Mosaic misses quarterly profit estimates, finance chief to retire
Mosaic had cut its Q3 production forecast following equipment failures in Canada and hurricanes at the US Gulf Coast.
Passport Potash, Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to report preliminary results from two core holes that have intersected significant potash deposits at relatively shallow depths in the Holbrook evaporite basin. According to chemical assay results obtained from Skyline Laboratories in Tucson, Arizona, PPI2011-04 (“Core 1”) intersected 9.5 feet (1463.0-1472.5 feet) of 12.29% KCL which includes a 4.0 foot (1465.5-1469.5 feet) interval containing 18.28% KCL. PPI2011-6 (“Core 2”) intersected 7.5 feet (1437.5-1445.0 feet) of 11.93% KCL within which includes a 2.5 foot (1439.0-1441.5 feet) interval containing 24.34% KCL.
Passport Potash President and CEO Joshua Bleak commented: “We are very pleased with the drill results we have received. These results are consistent with what we believed the deposit would be like based on the extensive historic data from this area of the basin and similarities to the deposit currently being mined in Carlsbad, New Mexico. Ultimately, the NI-4301 report will define the nature and extent of our resource. We are looking forward to the release of our initial resource report and further drill results in the coming weeks.”
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.
