WESTERN POTASH CORP. Announces Normal Course Issuer Bid
Western Potash Corp. (the “Company”) (TSX.V: WPX, FSE: AHE) wishes to announce that it has today received approval from the TSX Venture Exchange (the “Exchange”) to make a Normal Course Issuer Bid (the “Bid”) to purchase for cancellation, from time to time,as it considers advisable, up to 4,900,000 of the Company’s (being approximately 5% of the 99,121,533 Common Shares outstanding at October 8, 2008). Purchases will not exceed 1,980,000 common shares (being approximately 2% of the Company’s issued and outstanding Common Shares) in the 30 day period commencing October 20, 2008. Purchases will be made in accordance with Exchange requirements, on the open market through the facilities of the Exchange. Canaccord Capital Corporation will conduct the Bid on behalf of the Company. The price that the Company will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase. The Bid will commence on October 20, 2008 and will terminate on the earlier of October 19, 2009, or the date on which the Company has acquired all of the shares sought pursuant to the bid. Any shares acquired by the Company pursuant to the bid will be cancelled. As required by Exchange policy, purchases (other than purchases by way of a substantial issuer bid) will not, when aggregated with the total of all other purchases in the preceding 30 days, exceed 2% of the total issued and outstanding common shares of the Company at the time the purchases are made.
The Board of Directors of the Company believe that the current and recent market prices of the Company’s shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to the Company’s shareholders who would like to dispose of their shares.
Western Potash Corp. is a mineral exploration company engaged in the evaluation, exploration and development of potash mineral properties in Western Canada and worldwide. The Company intends to define and develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner.
ON BEHALF OF THE BOARD OF DIRECTORS
J. Patricio Varas
President and CEO
This news release contains Forward Looking Statements regarding our intentions and plans. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices and success and failure of the exploration and development carried out at various stages of the program. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can
affect the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.