608, 1199 West Pender Street
Vancouver, BC V6E 2R1
Tel: (604) 687-0300 Fax: (604) 687-0151
www.passportpotash.com
PASSPORT POTASH INC.
(TSX.V – PPI)
Passport Potash Announces Completion of
First Phase of Drilling on Hopi Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire – April 25, 2013) - Passport Potash, Inc. (“Passport” or the “Company”
(TSX-V: PPI) (OTCQX: PPRTF) is pleased to report that it has completed the first phase of its drilling program on the Hopi private land that is “checker-boarded” with Passport’s southern landholdings in the Holbrook Basin in Northern Arizona. A total of 8 holes were drilled in the first phase of exploration on the Hopi property. The analytical results from the first three holes drilled were included in the updated mineral resource estimate reported on February 26, 2013, and were also used in the Preliminary Economic Assessment reported on March 13, 2013.
The remaining five holes have been drilled, cored and assay results have been obtained from SRC Laboratories in Saskatchewan, Canada. The analysis for all first phase holes is shown in Table 1 below. Drill intercepts are believed to represent true thicknesses as the wells were drilled vertically and the potash beds are essentially flat lying. The data from these holes is expected to be included in a pre-feasibility study which is anticipated to be completed by the end of 2013.
Table 1
| | DEPTH | GRADE | GRADE | GRADE | |||||
| | From | To | Interval | K2O | KCl | MgO | |||
| | (ft) | (m) | (ft) | (m) | (ft) | (m) | (wt%) | (%) | (wt%) |
| H1 | | | | | | | | | |
| | 1156 | 352.35 | 1165.5 | 355.24 | 9.5 | 2.9 | 8.06 | 12.76 | 1.21 |
| | 1156 | 352.35 | 1161.5 | 354.02 | 5.5 | 1.68 | 9.79 | 15.5 | 0.44 |
| | 1160 | 353.57 | 1160.5 | 353.72 | 0.5 | 0.15 | 21.5 | 34.04 | 0.47 |
| | | | | | | | | | |
| H2 | | | | | | | | | |
| | 1020.5 | 311.05 | 1034 | 315.16 | 13.50 | 4.11 | 8.38 | 13.27 | 2.21 |
| | 1020.5 | 311.05 | 1028 | 313.33 | 7.5 | 2.29 | 10.7 | 16.94 | 2.1 |
| | 1021 | 311.2 | 1021.5 | 311.35 | 0.5 | 0.15 | 25.1 | 39.73 | 1.28 |
| | | | | | | | | | |
| H3 | | | | | | | | | |
| | 1059.5 | 322.94 | 1069.5 | 325.98 | 10 | 3.05 | 8.54 | 13.52 | 1.54 |
| | 1059.5 | 322.94 | 1066 | 324.92 | 6.5 | 1.98 | 9.98 | 15.8 | 1.22 |
| | 1065 | 324.61 | 1065.5 | 324.76 | 0.5 | 0.15 | 22.2 | 35.14 | 1.39 |
| | | | | | | | | | |
| H4 | | | | | | | | | |
| | 1055 | 321.56 | 1064.5 | 324.4596 | 9.5 | 2.90 | 8.56 | 13.55 | 1.90 |
| | 1055 | 321.564 | 1061.5 | 323.5452 | 6.5 | 1.9812 | 9.56 | 15.13348 | 1.49 |
| | 1060.5 | 323.2404 | 1061 | 323.3928 | 0.5 | 0.1524 | 21.2 | 33.5596 | 2.97 |
| | | | | | | | | | |
| H5 | | | | | | | | | |
| | 995 | 303.276 | 1000 | 304.8 | 5 | 1.524 | 8.58 | 13.58214 | 0.279 |
| | 995.5 | 303.4284 | 997.5 | 304.038 | 2 | 0.6096 | 11.49 | 18.18867 | 0.215 |
| | 997 | 303.8856 | 997.5 | 304.038 | 0.5 | 0.1524 | 15.7 | 24.8531 | 0.63 |
| | | | | | | | | | |
| H6 | | | | | | | | | |
| | 952.5 | 290.322 | 960 | 292.608 | 7.5 | 2.286 | 8.21 | 12.99643 | 2.42 |
| | 953.5 | 290.6268 | 954 | 290.7792 | 0.5 | 0.1524 | 16.2 | 25.6446 | 0.27 |
| | | | | | | | | | |
| H7 | | | | | | | | | |
| | 963 | 293.5224 | 973 | 296.5704 | 10 | 3.048 | 6.29 | 9.95707 | 0.24 |
| | 970.5 | 295.8084 | 972 | 296.2656 | 1.5 | 0.4572 | 14.43 | 22.84269 | 0.55 |
| | 971 | 295.9608 | 971.5 | 296.1132 | 0.5 | 0.1524 | 16.7 | 26.4361 | 0.76 |
| | | | | | | | | | |
| H8 | | | | | | | | | |
| | 932.5 | 284.226 | 947.5 | 288.798 | 15 | 4.572 | 8.93 | 14.13619 | 1.346 |
