Passport Potash Inc.: National Instrument 43-101 Status Update
October 18 2011 - 2:15PM
Marketwired
Passport Potash Inc. (the "Company") (TSX VENTURE:PPI)(OTCQX:PPRTF)
announces an update on the status of its NI 43-101 Technical Report
("Report"). As earlier announced the Report is being prepared by
SRK Consulting (US) Inc. ("SRK"). SRK has advised that the Report
should be finalized the last week of October 2011. Further, the
Company has been informed that the Report will not include a
current resource estimate. Allan Moran, P. Geo. C.P.G., Principal
Consultant (Geology) for SRK, has indicated that "SRK will provide
specific recommendations of the data verification work necessary to
be able to incorporate the many historical drillholes into an
initial resource estimate for Inferred and possibly Indicated
resources - we think this can be accomplished in approximately a 2
month time frame, depending upon the speed of historical data
verification." Mr. Moran has informed the Company that they have
assessed the exploration potential based on the Company's current
drill results and will include an order of magnitude estimate for
exploration potential in the Report.
"We are very pleased to be receiving the NI 43-101 Technical
Report from SRK, and look forward to receiving the estimate of
exploration potential that will be included," says Joshua Bleak,
the Company's President and CEO. "We eagerly anticipate the
forthcoming revised report which will provide us with an estimated
'Inferred' and possibly 'Indicated' potash resource tonnage."
The Company would also like to clarify statements made by its
President and CEO Joshua Bleak at a presentation at the Rodman and
Renshaw Annual Global Investment Conference in early September. In
his presentation and in response to questions Mr. Bleak disclosed
numbers indicating an economic analysis not supported by a NI
43-101 report. The Company would like to clarify this disclosure,
that the figures given were speculative and that an economic
analysis has not been performed on the project.
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, who has
reviewed and approved the technical content of this news
release.
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 Freepeter@passportpotash.com
Passport Potash Inc. Clive Mostert Corporate Communications
780-920-5044cmostert@passportpotash.comwww.passportpotash.com
Passport Potash Inc. (TSXV:PPI)
Historical Stock Chart
From Apr 2024 to May 2024
Passport Potash Inc. (TSXV:PPI)
Historical Stock Chart
From May 2023 to May 2024