Passport Potash Signs LOI to Acquire 50% Ownership Interest in HNZ Potash, LLC
October 25 2011 - 7:00AM
Marketwired
Passport Potash, Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) has signed a
letter of intent to enter into binding agreements under which NZ
Potash, LLC will sell to Passport its 50% ownership interest in HNZ
Potash, LLC. Passport and HNZ Potash will strive to jointly develop
their combined potash properties in the Holbrook Basin.
When combined the properties will contain over 200,000 acres of
mineral rights and will cover over 300 square miles. Following the
release of Passport's NI 43-101 from SRK containing an exploration
potential, the Company intends to jointly prepare an NI 43-101
resource report with HNZ Potash. Exploration activities of the
combined companies that have been completed to date consist of over
50 drilled wells and over 100 lines miles of 2D seismic.
To view the combined properties, please click on the following
link: http://passportpotash.com/images/map/LandStatusMap.pdf.
Passport President and CEO, Joshua Bleak, commented: "We are
extremely excited with the prospects which this LOI presents to the
Company. The added lands are an ideal complement to our current
land position. Looking at the map we now have contiguity from our
lands on the west side of the basin down to our southern sections
and from there up to our sections on the east side. We look forward
to working with HNZ Potash and believe that the synergy created by
this combination, in addition to providing a more detailed
delineation of the potash deposition in this area, will move the
companies forward in ways that were impossible working
separately."
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 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
Communication Toll Free: 866-999-6251peter@passportpotash.com
Passport Potash Inc. Clive Mostert
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