UPDATE: IC Potash Issues Recap of 2012 Ochoa Polyhalite Project In Southeastern New Mexico

UPDATE: IC Potash Issues Recap of 2012 Ochoa Polyhalite Project In Southeastern 
New Mexico 
CEO Sidney Himmel Comments on 2012 Accomplishments and Anticipated
Milestones for 2013 
TORONTO -- (Marketwire) -- 02/22/13 --  Sidney Himmel, President and
CEO of IC Potash Corp. ("ICP" or the "Company") (TSX: ICP) (OTCQX:
ICPTF), today issued a formal recap of the advancement of its Ochoa
Polyhalite Project in Lea County, New Mexico; and commented on key
milestones expected to be achieved in the coming year. Himmel stated: 
"Aristotle said, 'It concerns us to know the purposes we seek in
life; for then, like archers aiming at a definite mark, we shall be
more likely to attain what we want.' At IC Potash, 'purpose' inspires
our actions, motivates us to attain peak performance in every area of
our operations, informs our decisions on a daily basis, and empowers
us to attain our goals.  
"While we are committed to the successful optimization of the
commercial potential of our high-quality, low-cost Polyhalite assets
in southeastern New Mexico -- creating hundreds of new jobs in the
process -- our true purpose is to build an enduring world class
industrial minerals company with a mission to nurture the crops that
feed the world. We are confident that by remaining focused on this
mission, we will prevail in executing our long-range growth
strategies, significantly increasing value for our shareholders and
providing personal and career growth opportunities for our trusted
employees and business partners. 
"As ICP's CEO, I am exceptionally proud of our purpose-driven,
innovative and hardworking company; the 100+ talented and dedicated
professionals who comprise our team; and the strategic insights we
have developed over the past four-plus years as we've worked to
successfully de-risk our first industrial minerals project. Moreover,
I am profoundly enthusiastic about the promising future that lies
ahead for IC Potash and, more specifically, the important milestones
we remain on track to achieve in the coming year. 
REFLECTIONS ON THE PAST YEAR 
"Without question, 2012 has proven to be a very exciting year for our
Company during which time we accomplished several mission-critical
operational goals and objectives. We have materially advanced
development of
 our Ochoa Polyhalite Project and notably enhanced
ICP's prospect of future leadership in the global market for
superior-quality, high-performance specialty Potash products. 
Successful Completion of Prefeasibility Study on Ochoa Polyhalite
Project 
"We began the year by announcing the noteworthy results of our
Prefeasibility Study, a technical report dated December 30, 2011,
entitled NI 43-101 Technical Report Prefeasibility Study for the
Ochoa Project Lea County, New Mexico, which was prepared for ICP by
Gustavson Associates, LLC of Colorado, a leading global mining
consulting firm consisting of geologists and engineers. 
"Project Highlights from the Prefeasibility Study included: 


 
--  Annual production at full capacity of 843,000 tons composed of 568,000
    tons of Sulphate of Potash ("SOP") and 275,000 tons of Sulphate of
    Potash Magnesium ("SOPM");
--  Operating cost of $147 per ton of SOP and SOPM;
--  Projected full-capacity capital cost of $706 million;
--  139 million tons of recoverable Potash reserves in the proven and
    probable ore category within the ICP 40-Year Mine Plan, and an
    additional 205 million tons of recoverable Potash reserves in the mine
    plan area not included in the 40-year economic model;
--  Underground mining rate varies with mine grade, with an average
    planned production rate of 3.5 million tons of ore per year, at an
    average concentration ratio of 4.15:1; and
--  Average metallurgical recovery estimated at 90%.

  
"Economic Highlights from the Prefeasibility Study included: 


 
--  Internal rate of return on a before-tax basis of 32%, on a 100% equity
    basis, and 26% on an after-tax basis;
--  After-tax net present value of $1.28 billion, using an after-tax
    discount rate of 10% and no debt; and
--  Payback period from the commencement of production is 3.9 years, after
    tax.

