></b><span st
--->yle="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Average KCL</span></b>
---><span style="font-family:"Times New Roman","serif""><br>
<b>Grade (%)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">In-Place</span></b><sp
--->an style="font-family:"Times New Roman","serif""><br>
<b>Tonnage (Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">In-Place KCL</span></b
--->><span style="font-family:"Times New Roman","serif""><br>
<b>Tonnage (Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">KCL</span></b><span st
--->yle="font-family:"Times New Roman","serif""><br>
<b>Resource**(Mt)</b> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Patience Lake
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">28.63 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">4,261.37
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">1,220.01
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">316.59 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Halite Interbed
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">4.66 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">1,793.31
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">83.59 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">21.69 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Belle Plaine
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">30.07 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">1,972.32
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">593.02 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">153.89 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Esterhazy
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">33.48 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">2,486.17
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">832.38 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">216.00 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">Total</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">25.96</span></b><span
--->style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">10,513.16</span></b><s
--->pan style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">2,729.00</span></b><sp
--->an style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><b><span style="font-family:"Times New Roman","serif"">708.18</span></b><span
---> style="font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td colspan="9" style="padding:.75pt .75pt .75pt .75pt">
<p class="bwcellpmargin"><b><span style="font-size:11.0pt">*</span></b><span style="font-size:11.0pt"> 8.0 km radius u
--->sed; Mt = million tonnes; K2O grade > 15%; Density = 2.08 t/m<sup>3</sup>, KCl = 1.58303 K2O..<br>
<b>**</b> Resource accounts for geologic anomalies (25%), extraction ratio (34.6%).
<o:p></o:p></span></p>
<p class="bwcellpmargin"><span style="font-size:11.0pt"> <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
</tbody>
</table>
<p><span style="font-size:11.0pt"><br>
<br>
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 regio
--->n. Furthermore, the Measured,
Indicated, and Inferred Mineral Resources were arrived at by discounting the overall calculated tonnage by Loss Facto
--->rs of 5%, 9% and 25% respectively, to account for unknown geologic anomalies. The resulting potash quantity was furthe
--->r reduced using an extraction
ratio factor of 34.6%, which is the estimated potash available to be extracted for the life of an envisioned operatio
--->n leaving sufficient material to support cavern stability. The resource estimate was prepared in accordance with the r
--->equirements of NI 43-101
of the Canadian securities regulators. <o:p></o:p></span></p>
<p><span style="font-size:11.0pt">The recently completed Prefeasibility Study confirms that the Milestone Project show
--->s significant positive economics and that the asset is of sufficient size and grade to support primary and secondary s
--->olution 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 p
--->revent a successful and profitable project outcome. The Feasibility Study is in progress, and will produce results whi
--->ch adhere to the AACE
“Class 3” classification for projects. Water sources are currently being evaluated for the project.
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">A summary of the assumptions and results of the Prefeasibility Study appears below:
<o:p></o:p></span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Target Annual Production
--->rate
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">2.8 Mt/yr
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Life of Mine
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">>40 years
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Years of Construction
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">3 <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Construction Start-up
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">2013 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Production Start-up
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">2016 <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Years to Full Secondary P
--->roduction
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">6 <o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Long Term Potash Price (F
--->OB Gate)
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">$511 US/tonne
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Assumed Exchange Rate
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">US$/CAD$ 1.00
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Taxes and Royalties
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">$28.90/tonne CAD
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Sustaining CAPEX Rate %
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">2.0% <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Base Case
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">100% Equity
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Initial CAPEX
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">$2.458 Billion CAD
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Port CAPEX
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">$300 Million CAD
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Total Initial CAPEX
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">$2.758 Billion CAD
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">NPV (10)
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">$4.14 Billion CAD
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">IRR <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">22.7% <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
<tr>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Payback Period
<o:p></o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""> <o:p></o:p></span>
---></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt">
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">5 Years <o:p>
</o:p></span></p>
</td>
<td style="padding:.75pt .75pt .75pt .75pt"></td>
</tr>
</tbody>
</table>
<p><span style="font-size:11.0pt"><br>
<br>
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
<o:p></o:p></span></p>
<p><b><span style="font-size:11.0pt">Milestone EIS Update</span></b><span style="font-size:11.0pt">
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">The Company also reports that all environmental baseline data required for the prepa
--->ration 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 regu
--->latory review process under the provincial Environmental Assessment Act. Upon review of the Project Proposal, the gove
--->rnment of Saskatchewan
will issue Project Specific Guidelines, which provide detailed information requirements to be included in the EIS. Th
--->e EIS remains on schedule and on budget, with an anticipated EIS submission date of Q3 2012. Golder Associates Ltd. (&
--->#8220;Golder”) of Saskatoon,
Saskatchewan continues to assist the Company with the preparation of the Environmental Impact Statement (“EIS&#
--->8221;) for the Milestone project.. Golder is an employee-owned, global company providing consulting, design, and const
--->ruction services in earth, environment,
and related areas of energy. Golder was chosen by the Company due to their commitment to technical excellence and the
--->ir experience with environmental assessments for potash projects.
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">The 100% owned Milestone property, comprising 500 square kilometers, is located 30 k
--->ilometers southeast of Regina, and southeast of Mosaic’s Belle Plaine Mine, one of the largest producing potash
--->solution mines in the world.
