IC Potash (TSX:ICP) (OTCQB:ICPTF) (“IC Potash” or the “Company”) is pleased to announce that it has retained Resource Development (“RDI”) and Gustavson Associates, both based in Denver, Colorado, to finalize the compilation of the work done on the updated feasibility study for the Ochoa Project and generate a NI 43-101 compliant technical report.
The Company anticipates the report will be available before the end of the second quarter. The Company has also been advised that the United States Department of the Interior has upheld the granting of permits and leases for the Ochoa Project which will enable Intercontinental Potash (USA) (“ICPUSA”) to seek project financing on more favourable terms for the benefit of all shareholders, including the Company.
In addition, modeling undertaken within the Preliminary Economic Study and 43-101 compliant Technical Report dated October 28, 2016, has indicated that the water resources contained in the Capitan Reef Complex aquifer located beneath the Ochoa Project area will not be fully required for production.
On this basis, the Company has begun exploring possible opportunities for consideration by ICPUSA to generate revenue from these water resources. The Company believes that there is significant potential for revenue generation.
Finally, the Company has received conditional approval from the Toronto Stock Exchange to extend certain warrants held by non-insiders, previously set to expire on May 20, 2017, for 6 months.