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Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Update on Potash One (KCL.TO) - Robert Friedland Joins as Chairman of the Board

Since we just posted an excerpt from our newsletter yesterday (which was sent to paying subscribers on May 6, 2009), it would be prudent to share today's announcement from Potash One (KCL.TO).

International financier Robert M. Friedland has agreed to become chairman of the board of Potash One Inc. Mr. Friedland will advise the company on its selection of strategic financing partners to develop Potash One's world-class potash (potassium) fertilizer resources in Saskatchewan, Canada.

President, Paul Matysek adds...
Potash One's Legacy project subject to positive feasibility and financing will be one of the world's first new potash mines to be brought into production since 1987. Mr. Friedland has the experience and understanding of international capital markets that will help fast-track Legacy's development as a reliable and competitive supplier. On behalf of the board, I look forward to working with one of the world's most influential mining financiers and visionaries.

The market loves this news as Robert Friedland is one of the better known names in mining game. Investors stalk Friedland's every move (as evidenced by this recent Thom Calandra/Gene Arensberg article). While Potash One has put together a world-class solution mining technical team, the addition of of Friedland adds serious credibility and financial clout.

Potash One's 97,240 acre Legacy Project has an NI 43-101-compliant Indicated Mineral Resource of 40.8 million tonnes of K2O and an Inferred Mineral Resource of 391.5 million tonnes of K2O. It sits beside the largest producing solution potash mine in the world (Mosaic's Belle Plain).

I currently own KCL.TO