VANCOUVER, BRITISH COLUMBIA-(Marketwire - Jan. 25, 2012) - Passport Potash Inc. (“Passport” or the “Company”) (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce that it has begun new core drilling in the Holbrook basin. In preparation for the core drilling, 8,295 feet of rotary drilling and casing has been completed in 10 holes. The core drilling is expected to average 250 feet per hole for a total of 2,500 feet. It is anticipated that this advance preparation will expedite the completion of the core drilling. The data from this new drilling program will not be included in the initial resource estimate, but will be incorporated by Ercosplan in an updated resource estimate.
In a development update, Dr. Henry Rauche from Ercosplan has completed his site visit to the Holbrook basin potash project. The Company anticipates that the initial resource estimate, which will include the drilling results from 2009 through 2011as well as historical drilling, will be completed in Q1 2012 as projected.
Passport President Joshua Bleak commented, “The preparation work completed on these ten holes will really help us ramp up our current drilling program. The information from this new drilling will help us to further define and understand the exploration potential on our properties. We are encouraged to have the site visit by Dr. Rauche completed, and look forward to the resource estimate that we anticipate in the first quarter of this year. We are excited about the direction we are heading as a Company and look forward to what the rest of the year will hold for us.”
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.
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 (January 25, 2012 - 8:30 AM EST)