Passport Potash Completes Initial Phase Drill Program on Twin Buttes: Set To Release First Drill Results Next Week
June 09 2011 - 7:30AM
Marketwired
Passport Potash Inc. (TSX VENTURE: PPI)(OTCQX: PPRTF) is pleased to
announce the completion of the initial phase of drilling on the
company's Twin Buttes land holdings in the Holbrook Basin. Since
2009, the company has completed 19 holes, including eight rotary
holes and eleven core holes. Passport is currently drilling on its
southern block of land holdings and has been permitted to drill on
its east side holdings. When the current exploration program is
complete the total number of holes drilled by Passport will be 34.
Core samples from seven holes have been sent to Skyline
Laboratories in Tucson, Arizona for analysis to determine thickness
and grade. Results from the first set of holes are expected to be
released next week.
Passport has decided to include all historical holes drilled and
seismic data, along with the holes drilled by the company to date
in the initial NI43-101 being prepared by SRK. This report is now
expected to be complete in the summer of 2011 and will be followed
up by an updated NI 43-101 report to include all 34 holes as well
as an additional seismic survey on the east side of the basin. This
updated report is expected to be complete in the fall of 2011.
Passport is also pleased to announce that it intends to proceed
with an exploration program on its lands held under an option
agreement with Ringbolt Ventures. Ringbolt's property consists of
15,995 acres of mineral exploration permits on land managed by the
Arizona State Land Department (ALSD) on the east side of the
Holbrook Basin. It will be Passport's first exploration conducted
on the east side of the Holbrook Basin. Exploration plans have been
approved and drill hole sites have been re-permitted with the ASLD
for a total of nine holes.
Passport president Joshua Bleak stated, "We feel that it is
imperative to include historic data from our newly acquired land in
our initial resource estimate in order to give us the most accurate
indication of the total potash resource on our land holdings. In
addition, we are pleased with the completion of the initial phase
drill program and are excited about drilling on our newly acquired
lands, as preliminary studies have indicated that the east side of
the basin may include some of the thickest portions of the potash
deposits."
About the Holbrook Potash Project
Passport Potash Inc. is a TSX-listed resource company engaged in
the exploration and development of advanced potash properties.
Passport has acquired a strategic position in the Holbrook Basin
with land holdings encompassing over 80,000 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
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. Peter J. Kletas Corporate
Communications Toll Free: 866-999-6251 peter@passportpotash.com
Passport Potash Inc. Clive Mostert 780-920-5044
cmostert@passportpotash.com www.passportpotash.com
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