<o:p></o:p></span></p>
<p><b><span style="font-size:11.0pt">Brazil Update</span></b><span style="font-size:11.0pt">
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">On July 28 2008, the Company signed an agreement with Amarillo Gold Corporation (Ama
--->rillo”), a company related by a common director, to acquire potash mineral rights in Brazil. Amarillo, through i
--->ts Brazilian subsidiary, submitted
applications on behalf of the Company for 113 potash permits totaling 982,962 hectares within potash prospective port
--->ions 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, Pot�
--->ssio Ocidental Minera��o Ltd. (the “Subsidiary”). The Subsidiary has also, since its incorporation in Dece
--->mber 2008, submitted its own applications
for an additional 53 potash permits totaling 91,245 hectares. These additional permits are located in the Amazon Basi
--->n, and have been granted to the Subsidiary by the Brazilian government.
<o:p></o:p></span></p>
<p><b><span style="font-size:11.0pt">About Western Potash</span></b><span style="font-size:11.0pt">
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">Western Potash Corp. is a mineral exploration company engaged in the evaluation, exp
--->loration and development of potash mineral properties in Western Canada. The Company intends to define and develop a w
--->orld-class potash deposit
in an ecologically sustainable, economically efficient and socially responsible manner.
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">The in-house qualified persons for the purposes of NI 43-101 guidelines are J. Patri
--->cio 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.
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">For more information on Western Potash Corp.’s projects, please visit the Comp
--->any’s website at:
<a href="http://cts.businesswire.com/ct/CT?id=smartlink&div=biceejjef&url=http%3A%2F%2Fwww.westernpotash.com&a
--->mp;esheet=50109544&lan=en-US&anchor=www.westernpotash.com&index=1&md5=66bb053c9b5000da8a5c049f14366af4
--->" target="_blank">
www.westernpotash.com</a>. <o:p></o:p></span></p>
<p><span style="font-size:11.0pt">ON BEHALF OF THE BOARD OF DIRECTORS <o:p></o:p></span></p>
<p><span style="font-size:11.0pt">“J. Patricio Varas” <o:p></o:p></span></p>
<p><span style="font-size:11.0pt">J. Patricio Varas <o:p></o:p></span></p>
<p><span style="font-size:11.0pt">President and CEO <o:p></o:p></span></p>
<p><b><span style="font-size:11.0pt">Cautions Regarding Forward-Looking Statements</span></b><span style="font-size:11
--->.0pt">
<o:p></o:p></span></p>
<p><span style="font-size:11.0pt">Except for statements of historical fact relating to the Company, certain informatio
--->n 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 explo
--->ration; 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 "d
--->oes not expect", "is expected", "budget", "scheduled", "estimates", "
--->;forecasts", "intends", "anticipates" or "does not anticipate", or "believes&q
--->uot;, or variations of
such words and phrases or statements that certain actions, events or results "may", "could", &quo
--->t;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 t
--->he 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 t
--->o identify important factors that could cause actual results to differ materially from those contained in forward-look
--->ing 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 mate
--->rially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-lo
--->oking information. The Company does not undertake to update any forward-looking statements or forward-looking informat
--->ion that are incorporated
by reference herein, except in accordance with applicable securities laws. <o:p>
</o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""><o:p> </o:p></span><
--->/p>
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Thank you,<o:p></o:p></sp
--->an></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman","serif""><o:p> </o:p></span><
--->/p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size:10.0pt;font-family:"Century Gothic","sans-s
--->erif";color:#292929">Angela Aydon<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&
--->quot;;color:#292929"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&
--->quot;;color:#292929">Investor Relations<o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D">Western Potash Corp.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D">Suite 1818 - 701 W. Georgia St.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D">PO Box 10144, Pacific Centre<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D">Vancouver, BC V7Y 1C6<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D"> <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D">T: 604.689 WEST (9378)<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D">C: 778.668.9249<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#4D4D4D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Helvetica","sans-serif&quo
--->t;;color:#292929"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="color:#292929"><img border="0" width="159" height="87" id="Picture_x0020_8" src="
--->cid:image001.jpg@01CCBBF3.1A8347C0"></span></b><b><span lang="EN-US" style="color:#292929"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:#297C38"><o:p> </o:p></span></p>
<p class="MsoNormal"><i><span lang="EN-US" style="font-size:8.5pt;font-family:"Helvetica","sans-serif&q
--->uot;;color:#9D9FA2"><o:p> </o:p></span></i></p>
<p class="MsoNormal"><i><span lang="EN-US" style="font-size:8.5pt;font-family:"Helvetica","sans-serif&q
--->uot;;color:#9D9FA2">The information in this E-mail is confidential, is intended solely for the addressee, and may cont
--->ain privileged information. Access to this
E-mail by anyone other than the addressee is unauthorized. Any review, re-transmission, dissemination or other
--->use of, or taking of any action in reliance upon this information by persons other than the intended recipient is proh
--->ibited. If you have received
this E-mail in error, please contact the sender and delete all copies.<o:p></o:p></span></i></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><i><span style="font-family:"Helvetica","sans-serif";color:#006FBA"><o:p>&
--->nbsp;</o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-family:"Helvetica","sans-serif";color:#2E3192">Growth
---> Through the Salt of the Earth<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><o:p> </o:p></p>
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