TORONTO, April 12, 2012 /PRNewswire/ – IC Potash Corp. (“ICP” or the “Company”)
(TSX: ICP) (OTCQX: ICPTF) is pleased to announce that the previously
announced investment by Yara International ASA (“Yara”), through a
wholly owned subsidiary, of approximately C$40 million in ICP at a
price of $1.32 per common share has been completed. As previously
announced, ICP and Yara have also entered into a committed off-take
agreement for the purchase of 30% of all products produced by ICP’s
Ochoa project in New Mexico for a period of 15 years and have agreed to
discuss the possibility of establishing a jointly held entity for the
purpose of marketing products produced by the Ochoa project.

Mr. Sidney Himmel, President and CEO of ICP, comments: “The closing of
this partnership with Yara is a tremendous step forward for ICP. Yara
represents an ideal partner for the Company with the financial
resources and knowledge of international fertilizer markets required to
advance the Ochoa project into production. We look forward to a
prosperous relationship with Yara and working together to build the
Ochoa project into a world-class Sulphate of Potash production and
distribution facility.”

Mr. Jørgen Ole Haslestad, President and CEO of Yara, comments: “We are
delighted to finalize this investment and off-take with ICP. Through
this partnership, we have further positioned ourselves with a long-term
upstream exposure to premium potash. We believe the North American
market represents a significant opportunity for Sulphate of Potash and
we look forward to working with ICP to bring the Ochoa project into
production.”

Strategic Investment Terms

In connection with the strategic investment, ICP issued to Yara
30,129,870 common shares at a price of $1.32 per common share for total
gross proceeds of C$39,771,428 resulting in Yara owning 19.9% of the
issued and outstanding common shares of ICP on a non-diluted basis. The
issue price represents a 41% premium over the 20 day volume weighted
average price of ICP’s common shares traded on the Toronto Stock
Exchange as of the closing on March 30, 2012, the last completed
trading day prior to the announcement of the transaction. Following
completion of the investment, ICP has 151,406,384 common shares issued
and outstanding. The investment was conducted as a non-brokered
private placement.

Yara has the right to appoint one representative to ICP’s board of
directors and the right to participate pro rata in all future equity or
equity linked issuances by ICP. Subject to certain exceptions, Yara is
restricted from transferring securities of ICP until the earlier of
April 12, 2014 and the date on which ICP has secured all financing to
complete the construction of the Ochoa project and such construction
has commenced.

Off-Take Agreement Terms

Under the committed off-take agreement, ICP will sell to Yara and Yara
will buy from ICP 30% of all products produced by the Ochoa project
annually. The term will begin upon the commencement of commercial
production for a period of 15 years and will automatically extend every
five years thereafter unless either party elects not to extend. All
products will be sold to Yara based on market prices.

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 New Mexico, a highly advanced mineral
deposit containing proven and probable reserves of more than 400
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. The SOP market is towards six million tonnes per year. SOP is a
significant fertilizer in the fruit, vegetable, tobacco, potato, and
horticultural industries. SOP is also applicable in soils where there
is substantial agricultural activity with varieties of crops and
therefore where the salinity of the soil has increased, and in areas
where soils are dry. SOPM is a highly desirable potash product for
soils with magnesium deficiency, including those found in Europe and
Southeast Asia 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.

About Yara International ASA

Yara delivers solutions for sustainable agriculture and the environment.
Our fertilizers and crop nutrition programs help produce the food
required for the growing world population. Our industrial products and
solutions reduce emissions, improve air quality and support safe and
efficient operations. Founded in Norway in 1905, Yara has a worldwide
presence with sales to 150 countries. Safety is always our top
priority.
www.yara.com

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.

SOURCE IC Potash Corp.