Passport Potash Completes Initial Phase Drill Program on Twin Buttes: Set To Release First Drill Results Next Week
VANCOUVER, BRITISH COLUMBIA — Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce the completion of the initial phase of drilling on the company’s Twin Buttes land holdings in the Holbrook Basin. Since 2009, the company has completed 19 holes, including eight rotary holes and eleven core holes. Passport is currently drilling on its southern block of land holdings and has been permitted to drill on its east side holdings. When the current exploration program is complete the total number of holes drilled by Passport will be 34.
Core samples from seven holes have been sent to Skyline Laboratories in Tucson, Arizona for analysis to determine thickness and grade. Results from the first set of holes are expected to be released next week.
Passport has decided to include all historical holes drilled and seismic data, along with the holes drilled by the company to date in the initial NI43-101 being prepared by SRK. This report is now expected to be complete in the summer of 2011 and will be followed up by an updated NI 43-101 report to include all 34 holes as well as an additional seismic survey on the east side of the basin. This updated report is expected to be complete in the fall of 2011.
Passport is also pleased to announce that it intends to proceed with an exploration program on its lands held under an option agreement with Ringbolt Ventures. Ringbolt’s property consists of 15,995 acres of mineral exploration permits on land managed by the Arizona State Land Department (ALSD) on the east side of the Holbrook Basin. It will be Passport’s first exploration conducted on the east side of the Holbrook Basin. Exploration plans have been approved and drill hole sites have been re-permitted with the ASLD for a total of nine holes.
Passport president Joshua Bleak stated, “We feel that it is imperative to include historic data from our newly acquired land in our initial resource estimate in order to give us the most accurate indication of the total potash resource on our land holdings. In addition, we are pleased with the completion of the initial phase drill program and are excited about drilling on our newly acquired lands, as preliminary studies have indicated that the east side of the basin may include some of the thickest portions of the potash deposits.”
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 80,000 acres. For more information regarding the Holbrook Basin, please visit 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.
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