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Plains Creek announces update on Farim Phosphate Feasibility Study, Direct Shipping Option and operations in Guinea Bissau

May 18, 2012

VANCOUVER, May 18, 2012 /PRNewswire/ – Plains Creek Phosphate Corporation (“Plains Creek“, the “Company“) (TSX V: PCP) wishes to advise that:

        --  The Feasibility Study on its Farim Phosphate Project is
            expected to be completed on or before 31st July 2012;
        --  A 43-101 Technical Report on the Preliminary Economic
            Assessment of the recently announced (2nd May 2012) Direct
            Shipping Option ("DSO" ) is expected to be completed on or
            before 15th June 2012;
        --  A Feasibility Study on the DSO is expected to be complete by
            31st July 2012;
        --  The Farim operations in Guinea Bissau have been placed on care
            and maintenance until the current political situation in Guinea
            Bissau stabilizes; and
        --  The offices in Bissau remain open.

Feasibility Report

The Company’s engineering consultants GBM Minerals Engineering
Consultants Limited (“GBM”) and Golder Associates (“Golder”) have
confirmed that the Feasibility Study on the Farim Phosphate Project
will be completed on or before 31(st) July 2012.

DSO 43-101 Technical Report Preliminary Economic Assessment and
Feasibility Study

GBM and Golder have also confirmed that a 43-101 Technical Report on the
Preliminary Economic Assessment of the DSO of its Farim Phosphate
Project will be completed by 15(th) June 2012 and a Feasibility Study on the DSO will be complete by 31(st) July 2012.

Guinea Bissau Operations

The Company wishes to announce that it has placed its Farim operations
in Guinea Bissau on care and maintenance until the current political
situation in Guinea Bissau stabilizes. The offices in Bissau remain
open.

NI 43 101 Compliant Technical Report:

The Company’s current technical report (the “Technical Report“) for its Farim Phosphate Project prepared in accordance with National
Instrument 43 101 (“NI 43 101“) is entitled, “Technical Report on the Preliminary Economic Assessment
of the Farim Phosphate Project, Guinea Bissau” dated effective February
10, 2011, and was filed under the Company’s profile on SEDAR at www.sedar.com on February 22, 2011. The Technical Report was prepared for the Company
by John S. Warwick, B.Sc. (Hons) PIMMM, C.Eng., Eur.Ing. (Mining) of
IMC Group Consulting Limited; Andre Lambert, B.Sc., MIMMM, EurGeol of
IMC Group Consulting Limited; Alex Mitchell, MIMMM, C.Eng. of GBM
Minerals Engineering Consultants Limited; and Michael Short, FIMMM,
C.Eng. of GBM Minerals Engineering Consultants Limited, all of whom are
independent Qualified Persons as defined under NI 43 101.

About Plains Creek Phosphate Corporation:

Plains Creek Phosphate Corporation is a Canadian mining and exploration
company focused on advancing Farim Phosphate Project located in
Guinea Bissau, West Africa. The Project consists of a high quality
development phosphate deposit containing a NI 43 101 compliant measured
phosphate resource of 69 million tonnes (“Mt“) grading 29.9% P2O5, an indicated resource of 15 Mt grading 30.1%
P2O5, and an inferred resource of 44 Mt grading 29.6% P2O5. The Project
has a 25 year mining plan of 69 Mt phosphate grading 29.9% P2O5, as
disclosed in the Company’s NI 43 101 compliant Technical Report.

The Company’s shares are listed on the TSX Venture Exchange under the
trading symbol “PCP”. For additional information, please visit us at www.plainscreek.com.

ON BEHALF OF THE BOARD

(signed) “Carson Phillips”
Carson Phillips
Vice President, Corporate Development and Director

Cautionary Statement

Statements in this release may be viewed as forward-looking statements.
Such statements involve risks and uncertainties that could cause actual
results to differ materially from those projected. There are no
assurances the Company can fulfill such forward-statements and the
Company undertakes no obligation to update statements. Such forward
looking statements are only predictions; actual events or results may
differ materially as a result of risks facing the Company, some of
which are beyond the Company’s control. In addition, pursuant to NI
43-101, the Company cautions that mineral resources that are not
mineral reserves do not have demonstrated economic viability.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Plains Creek Phosphate Corp.


Source: PR Newswire