Passport Potash Announces Expanded Drill Program and Reports Progress in Current Drill Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/24/12 -- Passport Potash Inc. (TSX VENTURE: PPI)(OTCQX: PPRTF) ("Passport") is pleased to announce, subsequent to its acquisition of the Fitzgerald Ranch (see news release dated May 14, 2012), that it has added 8 additional holes to its 2012 drill program. The new holes will be drilled on the Fitzgerald Ranch and the results, combined with the results of its current 15 hole expansion and in-fill drilling program, will be included in an updated resource report.
The 2012 drill program, which was based on the recommendations of ERCOSPLAN, is being conducted on Passport's private land holdings on the Twin Buttes Ranch, and on its State land sections on the south and east sides of the Basin. Passport reported the test results for the first 2 cored and assayed holes in a news release dated May 10, 2012. Passport expects to receive the results of its next two cored holes, which have been sent to the Saskatchewan Research Council Laboratories in Saskatoon, Canada, within the next two weeks.
With the addition of these new holes, Passport is pleased to announce that it will be mobilizing an additional core rig to the area to expedite the drilling program.
The additional 8 core drill holes planned for the Fitzgerald Ranch are designed to confirm the results of work reported by Arkla Corporation in the 1960s and also to increase the level of confidence in the continuity of the potash mineralization throughout Passport's other properties. Passport will continue to report the results of its current drilling program as they are received.
Passport's President and CEO, Joshua Bleak says: "We are pleased with the progress of our 2012 drill program, and will mobilize another core rig to the area to meet the increased drilling demands. Interim progress reports and drill results will be released as we proceed toward our goals."
To view site selections for the additional 8 holes please click here: http://passportpotash.com/pdf/frdp.jpg
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 122,000 acres.
For more information regarding the Holbrook Basin visit our website at www.passportpotash.com.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, President
Forward-Looking Statements
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
Manager of Corporate Development
866-999-6251 Toll Free
peter@passportpotash.com
Passport Potash Inc.
Clive Mostert
Corporate Communications
780-920-5044
cmostert@passportpotash.com
www.passportpotash.com