"The Millstream potash deposit is the only remaining confirmed potash deposit in New Brunswick that has yet to be developed, and we believe there will be strong interest by industry in gaining access to this resource,'' said Natural Resources Minister Bruce Northrup. "If further exploration confirms this is an economically viable deposit, developing a new mine would mean hundreds of jobs and generate much-needed revenue for the province.''

The agricultural sector primarily uses potash in blended fertilizers. It is mined in 13 countries and used by more than 150 countries.

"Both the demand and price for potash is very strong, which makes this an opportune time to make the Millstream deposit available for further exploration and possible development,'' Northrup said.

The provincial government is offering a three-year agreement and giving the final selected entity two years for exploration of the patch.