VANCOUVER, BRITISH COLUMBIA -- Paul Matysek, President and Chief Executive Officer of Potash One Inc. is very pleased to announce that a team of internationally-respected engineering and consulting firms has completed work on a Pre-Feasibility Study (“PFS”) for Potash One’s Legacy Solution-Mining Potash Project in Saskatchewan, Canada. Compilation of the study components was performed by SNC-Lavalin Inc. (“SNC-Lavalin”), an international engineering and construction firm headquartered in Montreal, QC.

Highlights Include:
• PFS estimates are based on estimated capital and operating costs for a 2.5 Million t/y potash solution mine, a financial model based on 100% equity and future potash prices as projected by British Sulphur Consultants – part of the CRU Group, United Kingdom.

• Measured Resources of 29 million tonnes and Indicated Resources of 222 million tonnes of KCl.

• Annual Potash Production: 2.5 million tonnes per year of KCl.

• Initial Mine Life: 40 years.

• Estimated Capital Cost: US$1.877 Billion including allowances for contingency, risk and escalation.

• Estimated After-tax and royalty Internal Rate of Return (IRR) is 30.1 %.

• Estimated Net Present Value (NPV) after tax at a 10% discount rate is US$4.47 Billion.

• After-tax payback period of approximately 3.3 years.

• Recommendation to Potash One to advance the Legacy Project to the Feasibility Study stage, based on the favourable results of the PFS summarized above.

Paul F. Matysek, President and CEO of Potash One stated: “On the anniversary of our Toronto Stock Exchange Listing, the completion of the Pre-Feasibility Study represents a significant milestone in the development of the Legacy Solution-Mining Project. The PFS study estimates confirm our view that the Legacy Project has the potential to become a high quality, long-life potash solution mine with robust economics. We have a sizeable resource, a best in class technical team and a strategic plan for international capital investment. By utilizing proven solution mining technology, we believe that Potash One will develop a scalable, low risk mining operation which could see its first production as early as Q4 2013.”

Robert M. Friedland, Chairman of Potash One commented: “The Pre-Feasibility Study confirms the stature of Potash One as one of the most attractive new opportunities to develop an important Potash operation. There is no substitute for Potash and as a fertilizer ingredient it truly is the Mineral of Life. With an updated Measured and Indicated resource estimate to potentially support a 2.5 million tonnes per annum solution-mining operation for more than 100 years, the Legacy Project will contribute to filling the supply gap for potash”.

To ensure success in the preparation of the PFS, Potash One commissioned a team of world-class engineering and specialized consulting firms with the following responsibilities:

• SNC-Lavalin Inc. – Compilation of study components, Plant Engineering, Cost Estimating, and Project Economics (pre-tax)

• North Rim Exploration and Agapito Associates - Geology

• Agapito Associates, Cavern Engineering, and Potash One - Mining

• Golder Associates - Environmental and Socio-Economic Aspects

• Swenson Technology - Evaporation-Crystallization Technology

• Potash One - Utilities and Off-Site Infrastructure

• Bullée Consulting - Sewage Treatment and Potable Water Treatment

• Hergott Duval Stack and Partners - Taxation and Royalty impacts

• British Sulphur Consultants - Marketing

A summary of the PFS will be filed at http://www.SEDAR.com and will be available at http://www.potash1.com.

The 97,240-acre Legacy Project is Potash One’s flagship potash permit area. Located 80km NW of Regina, Saskatchewan, the 100% owned Legacy Project is a green-field potash solution mine in the pre-feasibility stage of development.

The resource estimate for the Project was significantly increased in May 2009, with an updated NI 43-101 Technical Report prepared by Agapito Associates of Grand Junction, Colorado and North Rim Exploration of Saskatoon, Saskatchewan (See Potash One Inc. News Release dated May 14, 2009). The May 2009 Report stated that the project had a measured resource of 29 million recoverable tonnes of KCl product, an Indicated Mineral Resource of 222 million recoverable tonnes of KCl product, and an Inferred Mineral Resource of 853 million recoverable tonnes of KCl product.

The updated Measured and Indicated resource estimate provides support for Legacy’s potential to become a 2.5 million tonnes per annum solution-mining operation for more than 100 years.

All of the above listed companies have reviewed and authorized the disclosure of the content of this news release related to their respective contributions to the study. Mike Ferguson, P.Eng., Vice President, Projects for Potash One Inc. is a Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive Officer

About Potash One Inc.:

Potash One Inc. is a well-funded, TSX-listed Canadian resource company engaged in the exploration and development of advanced potash properties amenable to solution mining. The Company owns 100% of more than 515,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada. It includes the 97,240 acre Legacy Project, which has a NI 43-101-compliant Measured Resource of 29 million tonnes of KCl, an Indicated Mineral Resource of 222 million tonnes of KCl and an Inferred Mineral Resource of 852 million tonnes of KCl. The Legacy Project is adjacent to the largest producing solution potash mine in the world.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

For more information, please contact

Potash One Inc.
Paul F. Matysek, M.Sc., P.Geo.
President and Chief Executive Officer
(604) 331-4431
(604) 408-4799 (FAX)
info@potash1.com