Passport Potash Inc. Announces Progress on Exploration Program and Additional Land Holdings
February 14 2011 - 1:04PM
Marketwired
Passport Potash Inc. (TSX VENTURE: PPI) is pleased to announce that
it has reached milestones on its exploration program in the
Holbrook Basin. Zonge International's seismic crew has completed
the portion of the seismic survey on the Twin Buttes Ranch,
totaling 20 line-miles. The seismic crew will now be mobilizing on
Passport's landholdings at the southern end of the Holbrook Basin.
In addition to progress on the seismic survey, three exploration
drill holes have been completed at the Twin Buttes Ranch. Down hole
geophysical and assay results from these drill holes will be
presented in the NI 43-101 technical report being prepared by SRK.
Passport also continues to expand its land holdings. It has
applied for mineral prospecting permits on 7,000-plus acres of
federal lands in the southwestern portion of the basin. With the
applications for these federal sections submitted, Passport's land
holdings in the Holbrook Basin will include private, state, and
federal land upon granting of the federal prospecting permits.
Commenting on these recent developments, Passport president
Joshua Bleak stated "With our new applications for prospecting
permits submitted, we are positioned to be the only potash
exploration entity in the Holbrook Basin to include private, state,
and federal sections in our land holdings. Additionally, we are
very pleased with the progress of our exploration program. Our
recent funding of $7.1 million will allow us to complete our
current program and plan for additional exploration on lands that
we have recently acquired and will acquire in the future."
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
with an estimated total of 2.5 billion tons of potash 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.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, 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. Corporate Communications Toll
Free (855) 476 9774 or (780) 920-5044 www.passportpotash.com