Potash Corporation of Saskatchewan Inc. reported that its Board of Directors has approved its intention to commence, subject to regulatory approval, an open market repurchase program of approximately 5 percent of its outstanding common shares over a one-year period through a normal course issuer bid. The share buyback will involve the purchase of common shares at the prevailing market price from time to time.

"This reflects our belief in the potash business and our focused approach to reinvesting in that business for the benefit of our continuing shareholders," said Bill Doyle, President and CEO.

PotashCorp also announced today that its Board of Directors has declared a quarterly dividend of US $0.15 per share payable May 13, 2005, to shareholders of record April 15, 2005.

Under the announced share buyback program, PotashCorp would be permitted to repurchase up to 5.5 million of its outstanding shares in the open market. The actual number of shares purchased, the timing of purchases and the price at which the shares would be bought would depend upon future market conditions, and upon potential alternative uses for cash resources. At December 31, 2004, the company had 110,630,503 common shares outstanding. Shares purchased under the program will be cancelled.

Source: Company Release