Passport Potash Inc.: Amendment to Number of Units in Re-Priced Private Placement

VANCOUVER, BRITISH COLUMBIA-(Marketwire - Dec. 29, 2011) - Passport Potash Inc. (TSX VENTURE:PPI) (the “Company”) announces that is has repriced its non-brokered private placement announced on December 16, 2011 to $0.18 per unit. The exercise price of the warrants remains the same at $0.20. The Company intends to raise a total of $7,500,000 from the private placement for a total of approximately 41,666,667 units (the “Offering”). Finder’s fee may be payable on the Offering within the maximum amount permitted by the policies of the TSX Venture Exchange (the “Exchange”). The Offering remains subject to Exchange acceptance.

On behalf of the Board of Directors

PASSPORT POTASH INC.

Laara Shaffer, Director

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 (December 29, 2011 - 1:41 PM EST)