Intrepid Potash LLC

In 2008, 2009, and 2010, Agapito Associates, Inc. prepared a United States Security Exchange Commission compliant reserve estimate for all five potash operations for Intrepid Potash.  This included two underground dry mines located near Carlsbad, New Mexico, an evaporative pond operation near Wendover, Utah, a flooded mine operation near Moab, Utah, and the feasibility study for flooding old workings at the HB Mine in New Mexico.  For the New Mexico operations, AAI reviewed all resource data including over 650 drill-hole records and channel samples from underground workings, reviewed the 20+ year mine plans, and assessed operational economics to establish break-even grades and thicknesses.  The evaporative pond and flooded mine operations in Utah required review of past production data, drill-hole data, and projections of mine life based on available accessible resource and planned well drilling.  These studies built upon reserve estimates completed by AAI for Mississippi Potash for the New Mexico deposits and earlier reserve estimates developed by AAI for the Moab facility.  AAI has provided engineering analysis and ground control consulting to Intrepid’s New Mexico mines and permit and solution mine design support for the Moab facility since 2003.

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