TORONTO, June 1, 2017 /CNW/ - Potash Ridge Corporation
(the "Company") (TSX: PRK), a North American premium fertilizer
development company, today announced that its wholly-owned
subsidiary, Valleyfield Fertilizer Corp. ("Valleyfield") has
engaged Novopro Projects Inc. ("Novopro") to act as its lead
Owner's Engineer to advance the potassium sulphate ("SOP") project
through final engineering and construction completion.
Novopro will represent Valleyfield's interests in advancing the
project through to full production, including activities being
performed under the Engineering, Procurement and Construction
contract awarded to SNC-Lavalin. Once complete, the Quebec-based SOP facility will be the first in
North America to utilize the
proven Mannheim Process.
"Novopro is very pleased to participate in this implementation
phase SOP project, and given our past project experience, Novopro
believes that we can add value to this phase by assisting
Valleyfield with technical,
commercial and project management based oversight," said
Mazi Rejaee, Managing Director of
Novopro.
"Quebec-based Novopro has a
proven track record in our particular segment of the fertilizer
industry and a depth of skill sets that will serve to protect our
interests as we proceed through the technical and construction
phase of the project," said Jay
Hussey, Valleyfield's
President.
This latest positive development follows several other recently
announced commercial successes for Valleyfield including:
- Signed a 10-year hydrochloric acid offtake and funding
agreement with Jones-Hamilton Co.;
- Signed a five-year agreement with a major North American
supplier for 100% of Valleyfield's
sulphuric acid requirements; and
- Engaged leading SOP producer; Migao Corp., to provide
technical, construction, commissioning, operations, and maintenance
support services.
The Company continues to focus on advancing the following
activities:
- On-going negotiations with several industry leaders for
distribution rights for the sale of SOP fertilizer;
- Source supply of the primary raw material – potassium chloride
(potash); and
- Formalizing debt financing package to fund Valleyfield through to operation.
The Company has made considerable progress on these activities
and expects to provide additional information over the coming
weeks.
Valleyfield's production of SOP
will serve the growing market demand for low-chloride fertilizers
for a wide variety of fruits, vegetables, and other chloride
intolerant crops that are grown across the east coast of
North America.
About Novopro
Novopro is a Canadian-based project
development and implementation company servicing the mineral and
metallurgical industries. Within the metallurgical sector, Novopro
has acquired valuable know-how in MOP and SOP processing, and has
considerable experience handling molten salts and HCL circuits. The
Company has developed several large-scale engineering projects,
both in international and domestic markets.
About Potash Ridge
Potash
Ridge's strategy is to become a premier producer of sulphate
of potash or 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,
2015 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