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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 18, 2011) – Passport Potash Inc. (the “Company”) (TSX VENTURE:PPI)(OTCQX:PPRTF) announces an update on the status of its NI 43-101 Technical Report (“Report”). As earlier announced the Report is being prepared by SRK Consulting (US) Inc. (“SRK”). SRK has advised that the Report should be finalized the last week of October 2011. Further, the Company has been informed that the Report will not include a current resource estimate. Allan Moran, P. Geo. C.P.G., Principal Consultant (Geology) for SRK, has indicated that “SRK will provide specific recommendations of the data verification work necessary to be able to incorporate the many historical drillholes into an initial resource estimate for Inferred and possibly Indicated resources – we think this can be accomplished in approximately a 2 month time frame, depending upon the speed of historical data verification.” Mr. Moran has informed the Company that they have assessed the exploration potential based on the Company’s current drill results and will include an order of magnitude estimate for exploration potential in the Report.
“We are very pleased to be receiving the NI 43-101 Technical Report from SRK, and look forward to receiving the estimate of exploration potential that will be included,” says Joshua Bleak, the Company’s President and CEO. “We eagerly anticipate the forthcoming revised report which will provide us with an estimated ‘Inferred’ and possibly ‘Indicated’ potash resource tonnage.”
The Company would also like to clarify statements made by its President and CEO Joshua Bleak at a presentation at the Rodman and Renshaw Annual Global Investment Conference in early September. In his presentation and in response to questions Mr. Bleak disclosed numbers indicating an economic analysis not supported by a NI 43-101 report. The Company would like to clarify this disclosure, that the figures given were speculative and that an economic analysis has not been performed on the project.
About Passport Potash Inc.
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 81,315 acres. For more information regarding the Holbrook Basin, please visit http://www.azgs.az.gov/arizona_geology/Summer%2008.pdf.
Stephen B. Butrenchuk, P.Geol., Director of Passport, is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors of Passport Potash Inc.
Joshua Bleak, President
