Passport Potash Inc. Signs LOI to Acquire 41,000 Acres of Royalty Free Private Land
VANCOUVER, BRITISH COLUMBIA-(Marketwire - Aug. 23, 2011) - Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce that it has signed a letter of intent to acquire the Fitzgerald Ranch which lies directly adjacent to the company’s Twin Buttes Ranch. With this acquisition Passport will increase its land holdings in Arizona’s Holbrook Basin by over 41,000 contiguous acres of royalty-free private land.
This expands Passport’s foothold in the basin to include land providing continuity with its north and south holdings in the western portions of the Holbrook Basin, creating one contiguous block and increasing Passport’s land holdings to more than 121,000 acres, or nearly 190 square miles.
This acquisition is strategic to Passport for a number of reasons, including:
- There is no royalty attached to the agreement;
- The property abuts the Twin Buttes Ranch and forms a contiguous block of over 71,000 acres of surface and minerals that will be owned in fee by Passport;
- The purchase will bring the total Passport land holdings to over 121,000 acres;
- The property provides crucial access to Passport’s holdings to the south of highway 180 and the private lands owned by the Hopi tribe; and
- This acquisition provides additional BNSF railway frontage along the north side of the property. Highway 180 runs through the property for approximately 13 miles providing frontage for Passport’s holdings on the north and south sides of the highway.
Passport President Joshua Bleak commented, “This is a terrific advancement for Passport. Not only have we more than doubled our private land holdings, we have also increased our exposure to the infrastructure needed for transportation of finished product. It is significant to note that this acquisition was made without entangling the company in a royalty agreement thereby maximizing the potential for future revenue.”
About Passport Potash, Inc.
Passport Potash Inc. is a publicly traded corporation engaged in the exploration and development of advanced potash properties with its major focus on a previously explored potash property in Arizona. Passport has acquired a strategic position in the Holbrook Basin with land holdings encompassing over 81,315 acres. For more information regarding the Holbrook Basin, please visit http://www.azgs.az.gov/arizona_geology/Summer%2008.pdf.
Stephen B. Butrenchuk, P.Geol., Director of Passport, is the Qualified Person as defined in National Instrument 43-101.
On behalf of the Board of Directors of Passport Potash Inc.
Joshua Bleak, President
This news release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information includes, but is not limited to: statements with respect to the effect and estimated timeline of the drilling and assay results on the Company; the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting; government regulation of mining operations; potential future expansion of the PFNP; environmental risks; unanticipated reclamation expenses; and title disputes or claims. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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.
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