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Canada Phosphate Starts New Drilling at Lac à Paul Deposits in Quebec

(TSX VENTURE:DAN)(FRANKFURT:JE9N)(OTCBB:DRRSF) - The management of Canada Phosphate Inc. announced the start of a new definition drilling campaign on one of the Lac à Paul deposits, Quebec, Canada.

The objective of this 3,500-meter drilling program is to increase the resource on the Paul Zone which contains a NI 43-101 indicated resource of 78 Mt grading 7.24 % P2O5 and 7.84 % TiO2 and an inferred resource of 58 Mt grading 6.97 % P2O5 and 8.00 % TiO2.

This drilling program precedes the Prefeasibility Study that will take place on this promising mining project in 2011. The conclusions of the recently published Scoping Study showed a project value of 325 M Can$ for an internal rate of return of 20.8 %. The discounted Net Present Value (NPV) amounts to 439 M Can$. An increased resource estimate will improve these numbers.

The production of phosphate in North America is in decline and to advance this mining project into production would be a great opportunity to fill this need. The Lac à Paul property comprises 271 claims covering an area of more than 15,000 hectares. The 2 and Manouane Zones are also present on these claims and can be combined with the Paul Zone for a grand total of 260.25 Mt of inferred resources at 5.7 % P2O5 and 7.64 % TiO2 in addition of the indicated resource of 78 Mt grading 7.24 % P2O5 and 7.84 % TiO2

Source: Canada Phosphate Inc.

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