  
Strategic Investment and Off-Take Agreement with Yara International ASA 
"This past spring, Norway-based Yara International ASA, one of the
world's leading chemical companies and the number-one global supplier
of mineral fertilizers, made a $40-million equity investment in ICP
at a premium to market price of $1.32 per common share. In addition,
Yara committed to a 15-year off-take agreement to purchase 30% of all
products produced by our Ochoa Polyhalite Project in New Mexico at
fair market value. This was a transformational event for our Company
and served as validation of our project development efforts and
robust long-term outlook. 
"In addition to the investment and off-take agreement, ICP also
benefited from the appointment of Jorgen Stenvold, Project
Development Director at Yara, to our Board of Directors. Given his
proven experience in developing mining projects around the world,
Jorgen has brought invaluable expertise and global fertilizer
marketing perspective to our Company, which has aided us in further
defining our project development and go-to-market strategies. We are
immensely proud to have Yara as a strategic partner and look forward
to pursuing opportunities to expand our teaming arrangement with them
in the future. 
Commissioning of Feasibility Study Team 
"Mid-summer, ICP announced the team of leading consultants who will
conduct a Feasibility Study on the Ochoa Polyhalite Project. Composed
of world-renowned experts in potash mine design, chemical
engineering, potash processing plant design and project execution,
the Feasibility Study team is being led by the globally respected
engineering and construction firm SNC-Lavalin, Inc. ("SNC-Lavalin").
In the capable hands of SNC-Lavalin and other industry specialists,
and working in close collaboration with our internal project
management team, ICP's Feasibility Study is expected to be completed
on or before August 31, 2013. 
Status of Geotechnical and Metallurgical Drilling Programs 
"In collaboration with Agapito Associates, Inc., one of the world's
leading mining engineering firms and a member of ICP's Feasibility
Study team, ICP is conducting geotechnical tests on Ochoa core
samples to determine mine design criteria. The Company submitted its
Geotechnical Testing Program Work Plan to the BLM and received
approval in November to conduct geotechnical testing to provide data
on subsurface soil, rock and groundwater conditions in key structure
locations where the ICP mining and processing facilities will be
constructed. The Geotechnical Testing Program includes boreholes,
test pits, soil sampling and testing and a seismic survey.  
"To collect material for metallurgical and geotechnical testing
purposes, the Company commenced its Phase 3A drill program in August.
Phase 3A is a 12-hole infill definition drill program designed to
increase reserve confidence in the first ten years of the mine plan.
There are currently two drill rigs on site which are currently
drilling holes nine and ten of the program. In order to collect the
maximum amount of material per hole for the metallurgical testing
programs, ICP has elected to drill these holes with a six inch core
barrel. The holes are also being wedged in order to obtain side track
samples for additional testing material. ICP has successfully
completed up to four side tracks on one of the drill holes. The
remain
ing two holes to be drilled are located within the proposed
shaft and decline area and will provide samples for geotechnical
testing for shaft and decline design purposes. Data collected from
the drill programs will be included in the Feasibility Study. 
Environmental Permitting of Ochoa Polyhalite Project Site 
"In early 2012, the U.S. Department of the Interior, Bureau of Land
Management ("BLM") commenced the formal public scoping process for
the Ochoa Polyhalite Project in connection with ICP's preparation of
the Environmental Impact Study ("EIS") required by the BLM to make a
decision regarding the award of permits for the construction and
operation of ICP's proposed Polyhalite Mine and Processing Plant 
"The ICP EIS team has continued to make tangible progress in other
regards, as well. On behalf of the Company, Walsh Environmental
Scientists and Engineers, LLC ("WESE") conducted two years of
biological resource baseline surveys for the Ochoa Polyhalite
Project. For the 2012 survey season, WESE conducted additional
wildlife and vegetation surveys and also identified additional areas
of interest for the baseline surveys, as requested by ICP. Wildlife
surveys included lesser prairie-chicken leks, pitfall trapping for
lizards, raptor nests and pellet surveys for ungulates. In addition,
baseline conditions were evaluated for wildlife within areas proposed
for the mine shaft area, processing facility, and loadout facility.
The findings of the surveys confirmed that ICP's Ochoa operations
will have little, if any, impact on the local wildlife and
vegetation.  
