CANPOTEX LIMITED ANNOUNCES A DELAY TO ITS TERMINAL EXPANSION AT NEPTUNE TERMINALS

On May 10, 2006, Canpotex Limited (Canpotex) announced that its previously reported Phase 1 Terminal Expansion at its export facility at Neptune Terminals in North Vancouver, British Columbia, has been delayed for an indeterminate period of time due to an unexpected and significant increase in anticipated costs of the expansion.

This expansion, which received VPA approval on January 11, 2006, contemplated an estimated 90,000 metric ton expansion of Canpotex's existing potash shed and a resulting estimated 500,000 metric ton increase in its annual throughput capacity.

Canpotex will continue to review the proposed expansion costs and will continue regular shipments of potash through Neptune Terminals. Canpotex is encouraged by the initial results of the recently announced CN/CP Co-Production Agreement involving better coordination of rail traffic in the greater Vancouver area, which may result in a change to the scope of the expansion.

Canpotex is continuing with its Phase 1 expansion at its export facility at Portland Terminals in Portland, Oregon, which expansion is both on budget and on time.

Canpotex is the exclusive export marketing company owned by the three Saskatchewan potash producing companies, Agrium Inc., Mosaic Canada ULC, a subsidiary of The Mosaic Company and Potash Corporation of Saskatchewan Inc. Established in 1970 and operational since 1972, Canpotex shipped in excess of 8 million metric tons of potash to offshore markets in 2005.

For further information contact:
Ted J. Nieman
Senior Vice President
General Counsel and Secretary
Canpotex Limited
Phone: 306.931.7250
Fax: 306.653.5505
Email: ted.nieman@canpotex.com
Website: www.canpotex.com


Visit Neptune Terminals: www.neptuneterminals.com

Contact:
Sharleen Suszezwiez
Planning and Development
Vancouver Port Authority
Phone: 604.665.9129
Email: port_planning@portvancouver.com
Fax: 1.866.284.4271

Mail:
Vancouver Port Authority
Sharleen Suszezwiez
Planning and Development
100 The Pointe
999 Canada Place
Vancouver BC V6C 3T4