North Atlantic Potash Inc., the Canadian subsidiary of JSC Acron, and Rio Tinto signed a joint venture agreement on potash exploration opportunities and possible mine construction in Canada.
The agreement relates to North Atlantic Potash’s potash permit holdings located in the southern part of Saskatchewan’s potash district. The joint venture will cover nine permitted areas that cover an area of about 600,000 acres (about 241,000 hectares) that extends from the eastern shore of Last Mountain
An extensive exploration program is planned under the direction of the joint venture partners.
“This agreement is another step to maximize the development potential of our vast potash exploration holdings in Saskatchewan,” said Arie Zuckerman, president of North Atlantic Potash. “We strongly believe that together with the professional experience and financial capabilities Rio Tinto brings into this project, we will be able to be the next producing mine in Canada.”
“We’ve recently completed an extensive seismic survey on our Foam Lake area permits in the northeast segment of our holdings and will be embarking this fall on a drilling campaign in that area,” added David Waugh, CEO of North Atlantic Potash. “The opportunity this Joint Venture brings to North Atlantic Potash, is to expand our resource base knowledge in additional permitted areas, leveraging our land and holdings, while moving forward on advancing our potash development strategy.”