Passport Potash Inc. Announces Completion of Four Core Holes
May 4, 2011 (Marketwire Canada) —
VANCOUVER, BRITISH COLUMBIA — Passport Potash Inc. (TSX VENTURE:PPI) is pleased to provide an update on its exploration program on Passport’s land holdings in the Holbrook Basin.
Passport’s rotary drill program is proceeding. Eight rotary holes have been drilled to date on the Twin Buttes Ranch and drilling has commenced on the State Lease Lands which lie to the south. Down hole geophysical and assay data has been gathered and is being utilized to help expedite the drilling process. The stratigraphic and geophysical data obtained from the rotary drill holes, together with Zonge International’s recently completed 50 line-mile seismic survey, have provided a broad understanding of the Holbrook Basin potash deposits, and will continue to provide key information in determining targets for diamond core drilling.
Boart Longyear has mobilized a diamond core drill rig. Four core holes have been completed to date and core samples have been sent to Skyline Laboratories in Tucson, Arizona for analysis to determine thickness and grade. Those results are anticipated in approximately 3 to 4 weeks.
Additionally, down hole geophysical and assay results from the combined rotary and core drilling programs will be used to delineate the nature and extent of the potash deposits as well as to quantify a potash resource. Results will be presented in a NI 43-101 technical report being prepared by SRK.
Commenting on these recent developments, Passport president Joshua Bleak stated, “We are very pleased with the progress of our exploration program and to have reached the point at which core samples have been sent in for analysis. With three rigs operating simultaneously on our land holdings, we expect to meet or exceed our target date for completion of the current phase of exploration and the release of a NI 43-101 technical report.”
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.
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