Passport Potash Inc. Signs LOI to Acquire 41,000 Acres of Royalty Free Private Land
August 23 2011 - 8:30AM
Marketwired
Passport Potash Inc. (TSX VENTURE: PPI)(OTCQX: PPRTF) is pleased to
announce that it has signed a letter of intent to acquire the
Fitzgerald Ranch which lies directly adjacent to the company's Twin
Buttes Ranch. With this acquisition Passport will increase its land
holdings in Arizona's Holbrook Basin by over 41,000 contiguous
acres of royalty-free private land.
This expands Passport's foothold in the basin to include land
providing continuity with its north and south holdings in the
western portions of the Holbrook Basin, creating one contiguous
block and increasing Passport's land holdings to more than 121,000
acres, or nearly 190 square miles.
This acquisition is strategic to Passport for a number of
reasons, including:
-- There is no royalty attached to the agreement;
-- The property abuts the Twin Buttes Ranch and forms a contiguous block of
over 71,000 acres of surface and minerals that will be owned in fee by
Passport;
-- The purchase will bring the total Passport land holdings to over 121,000
acres;
-- The property provides crucial access to Passport's holdings to the south
of highway 180 and the private lands owned by the Hopi tribe; and
-- This acquisition provides additional BNSF railway frontage along the
north side of the property. Highway 180 runs through the property for
approximately 13 miles providing frontage for Passport's holdings on the
north and south sides of the highway.
Passport President Joshua Bleak commented, "This is a terrific
advancement for Passport. Not only have we more than doubled our
private land holdings, we have also increased our exposure to the
infrastructure needed for transportation of finished product. It is
significant to note that this acquisition was made without
entangling the company in a royalty agreement thereby maximizing
the potential for future revenue."
For a visual of the Fitzgerald acquisition click here:
http://www.passportpotash.com/investors/media-coverage/map-files.html.
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.
Stephen B. Butrenchuk, P.Geol., Director of Passport, is the
Qualified Person as defined in National Instrument 43-101.
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.
Contacts: Passport Potash Inc. Peter J. Kletas Corporate
Communications 866-999-6251-Toll Free peter@passportpotash.com
Passport Potash Inc. Clive Mostert Corporate Communications
780-920-5044 cmostert@passportpotash.com www.passportpotash.com