North Atlantic Potash Inc., the Canadian subsidiary of JSC Acron, today completed the sale of eight of its potash permitted areas to Yancoal Canada Resources Co. Ltd. of China for CAD$110 million.
This sale relates to North Atlantic Potash's potash permit holdings located north of Regina, and allows the company to focus on key areas of interest within its remaining potash permits in Saskatchewan.
The infusion of cash means the prioritization of advanced exploration and drilling required to delineate resources can now proceed through a systematic and strategic capital expenditure program.
"North Atlantic Potash has moved quickly to prioritize and maximize the potential of its potash permits in Saskatchewan," said Arie Zuckerman, president of North Atlantic Potash.
"This is another key step forward on the continuum that moves us towards developing our potash resources in the province. With the resources in place, the promising location of our focus area, and the mining experience that our mother company Acron provides, I am confident in the success of North Atlantic Potash.
After a successful closure of an important JV with RioTinto, this deal positions North Atlantic as a central player in the emerging potash development arena."
"We've said from the start that we are committed to potash development,” added David Waugh, CEO of North Atlantic Potash. “The proceeds of this sale allow us to substantially increase our exploration program in the province.
"In addition to our JV, the other area remains our Foam Lake property where we have completed an extensive seismic survey and are currently preparing drilling sites to begin a drilling campaign in November."
