Passport Potash Inc. Announces Drilling at the Holbrook Potash Project
November 17 2010 - 9:30AM
Marketwired
Passport Potash Inc. (TSX VENTURE: PPI) is pleased to announce that
it has engaged Boart Longyear M & E Drilling Services to lead a
drilling program on Passport's Holbrook Basin Potash Project.
Drilling is scheduled to begin in December and Passport plans to
include all of the drilling data in an NI 43-101 compliant resource
evaluation. Passport has selected strategic locations to conduct
the drilling program for the potential to further delineate and
expand the potash resource on Passport's state sections as well as
beginning to outline the potash potential of the Twin Buttes Ranch.
Boart Longyear has vast drilling experience and has been the
lead drilling company for Potash in the Holbrook Basin. Passport
has received the necessary permits from the Arizona Oil and Gas
Commission and from the Arizona State Land Department to proceed
with the drilling. The drilling will be a combination of reverse
circulation and diamond core drilling, with the primary focus of
coring the entire potash horizon utilizing a Boart Longyear core
drilling rig. This horizon will then be surveyed with downhole
geophysical tools recording gamma ray and density measurements, the
industry standard for potash exploration.
Passport is continuing negotiations with the Karlsson Group Inc.
to negotiate the terms of a Definitive Cooperative Agreement (the
"DCA") in which Passport and Karlsson outline plans to jointly
develop a potash resource. By combining holdings, Passport and
Karlsson have over 120 sections of state and private lands which
total nearly 80,000 acres.
About the Holbrook Potash Project
The Holbrook Basin is located in an area with excellent
infrastructure and is known to contain a 600 square mile potash bed
in the Permian Supai Formation as documented by the Arizona
Geological Survey (AGS) Open File Report 08-07. The potash bed was
drilled and delineated in the 1960s and 1970s by Duvall Corporation
and Arkla Exploration. Due to low potash prices in the 1970's the
Holbrook Basin potash bed was not developed after discovery.
The Company also announces it has granted 2,352,500 incentive
stock options to directors, employees and consultants at a price of
$0.10 for a 5 year term.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Stephen B. Butrenchuk, 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.
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.
Contacts: Passport Potash Inc. Stephen B. Butrenchuk President
(604) 687-0300 (604) 687-0151 (FAX) www.passportpotash.net