Passport Potash, Inc. to Expand Holbrook Basin Exploration Program
Vancouver, B.C. March 31, 2011. Passport Potash, Inc. (PPI: TSX.V, OTCQX:PPRTF) announces that it will be expanding its Holbrook Basin, Arizona exploration program in connection with the option agreement entered into with Ringbolt Ventures Ltd. (TSX-V:RBV). The option agreement will allow Passport to acquire a 100 percent interest in 15,994.32 acres of Ringbolts mineral exploration permits and to conduct a $2.25 million (U.S.) exploration program on the optioned property.
Preliminary assessment of Passports work plan indicates that the expanded exploration program could include 10 new drill holes and a 25-line mile seismic survey on the option property. This new exploration program would increase Passports total drill holes to more than 30, with75-plus line miles of seismic survey.
Passports current exploration program is being conducted on Passports holdings in the western portion of the Holbrook Basin. Zonge Internationals seismic crew has completed data acquisition for the 50 line-mile seismic survey on Passports land holdings in the Holbrook Basin. Additionally, seven exploration drill holes have been completed at the Twin Buttes Ranch. Down hole geophysical and assay results from these drill holes will be presented in the NI 43-101 technical report being prepared by SRK.
Passport president Joshua Bleak stated Passport is looking forward to exploring the eastern side of the Basin. Some of the thickest portions of the potash deposit are located in this portion of the Basin, and we anticipate this property to significantly add to the value of our Holbrook Basin project.
About the Holbrook Potash Project
Passport Potash Inc. is a TSX-listed resource company engaged in the exploration and development of advanced potash properties. Passport has acquired a strategic position in the Holbrook Basin with land holdings encompassing over 86,000 acres. In addition, Passport has a cooperative agreement with the Hopi Tribe, allowing the company to access and conduct certain exploration activities on an additional 12,853 acres of privately held Hopi land (not reservation) while allowing the tribe to share in the study results. For more information regarding the Holbrook Basin, see http://www.azgs.az.gov/arizona_geology/Summer%2008.pdf.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Peter J. Kletas