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Common Council enters option agreement with Atlantic Potash Corporation

25-Feb-2013

The City of Saint John has reached an option agreement with Atlantic Potash Corporation (APC) for a 100-acre (approximately) parcel of land in the McAllister Industrial Park.

The agreement was approved by Saint John Common Council at the February 25 meeting. The City agreed to offer a 24 month option to purchase +/-96 acres to APC in the McAllister Industrial Park for the construction of a Urea and/or Nitrate plant(s). If the company decides to purchase the land, the cost will be $19,000 per acre. The company has placed a refundable $100,000 deposit on the land.

“If APC finds that conditions are favourable to develop the facilities,”
said Mel Norton, Mayor of Saint John, “the development will contribute significantly to the economy here in the City.”

Over the next 24 months, APC will conduct due diligence regarding the potential development of the  facility, including zoning considerations and an Environmental Impact Assessment (EIA).

Atlantic Potash Corporation is a New Brunswick mineral exploration and development company focused on exploring potash development and production opportunities in southern New Brunswick.