Passport Potash Renegotiates Fitzgerald Trust Ranc

Passport Potash Renegotiates Fitzgerald Trust Ranch Purchase

Vancouver, B.C. - November 14, 2012.  Passport Potash, Inc. (“Passport” or the “Company”) (PPI: TSX.V, OTCQXPRTF) would like to announce that it has amended the purchase agreement with the Fitzgerald Trust Ranch which was announced on May 14, 2012 (the “Amendment”).

Under the terms of the Amendment the parties have agreed to extend the closing time for the purchase from December 18, 2012 to December 18, 2013.  During that period Passport will make three, roughly equal, payments to the Trust on December 18, 2012, June 30, 2013 and December 18, 2013.  Passport has also agreed to reimburse the Trust for an increase in taxes as a result of closing the transaction in 2013 rather than 2012.  All other terms of the Agreement remain in full force and effect.

“We are pleased that the Trust was willing to renegotiate the terms of the purchase agreement,” commented Joshua Bleak, Passport’s President and CEO.  “The new payment terms give Passport some needed flexibility for our exploration program, and for working with our funding sources.”