"In September, following a 30-day aquifer drawdown test conducted by
Feasibility Study team member INTERA Incorporated, a geosciences and
engineering firm based in Albuquerque; ICP announced the successful
completion of hydraulic optimization studies using two of the
Company's permitted groundwater supply wells at the Ochoa Polyhalite
Project site. The studies demonstrated the desired pumping capacity
of these two wells and confirmed the aquifer's suitability to provide
the Project with a high-yield, sustainable supply of non-potable,
brackish water that will not compete with the surrounding
communities' use of fresh water. The final regulatory assessment of
the water supply and the proposed pumping plan is being evaluated by
the BLM and the New Mexico Office of the State Engineer for
permitting purposes.  
"Based on our current Project development schedule, we remain on pace
to submit the draft EIS to the BLM for final review in late 2013.
Notwithstanding any unforeseen delays, BLM clearance to proceed with
construction of the mine and processing plant is expected to be
granted prior to the end of March 2014. 
Confirmation of Processing Protocols 
"Last month, ICP successfully performed a batch scale test on five
critical processing operations, effectively implementing end-to-end
processing of Polyhalite from its Ochoa Polyhalite Project, producing
52% K2O-grade SOP.  
"Led by Hazen Research, Inc.'s consulting team at their facilities in
Golden, Colorado, the batch scale test work for the Ochoa Polyhalite
Project progressed through a series of processing steps, including
comminution, washing, calcination, leaching and crystallization. The
test work proved very successful and confirmed that the process is
capable of producing a high-quality SOP product from the Company's
Polyhalite resources. A key member of ICP's Feasibility Study team,
Hazen's mandate is to assist in the determination and confirmation of
basic process chemistry and to conduct bench-scale tests to
demonstrate the practical application of this chemistry. 
"The next step in process development is larger scale, longer
duration pilot testing with a process equipment supplier to provide
data required for the commercial scale equipment. During this
testing, sufficient quantities of SOP will be produced to permit
design level testing for the granulation, or compaction, equipment
necessary to produce SOP while meeting market physical
specifications. 
"In related news, the Company has recently contracted with HPD
Systems, LLC, a global leader in evaporation and crystallization
technologies and a part of the Veolia Water Solutions & Technologies
family. HPD has been tasked with the design/build of the product
crystallization equipment that will be used in ICP's commercial SOP
and SOPM processing operations. 
DEFINING AND IMPLEMENTING OUR CAPITAL PLAN 
"Having succeeded in materially de-risking the Ochoa Polyhalite
Project from an operational perspective over the past year, ICP's
executive management team is now concentrating its efforts on
defining and implementing a capital plan to support our project
funding requirements. To that end, I, along with ICP's COO Randy
Foote, and Terre Lane, Senior Vice President of Engineering and
Project Development, have been traveling the globe meeting with a
broad range of capital market specialists and direct funding sources,
including many of the world's largest investment banks, private
equity groups, institutional money managers, family offices, hedge
funds and sovereign wealth funds, among others.  
"The level of interest expressed by many of these groups for our
Ochoa Polyhalite Project has been strong, fortifying confidence in
our ability to raise the capital required to construct and support
commercialization of our mining and SOP and SOPM processing
facilities in New Mexico. At this point in time, and given the
prevailing depressed price of our common shares, we intend to focus
our initial efforts on qualifying and pursuing non-dilutive strategic
sources of project equity and/or structured debt. If/as the equity
markets respond to positive developments at ICP and reward us with a
notably higher valuation, we may then consider a more traditional
equity offering. 
"Today, our balance sheet remains strong with sufficient cash to see
us through the completion of the Feasibility Study and beyond. As we
progress through the coming year, I look forward to providing you
with much greater detail on our overall financing strategies and the
relationships that we choose to form with those investors and
investment professionals who share our vision and enthusiasm for the
future of ICP.  
ICP TEAM EXPANSION 
"Nothing is more important to delivering on our mission and future
potential than our people. We have recruited the best talent in the
industry, both at the leadership level and deeper in our
organization. We are also recruiting new talent where and when we
need it. 
