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Gensource Potash Appoints New CEO and Outlines Development Plans
Dec. 6, 2012
Mike is a highly experienced engineer and project manager, with over 25 years in the Saskatchewan potash and uranium industries. Mike's experience covers potash operations roles (both underground and on surface), design and engineering, engineering management, project management and general management. Most recently, Mike led the Potash One project team in developing the Legacy Project in Saskatchewan. Potash One was acquired by K+S AG in a friendly take-over in November 2010 and Mike worked with K+S Potash Canada in a transitional role until recently.
Alan Cruickshank commented "… we are very pleased to have attracted someone of Mike's experience to lead the team at Gensource Potash. Our goal at Gensource is to build a partnership that is capable of putting the next potash project into production in Saskatchewan. This partnership must address: 1) market access, 2) financial capability and 3) technical know-how. The leadership of Mike Ferguson, his experience and contacts significantly strengthens Gensource's ability to assemble this partnership".
Gensource Potash Corporation was created through the acquisition of Nexxt Potash Corp., a private potash development company headquartered in Saskatoon, SK. by Gensource Capital Corporation. Subsequent to this transaction Gensource Capital Corporation has moved its corporate headquarters to Saskatoon, Saskatchewan. The transaction creates a privately operated potash project development company, Gensource Potash, with access to the public markets through its parent company, Gensource Capital.
One of Nexxt Potash's founders is Steve Halabura, P.Geo., FEC(Hon). Steve remains with Gensource Potash as Director of Geology as well as serving as Chairman of the Board of Directors of Gensource Potash Corporation.
Gensource Potash views the potash development process in Saskatchewan differently. Given the massive extent of the Prairie Evaporite Formation in the province, it is possible to show large potash resource numbers almost anywhere within the known Evaporite region. The real issue is to identify the right resource that is not only rich and economical to recover but is also supported by surface-drivers such as infrastructure (roads, rail, power, water, gas, etc.) and conducive surface hydrology and sub-surface hydrogeology so as to minimize both costs and environmental impacts or concerns.
Gensource Potash sees the key risks to new potash project development in Saskatchewan as:
Access to the market. The global potash market is a very much a closed one. Success will depend on clear access to the market, including distribution and sales infrastructure.
Financial capability. Since new potash development projects are very expensive, a new entrant must have a clear plan to finance its venture to be successful.
Know-how. Knowing where the best resources exist within the Prairie Evaporite, where the surface-drivers of the project are optimized and understanding the environmental, regulatory and community engagement issues and requirements is critical to a successful project.
In support of the above, Gensource Potash has completed an internal assessment of potential potash lands that are suitable for solution mining and has identified at least six potential prospects. Currently Gensource Potash is pursuing the acquisition of freehold potash leases at two of the prospects and has developed plans for seismic and drilling programs that would define a prospective potash project, which the Company defines as a having potential minimum potash resource endowment of 100 million tonnes K2O (158 million tonnes KCl) in the "Indicated" resource category.
Source: Marketwire
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