PotashCorp Announces Increase to Share Repurchase Program

SASKATOON, SK, Sep. 11, 2008 (Canada NewsWire via COMTEX News Network) --

<< Listed: TSX, NYSE Symbol: POT >>

Potash Corporation of Saskatchewan Inc. (PotashCorp) today announced that its Board of Directors has approved, subject to regulatory approval, an increase to the share repurchase program authorized in January 2008, raising the ceiling to approximately 10 percent of the public float or 31.5 million of the company's issued and outstanding common shares. This will allow PotashCorp to repurchase and cancel by January 30, 2009 up to an additional 15.68 million, or approximately 5 percent, of the company's common shares, over and above the initial maximum of 15.82 million shares. The company will file with the Toronto Stock Exchange (TSX) an amendment to its previously filed notice of its intention to make normal course issuer bid purchases in order to increase the number of common shares it may purchase.

Through periodic open-market transactions at prevailing market prices and the recent completion of private-agreement purchases, the repurchase and cancellation of the previously authorized 15.82 million shares has been fully completed.

"We currently have an opportunity to use our strong cash flow to re-invest in the world's best potash assets - our own company - at an attractive price," said Bill Doyle, PotashCorp President and Chief Executive Officer. "We believe our shares are significantly undervalued versus our long-term potential. By buying back low-priced shares, we will strengthen our company for the future and reward our long term shareholders."

Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, second largest in nitrogen and third largest in phosphate; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and the world's largest capacity for production of purified industrial phosphoric acid.

This release contains forward-looking statements. These statements are based on certain factors and assumptions including foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities and effective income tax rates. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to: fluctuations in supply and demand in fertilizer, sulfur, transportation and petrochemical markets; changes in competitive pressures, including pricing pressures; timing and amount of capital expenditures; risks associated with natural gas and other hedging activities; changes in capital markets and corresponding effects on the company's investments; changes in currency and exchange rates; unexpected geological or environmental conditions, including water inflow; strikes and other forms of work stoppage or slowdowns; changes in and the effects of, government policy and regulations; and earnings, exchange rates and the decisions of taxing authorities, all of which could affect our effective tax rates. Additional risks and uncertainties can be found in our Form 10-K for the fiscal year ended December 31, 2007 under captions "Forward-Looking Statements" and "Item 1A - Risk Factors" and in our filings with the US Securities and Exchange Commission and Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this presentation and the company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE: Potash Corporation of Saskatchewan Inc.

Investors, Denita Stann, Director, Investor Relations, Phone: (847) 849-4277, Fax: (847) 849-4691, Email: [email protected]; Media, Rhonda Speiss, Manager, Public Relations, Phone: (306) 933-8544, Fax: (306) 933-8844, [email protected]; Web Site: www.potashcorp.com

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