"With our Ochoa Polyhalite Project development progressing and
commercialization in view, this past summer we felt the time was
right to begin formulating long-term marketing plans and distribution
strategies. We struck proverbial gold when industry veteran Art Roth
joined our team in July as Director of Marketing. With more than 50
years' experience in domestic and international marketing,
transportation and distribution of fertilizer products, Art has
proven instrumental in winning ICP audiences with key strategic
industry players around the world. 
"Because ICP is committed to developing our existing talent through
leadership training and team building programs, we appointed former
Ford Motor Company and Vanto Group executive Bob Mueller as Senior
Vice President of Internal Development this past October. Bob is
leading an excitin
g corporate initiative designed to foster a culture
in which our employees, Board members, consultants and advisors
collaborate as an engaged and unified team -- each committed to the
success of our Company and to the success of each other.  
"As a team, ICP's extended family of professionals helped draft and
are committed to the following corporate declaration: Because we
care, through engaged communication and integrity, we distinguish IC
Potash Corp. as a world class company. We've made this declaration
the centerpiece of our leadership agenda because we believe a
purpose-inspired communications strategy -- which provides clear
definition of who we are and what we stand for -- is intrinsically
rewarding and motivating. Moreover, we believe it unleashes
creativity, commitment and peak performance in ICP's people. This
strategy also attracts remarkable talent and partners, and builds
goodwill with external stakeholders. 
CONCLUSION 
"In closing, I'd like to give my thanks to ICP's shareholders. We
recognize that through your investment in our Company, you are
expressing confidence in our ability to build ICP into a world class
industrial minerals company. Your commitment creates trust, and that
trust unites us all: you, our shareholders; our employees; our
partners in business, government and the investment community; and,
above all, the countless people around the globe who will ultimately
benefit from our success. You can rest assured that we take this
responsibility to heart and will be relentless in our efforts to
deliver. ICP may be a young company, but we are led by a team of
seasoned veterans who know this business and what it takes to succeed
and flourish. 
"Here's wishing you all a safe and prosperous New Year." 
About IC Potash Corp.
 ICP intends to become a primary producer of
Sulphate of Potash ("SOP") and Sulphate of Potash Magnesia ("SOPM")
by mining its 100%-owned Polyhalite Ochoa property in southeast New
Mexico, a highly advanced mineral deposit containing proven and
probable reserves of more than 340 million tons of ore within the
proposed mine plan. SOP is a non-chloride based potash fertilizer
that sells at a substantial premium over the price of regular potash
known as Muriate of Potash ("MOP"). MOP contains chloride and is
therefore not the optimal potash for numerous crops and in situations
where there is high soil salinity. ICP is focused on becoming the
lowest cost producer of SOP in the world, a market that is towards
six million tonnes per year. SOP is a significant fertilizer in
horticultural industries, particularly fruits, vegetables, tobacco
and potatoes. SOP is applicable for soils where there is substantial
agricultural activity, high soil salinity, and in arid regions. SOPM
is a highly desirable potash product for soils with magnesium
deficiency, and has a total global market size of over one million
tonnes. ICP's Ochoa property consists of over 100,000 acres of
federal subsurface potassium prospecting permits and State of New
Mexico Potassium mining leases. For more information, please visit
www.icpotash.com. 
All scientific and technical disclosures in this press release have
been prepared under the supervision of Terre Lane, an employee of ICP
who is a Qualified Person within the meaning of National Instrument
43-101. 
Forward-Looking Statements 
 Certain information set forth in this
news release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of ICP,
including, but not limited to, risks associated with mineral
exploration and mining activities, the impact of general economic
conditions, industry conditions, dependence upon regulatory
approvals, and the uncertainty of obtaining additional financing.
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.  
FOR MORE INFORMATION, PLEASE CONTACT:
For Investor and Media Relations
At Hanover|Elite: 
Dodi Handy or Kathy Addison
Phone: 407-585-1080 
Email: ICP@hanoverelite.com 
At IC Potash Corp: 
Lisa Faiella
VP of IR
Phone: 303-515-8757 
Email: lfaiella@icpotash.com