TORONTO, Nov. 5 /CNW/ -- Trigon Uranium Corp. ("Trigon" or the "Company") (TSXV: TEL) announced today that the Company has completed its previously announced share consolidation effective October 30, 2009, pursuant to which it has consolidated all of the outstanding common shares of Trigon on the basis of one (1) "new" common share for every four (4) "old" common shares outstanding (the "Consolidation").

Prior to the Consolidation, there were 63,022,387 common shares of Trigon outstanding as of the close of business on October 29, 2009. Accordingly, following the Consolidation, the number of common shares of Trigon outstanding has been reduced to approximately 15,755,596 common shares. Trigon believes that the reduced number of common shares will have numerous benefits, including facilitating the proposed business combination between Trigon and Intercontinental Potash Corp. ("ICP") (the "RTO"), further details of which are set out in the management information circular of the Company dated as of September 28, 2009 (the "Circular") available on SEDAR at www.sedar.com. Consolidation remains subject to the final approval of the TSX Venture Exchange.

Trigon currently holds 15,000,000 shares of Intercontinental Potash Corp., which is equivalent to an ownership of approximately 36.8% of ICP. Trigon is now bidding for the shares of ICP which it does not own, approximately 25,800,001 shares. These ICP shares are being acquired on the basis of one consolidated Trigon share per one ICP share. It is anticipated that this acquisition will be completed on or around November 20, 2009, and that the trading in the shares of Trigon will commence shortly thereafter. Additionally, the Company has filed for and received a new CUSIP number for the Company's common stock which has changed to 89619C208. Further details of the acquisition are are set out in the management information circular of the Company dated as of September 28, 2009 (the "Circular") available on SEDAR at www.sedar.com.

As announced on September 30, 2009 the company is simultaneously intending to raise up to $5 million on a brokered basis, through Wellington West Capital Markets and Genuity Capital Markets. The financing is through the issuance of subscription receipts of ICP ("Subscription Receipts"), which Subscription Receipts will be exchanged for common shares of ICP immediately following the completion of the acquisition of ICP by Trigon. The Subscription Receipts will be priced in the context of the market.

About Intercontinental Potash Corp

ICP is developing its Ochoa New Mexico property with the primary purpose of using polyhalite as feedstock to produce Sulphate of Potash. Sulphate of Potash, "SOP" or Potassium Sulphate, is premium priced potash. The market for SOP is approximately 4 million tonnes per year.