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SASKATCHEWAN BENEFITS FROM RECORD-BREAKING YEAR FOR POTASH

Released on May 31, 1996

Energy and Mines Minister Eldon Lautermilch announced today that, as a
result of strong potash activity last year, Saskatchewan will gain at
least $25 million more in resource royalty revenues for the 1995-96
fiscal year than budgeted.

"This information bears out the premise in our economic development
strategy, Partnership for Growth, that mining is a sector with strong
growth potential," Lautermilch said.

Estimated at $72 million in the 1995-96 provincial budget, revised
revenue figures for that period project royalties to exceed $94
million.

The revised royalty estimates are the result of a record-breaking year
in 1995 for potash sales, production and gross revenue to the industry.
Total Saskatchewan production in 1995 was 7.9 million tonnes potash
(K2O), and sales were 7.7 million tonnes, compared with previous
records of 7.7 million and 7.1 million tonnes respectively set in 1984
and 1994.

Lautermilch attributed the figures to high export sales. "I'm pleased
to see the development work done by industry and government over the
past few years is paying off, especially in international markets like
China. Although we aren't expecting another record year, we're
cautiously optimistic for 1996."

The minister said that in addition to generating royalties that help
fund core government services of education and health care, a vibrant
potash industry helps finance community infrastructures throughout
Saskatchewan from the municipal and school property taxes it pays.
Also, many businesses owe their viability to the goods and services
purchased with salaries earned by mine workers.

"As in other resource sectors, when the potash industry has a good
year, so do the people of this province," Lautermilch said.

Potash represents the largest mining industry in Saskatchewan, with 10
mines spread across the province. The industry employs approximately
3,000 people directly and makes capital expenditures of $60 million
annually. Spin-off jobs are generated from increased activity in
related industries such as railroads, trucking and mine service.

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For more information, contact:

Maurice Hall
Energy and Mines
Regina
Phone: (306) 787-2527

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