Passport Potash, Inc. Enters Option Agreement with Ringbolt Ventures, Ltd. to Acquire Potash Property in the Holbrook Basin
29 Mars 2011 - 3:30PM
Marketwired
Passport Potash, Inc. (TSX VENTURE: PPI)(OTCQX: PPRTF) has entered
into an option agreement with Ringbolt Ventures Ltd. (TSX VENTURE:
RBV) allowing Passport to acquire a 100 percent interest in
Ringbolt's Holbrook Basin potash property in Arizona and to conduct
a $2.25 million (U.S.) exploration program on the optioned
property.
Ringbolt's property consists of 15,994.32 acres of mineral
exploration permits on land managed by the Arizona State Land
Department. The property overlies a portion of what appears to be
the thickest part of the deposits in the Holbrook Basin.
The option agreement has the potential to expand Passport's
foothold to include land in the eastern portions of the Holbrook
Basin, increasing Passport's land holdings to more than 86,000
acres, or 134 square miles. This comprises 22% of the estimated 600
square miles of potash deposits in the Holbrook Basin. This
percentage increases if the portion of the potash deposits
underlying the Petrified Forest National Park is excluded. For a
visual of our entire land package click here:
http://www.passportpotash.com/pdf/map.pdf.
The option agreement allows Passport to exercise the option to
earn a 90 percent interest in the property by making cash payments
in the total of $1.0 million (U.S.) over a three-year period,
incurring a total of $2.25 million (U.S.) in work expenditures on
the property over three years and issuing four million common
shares to the optionors over a three-year period. Upon fulfilling
the terms of the option, Passport has the right to purchase the
remaining 10 percent interest for $5.0 million (U.S.). The
optionors are entitled to a 1 percent gross overriding royalty on
the production from the property. The option agreement is subject
to the approval of the exchange.
Passport president Joshua Bleak stated, "Passport is very
pleased to partner with Ringbolt in combining land holdings and
augmenting its exploration activities in the Holbrook Basin. We
view this partnership as a significant step towards achieving a
critical mass for production in the Holbrook Basin."
Passport is also pleased to report that it has entered into an
agreement with Quam (H.K.) Limited of Hong Kong for the provision
of investor relations services. The agreement is subject to the
approval of the Exchange.
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 86,000 acres. In addition,
Passport has a cooperative agreement with the Hopi Tribe, allowing
the company to access and conduct certain exploration activities on
an additional 12,853 acres of privately held Hopi land (not
reservation) while allowing the tribe to share in the study
results. For more information regarding the Holbrook Basin, see
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 866-999-6251 Toll Free peter@passportpotash.com
Passport Potash Inc. Clive Mostert Corporate Communications
780-920-5044 cmostert@passportpotash.com www.passportpotash.com
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