significant rise in potassium sulfate price

ABN 50 009 173 602
1st Floor
10 Stirling Highway Ph: (08) 9386 4699
Nedlands WA 6009 Fax: (08) 9386 9473
All correspondence to: PO Box 1104 Nedlands WA 6909
SIGNIFICANT RISE IN POTASSIUM SULFATE PRICE
ASX RELEASE
2 APRIL 2008
The Company wishes to advise shareholders and the market of recent further substantial increases in international prices of Potash fertilizer products.
Great Salt Lake Minerals Corp (GSL) a subsidiary of Compass Minerals (USA) has announced an average price rise of USD $72 per short ton for it’s range of Sulfate of Potash (SOP) products. Compass Minerals announced – quote
“The list price for standard non granulated SOP will now be USD$ 658 per short ton ex works and the granulated SOP price will be USD $670 per ton from April 14, 2008.”
The Compass Minerals announcement follows a March 27, 2008 release advising that the Canadian Potash group Canpotex has recently settled contracts for the sale of 1,325,000 metre tonnes of Muriate of Potash (MOP – Potassium Chloride) to Indian distributor IPL at a price of USD $625 per metric tonne representing a price increase of 76% from the previous year.
Such increases are significant to Reward Minerals in the context of accelerating the Potash production of SOP from it’s Lake Disappointment resource. Recent agreement reached with Martu Traditional owners regarding development of the project should greatly assist in achieving this objective.
Retail prices in Australia for SOP and MOP prior to the abovementioned increases were ca $825 and $630 per metric tonne respectively. The Company is aiming at an initial output of 200,000 tpa of SOP from Lake Disappointment.
M RUANE
Director