Passport Potash Retains ERCOSPLAN to Complete Initial Resource Estimate on Holbrook Basin Project
VANCOUVER, BRITISH COLUMBIA-(Marketwire - Nov. 28, 2011) - Passport Potash, Inc. (the “Company”) (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce that it has engaged ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau (ERCOSPLAN) to complete its initial resource estimate on its Holbrook property holdings. All drilling completed to date as well as historical drilling will be reviewed and the Company anticipates an initial resource estimate to be completed in Q1 2012. Subsequently ERCOSPLAN will incorporate all new drill data and seismic work currently ongoing on Passport’s east side holdings in an updated resource estimate by Q2 2012.
ERCOSPLAN is recognized by international financial institutions and regulators around the world for their potash exploration and development expertise. ERCOSPLAN’s experts are members in good standing of relevant professional organizations and have extensive experience in the potash industry. ERCOSPLAN’s clients include some of the largest potash exploration and mining companies in the world. As the successor to the former Kali-Ingenieurbüro Erfurt, ERCOSPLAN is a specialist consulting and engineering group whose core activities include project management in all aspects of the extraction and processing of industrial potash and mineral salts.
“We are delighted to have ERCOSPLAN assist us in completing our initial resource estimate. Should the initial resource estimate justify further work, we would anticipate a working relationship that will involve ERCOSPLAN in further development of the Property. ERCOSPLAN’s experience in the potash space is unrivalled and we look forward to working with them to develop our Holbrook Basin Project”, states CEO Joshua Bleak.
The Company would also like to announce that it will no longer be working with SRK Consulting on the Holbrook Basin project. SRK was unable to commit the resources to complete the initial resource estimate in a timeframe that was acceptable to the Company. The Company thanks SRK for completing the NI-43101 Technical Report dated November 1, 2011, which can be viewed online at www.sedar.com.
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.
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.
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Source: Marketwire Canada (November 28, 2011 - 8:30 AM EST)