Athabasca Potash Provides Update on Strategic Review Process

About this update from Appia Rare Earths & Uranium Corp

[{"type":"text","content":"\n\n\n\nSASKATOON, SK, July 16 /CNW/ - Athabasca Potash Inc. ("API" or the\n"Company") (TSX:API) today provided an update on its discussions with third\nparties regarding a potential strategic alliance to develop the Company's Burr\nProject in Saskatchewan as a low cost conventional potash mine. These\ndiscussions were first described in the Company's March 30, 2009 press\nrelease, and progress was updated in API's 2009 Q1 MD & A and May 15, 2009\npress release.\n\n\nThe Company has established a Special Committee consisting of Messrs.\nJohn King Burns (Chair), Leo Bingleman, CA and Ms. Dawn Zhou. The Special\nCommittee will consider and evaluate proposals resulting from these\ndiscussions.\n\n\nThe Company has retained CIBC World Markets and Genuity Capital Markets\nas financial advisors in connection with these discussions.\n\n\nTo date the Company has broadly solicited expressions of interest from\nqualified third parties in respect of a strategic alliance to develop the Burr\nProject and has held in-depth discussions and meetings with many of these\nparties to advance a possible alliance. API has executed confidentiality\nagreements with a number of these parties and provided them with access to an\nextensive electronic data room and the opportunity to conduct a thorough due\ndiligence process on the Burr Project.\n\n\nIn response to initial indications of interest received from these\nparties, the Company has expanded the scope of transactions it is considering\nfrom joint ventures and other forms of direct participation in the development\nand financing of the Burr Project to include potential mergers or potential\nacquisitions of all or a portion of the Company or its business.\n\n\nAPI will carefully consider its discussions with various parties and the\nBoard of Directors will make its recommendations to shareholders in due course\nupon receipt of a binding offer.\n\n\n"We are committed to delivering value to our shareholders in the most\nefficient way possible," said John King Burns, Special Committee Chairman.\n"With the definition of a measured and indicated mineral resource of 425\nmillion tonnes at the Burr Project and the advancement of work on our upcoming\npre-feasibility study, API believes it is well-positioned to actively seek out\na strategic alliance with an establishe...

More updates from Appia Rare Earths & Uranium Corp