Passport Potash Inc. Updates Current Drilling Program
VANCOUVER, BRITISH COLUMBIA, Dec. 15, 2010 (Marketwire) — Passport Potash Inc. (TSX VENTURE:PPI) is pleased to announce that it has completed the first drill hole of its 2010 drill program. This hole represents the first exploration for potash within the boundaries of the Twin Buttes Ranch in more than 45 years. Potash was intercepted in this hole and has been confirmed by both visual inspection and by downhole geophysical logging.
This hole is located within the Twin Buttes Ranch in an area where there has been no previous drilling. Upon completion of drilling and logging, the hole has been converted into a producing water well. Water is present in the well and will be used in the ongoing drill program at a considerable cost saving to the company. The company has also set up a field office at the well site and this area will now serve as a base of operations from this point forward.
The 2010 drilling program will be followed by a planned comprehensive seismic survey over the company’s Holbrook holdings in the first quarter of the new year. This survey will allow the company to better define the thicknesses and distribution of the potash bed prior to the next stage of drilling.
Furthermore, the company is also pleased to announce that it has significantly expanded the current drill program. The size of this program will be dependent upon results of the planned seismic surveys that are planned for early 2011 and upon recommendations received from SRK Consulting. The NI43-101 report is being created by SRK Consulting and is planned to include a 3-D geologic model, a resource block model and an estimate of in-place resources according to CIM definitions.
Passport has made momentous strides in 2010 by expanding its land position, engaging leading consultants and continuing its drilling efforts.
Stephen B. Butrenchuk, P.Geol., President of Passport, is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Stephen B. Butrenchuk, President
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedar.com.
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.
Passport Potash Inc. President (604) 687-0300 (604) 687-0151 (FAX) www.passportpotash.net