Passport Potash Inc. Announces Progress on Exploration Program and Additional Land Holdings
FEB 14 2011
VANCOUVER, BRITISH COLUMBIA, Feb. 14, 2011 (Marketwire) —
Passport Potash Inc. (TSX VENTURE:PPI) is pleased to announce that it has reached milestones on its exploration program in the Holbrook Basin. Zonge International’s seismic crew has completed the portion of the seismic survey on the Twin Buttes Ranch, totaling 20 line-miles. The seismic crew will now be mobilizing on Passport’s landholdings at the southern end of the Holbrook Basin. In addition to progress on the seismic survey, three 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 also continues to expand its land holdings. It has applied for mineral prospecting permits on 7,000-plus acres of federal lands in the southwestern portion of the basin. With the applications for these federal sections submitted, Passport’s land holdings in the Holbrook Basin will include private, state, and federal land upon granting of the federal prospecting permits.
Commenting on these recent developments, Passport president Joshua Bleak stated “With our new applications for prospecting permits submitted, we are positioned to be the only potash exploration entity in the Holbrook Basin to include private, state, and federal sections in our land holdings. Additionally, we are very pleased with the progress of our exploration program. Our recent funding of $7.1 million will allow us to complete our current program and plan for additional exploration on lands that we have recently acquired and will acquire in the future.”
About the Holbrook Potash Project
The Holbrook Basin is located in an area with excellent infrastructure and is known to contain a 600 square mile potash bed with an estimated total of 2.5 billion tons of potash in the Permian Supai Formation as documented by the Arizona Geological Survey (AGS) Open File Report 08-07. The potash bed was drilled and delineated in the 1960s and 1970s by Duvall Corporation and Arkla Exploration. Due to low potash prices in the 1970’s the Holbrook Basin potash bed was not developed after discovery.
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.
Passport Potash Inc.
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