Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) ("Passport" or the "Company") is pleased to announce that it has entered into a Joint Exploration Agreement (the "Agreement") with the Hopi Tribe ("Hopi" or "Tribe") to explore for potash on the Hopi private land sections which are checker-boarded with Passport's southern landholdings. The Agreement is a definitive agreement that was contemplated by the letter of intent ("LOI") that the parties entered into six weeks ago.
The aggressive two-phase drilling campaign, which will be carried out by Passport, was designed by ERCOSPLAN and will help to better define the potash resource potential on the contiguous sections in the DoBell ranch area of the Holbrook Basin. The first phase of the program, which includes 8 drill sites and will cover a 25,000 acre swath of the contiguous land, should be completed by February 2013. The second phase of drilling, which will be designed by ERCOSPLAN guided by the findings from phase one, will include up to 10 additional drill sites. The findings from the proposed drilling program will be used in the Preliminary Economic Assessment commissioned by Passport.
"We are excited to begin this exploration program with the Hopi Tribe," commented Joshua Bleak, Passport's President and CEO. "We are confident that the positive results from this program will lead to further development of this world class project."
Passport would also like to congratulate Passport Board member Matt Salmon on being elected as the representative from Arizona's 5th Congressional District to the United States House of Representatives.