Migao Announces Joint Venture With SQM

VIENNA, AUSTRIA, May 20 (MARKET WIRE) --
Migao Corporation (TSX: MGO), a leading producer of specialty potash
fertilizers for the Chinese market, and Sociedad Quimica y Minera de
Chile S.A. (SQM) (NYSE: SQM)(Santiago Stock Exchange:SQM-B)(Santiago
Stock Exchange:SQM-A) of Santiago, Chile, the world's largest producer
and distributor of potassium nitrate, from the International Fertilizer
Association Conference being held in Vienna, Austria, are pleased to
announce an investment framework agreement to create a joint venture (JV)
for the production of potassium nitrate in China for domestic and
international distribution.

The JV will create a new enterprise jointly owned 50/50 by Migao and SQM.
The agreement calls for the construction of a new 40,000 tonne per year
potassium nitrate facility in China, which is expected to be operational
in the first quarter of calendar 2009 at a capital cost of USD $20
million.

Migao, through its wholly owned subsidiaries, will continue to produce
potassium nitrate in China, and distribute it through the newly formed
JV. The JV will distribute any exports of potassium nitrate produced by
Migao or the JV as well as imports of SQM's potassium nitrate to China.
In addition, the JV will distribute any exports of products produced by
Migao.

"We are very pleased to enter into this agreement with SQM. This mutually
beneficial agreement leverages SQM's strong international network and
Migao's established presence throughout China," said Mr. Liu Guocai,
Migao's CEO. "This agreement expedites Migao's ambition of becoming
recognized as a leading international fertilizer company."

Patricio Contesse, Chief Executive Officer of SQM, stated, "We are
thrilled at this opportunity to work with Migao in the growing Chinese
market, as we believe the synergies we are creating will benefit us
both." He continued, "This agreement will allow us to further develop our
presence in one of the most important markets for the fertilizer
industry, and it is consistent with our strategy of strengthening our
worldwide leadership position in our three core businesses."

SQM and Migao will now take the next steps to effect the JV, including
seeking the necessary approvals from the Chinese government.

Migao Corporation, through its wholly owned subsidiaries, owns and
operates fertilizer production plants in various strategic locations
across China for the production and sale of specialty potash fertilizer
(potassium nitrate and potassium sulphate) to China's high value
agricultural market. Migao Corporation is subject to, and complies with
strict government regulations that govern safety, quality and
environmental protection. Please visit www.migaocorp.com for further
information.

SQM is an integrated producer and distributor of specialty plant
nutrients, iodine and lithium. Its products are based on the development
of high quality natural resources that allow the Company to be a leader
in costs, supported by a specialized international network with sales in
over 100 countries. SQM's development strategy aims to maintain and
strengthen the Company's world leadership in its three core businesses:
Specialty Plant Nutrition, Iodine and Lithium. For further information,
visit www.sqm.com.

This press release contains statements that may constitute
forward-looking statements, which may include financial and other
projections, as well as statements regarding future plans, objectives or
economic performance. Forward-looking information involves significant
risks, assumptions, uncertainties and other factors that may cause actual
future results or anticipated events to differ materially from those
expressed or implied and accordingly, investors should not place undue
reliance on any such forward-looking statements. Factors that could cause
results to vary include those expressed in the Company's filings with
Canadian securities regulatory authorities. All information presented
herein should be read in conjunction with such filings.

Contacts:
Migao Corporation
Jay Hussey
Vice President Corporate Finance
(416) 869-1108 ext. 104
Email: jay.hussey@migaocorp.com
Website: www.migaocorp.com

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