Passport Potash Provides Further Details Regarding LOI With NZ Potash, LLC
October 31 2011 - 7:00AM
Marketwired
Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) announces that
in furtherance to the News Release of October 25, 2011 Passport is
now able to provide greater detail regarding the terms of the
letter of intent entered into with NZ Potash, LLC ("NZ"). The
letter of intent is subject to certain material contingencies,
including a right of first refusal by the other 50% shareholder in
HNZ Potash Inc ("HNZ"). Although Passport intends to pursue joint
developments of their potash properties in the Holbrook Basin upon
acquiring the proposed 50% interest, no formal agreements have yet
been reached with HNZ.
Payment for the 50% interest is proposed to be by a combination
of cash and shares. When the definitive terms of the agreement have
been established the approval of the Board of Directors,
shareholders, and regulatory approval will all be required in order
to consummate any transaction.
The Letter of Intent currently sets out December 15, 2011 as the
critical date within which definitive terms are to be reached.
There can be no assurance at the present time that this transaction
will occur but the parties have committed to use good faith best
efforts to seek to come to mutually acceptable terms.
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.
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 Corporate Communication
780-920-5044cmostert@passportpotash.comwww.passportpotash.com
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