Passport Potash Inc. Announces $12,500,000 Private

Passport Potash Inc. Announces $12,500,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2012) - Passport Potash Inc. ("Passport" or the "Company") (TSX VENTUREPI)(OTCQXPRTF) is pleased to announce that is has arranged a non-brokered fully subscribed private placement for 69,444,444 Units at a price of $0.18. Each Unit consists of one common share and one-half of one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at a price of $0.25 for a period of five years. Finders' fees may be paid in certain instances. The proceeds from the private placement will be used for property payments, general working capital and the exploration program of the Company. The foregoing is subject to regulatory approval.

"This financing is a significant step towards meeting our near and medium term funding needs, including the preliminary economic assessment and pre-feasibility studies," commented Joshua Bleak, Passport's president and CEO. "As we proceed forward we will explore all funding mechanisms to raise the capital necessary to complete this project."