Itafos Announces Senior Leadership Changes

TORONTO, ONTARIO--(Marketwired - Feb. 20, 2017) - Itafos (TSX VENTURE:IFOS) ("Itafos" or the "Company") is pleased to announce the appointment of Mr. Brian Zatarain as Chief Executive Officer, effective February 17, 2017, replacing Mr. Cristiano Melcher who has resigned to pursue other opportunities. Mr. Zatarain was most recently selected by the Board in October 2016 to lead the successful restructuring and recapitalization as the Company's Chief Financial Officer. Mr. Rafael Rangel will step in as the Company's Chief Financial Officer with a focus on Accounting, Tax and Treasury functions, a role he previously held on an interim basis from April 2016 to October 2016.

Mr. Brent de Jong, Chairman of the Board of Directors, commented, "Itafos is uniquely positioned with high quality phosphate assets in Brazil, West Africa, United States and Peru, a compelling opportunity set and a skilled and dedicated workforce. We are excited about this next chapter and can count on Mr. Zatarain's leadership, with the support of the Board and the management team, to maintain focus and momentum on the implementation of the Company's business plan and to advance the value creation initiatives underway, including the completion of the recommissioning of its primary asset, the Itafos-Arraias fully integrated SSP operations located in Brazil."

About Itafos

Itafos (TSX VENTURE:IFOS) is focused on becoming a significant integrated producer of phosphate based fertilizers and related products. Itafos has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance. Itafos owns and operates the Itafos-Arraias SSP Operations, which consists of an integrated fertilizer producing facility comprised of a phosphate mine, a mill, a beneficiation plant, a sulphuric acid plant, an SSP plant and a granulation plant and related infrastructure located in central Brazil. Itafos' development portfolio includes a number of additional projects in Brazil, including the Santana Project, a high-grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Pará State, and the Araxá Project, a high-grade rare earth elements, niobium and phosphate deposit located in close proximity to two operating mines, therefore, benefiting from existing local infrastructure. In addition, Itafos owns an approximate 31.3% interest in GB Minerals Ltd. which owns the Farim Project, a high-grade phosphate deposit located in Guinea Bissau and an approximate 29.6% interest in Stonegate Agricom Ltd. which owns the Paris Hills Project, a high-grade phosphate deposit located in Idaho, United States and the Mantaro Project, a high-grade phosphate deposit located in Peru.