| | 932.5 | 284.226 | 940 | 286.512 | 7.5 | 2.286 | 13.26 | 20.99058 | 1.26 |
| | 939 | 286.2072 | 940 | 286.512 | 1 | 0.3048 | 34.15 | 54.05945 | 1.72 |
The second phase drilling program will be designed by ERCOSPLAN and may include up to 10 additional core holes. Work on the second phase is expected to begin in early summer and the results are expected to help further define the resource and aid in mine planning.
Passport’s President and CEO, Joshua Bleak, commented, "we are glad to have the first phase of the Hopi drilling completed and look forward to the recommendations from Ercosplan. We are very encouraged by the results of the first phase of drilling, where six of the eight holes had an ore zone that exceeded nine feet in thickness, and the KCl and K 2 O grades were consistently high. We are excited to work with our Hopi partners on the next phases of development.”
About the Holbrook Potash Project
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 121,000 acres. Passport has also entered into a joint exploration agreement with the Hopi Indian Tribe to work toward developing about 13,000 acres of contiguous privately held Hopi land.
Quality Assurance and Quality Control
The standard operating and quality assurance procedures followed by Passport Potash employees have been instituted to make sure that all sampling techniques and results meet international reporting standards. Coring starts when the first significant gypsum interval (Upper Supai Formation) is intersected. Information about the drill holes and the on-site core descriptions are conducted according to international standards (depth intervals, recovery %, lithology, structure, alteration, rock type, weathered profile, sample intervals, remarks). Onsite field geologists collect the cuttings, bag and label them and place a small sub-sample into a chip tray for further treatment. Directly after being retrieved the cores are measured, cleaned, filed logged, packed in plastic poly sheeting and placed into sequentially numbered and labeled core boxes. Material is temporarily stored prior to transfer to the core facility in Apache Junction, Arizona, where significant intervals are dry cut in half. Half core samples are then bagged and carefully packed into boxes and shipped to the Saskatchewan Research Council in Saskatoon.
Passport is utilizing SRC’s Potash ICP Analysis package designed for multi-element analysis of potash samples. SRC includes blanks, duplicates and their internal potash 003/004 standards in the analysis. SRC’s analytical procedures have been more fully detailed in the NI 43-101 Technical Report, dated 30 March 2012, prepared for Passport Potash by ERCOSPLAN Ingenieurgesellschaft Geotechnik un Bergbau mbH.
Tim Henneberry, P.Geol., Advisor, and a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, President
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.
Contact:
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
Notice to U.S. Investors
The mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the "SEC") Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to herein are economically or legally mineable.
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS". STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K OR FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NONE OF FINRA, THE SEC NOR THE BRITISH COLUMBIA SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
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