Passport Potash Inc.: National Instrument 43-101 Status Update


Passport Potash Inc.: National Instrument 43-101 Status Update

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 18, 2011) – Passport Potash Inc. (the “Company”) (TSX VENTURE:PPI)(OTCQX:PPRTF) announces an update on the status of its NI 43-101 Technical Report (“Report”). As earlier announced the Report is being prepared by SRK Consulting (US) Inc. (“SRK”). SRK has advised that the Report should be finalized the last week of October 2011. Further, the Company has been informed that the Report will not include a current resource estimate. Allan Moran, P. Geo. C.P.G., Principal Consultant (Geology) for SRK, has indicated that “SRK will provide specific recommendations of the data verification work necessary to be able to incorporate the many historical drillholes into an initial resource estimate for Inferred and possibly Indicated resources – we think this can be accomplished in approximately a 2 month time frame, depending upon the speed of historical data verification.” Mr. Moran has informed the Company that they have assessed the exploration potential based on the Company’s current drill results and will include an order of magnitude estimate for exploration potential in the Report.

 


“We are very pleased to be receiving the NI 43-101 Technical Report from SRK, and look forward to receiving the estimate of exploration potential that will be included,” says Joshua Bleak, the Company’s President and CEO. “We eagerly anticipate the forthcoming revised report which will provide us with an estimated ‘Inferred’ and possibly ‘Indicated’ potash resource tonnage.”

 

The Company would also like to clarify statements made by its President and CEO Joshua Bleak at a presentation at the Rodman and Renshaw Annual Global Investment Conference in early September. In his presentation and in response to questions Mr. Bleak disclosed numbers indicating an economic analysis not supported by a NI 43-101 report. The Company would like to clarify this disclosure, that the figures given were speculative and that an economic analysis has not been performed on the project.

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, who has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors of Passport Potash Inc.

Joshua Bleak, President

Forward-Looking Statement

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.

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.

 

Source: Marketwire Canada (October 19, 2011 – 11:43 AM EDT)

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