Passport Potash Announces the Dismissal of Lawsuit and Acquisition of Exploration Permits
March 19, 2013 (Source: Marketwire) Vancouver, BC — Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRT F) is pleased to announce, further to its news release of October 31, 2012, that the lawsuit filed in Utah by North American Potash Developments Inc. and other parties (“NAPD Group”) has been dismissed with prejudice, and the exploration permits held by the NAPD Group have been assigned to Passport.
Pursuant to the terms of the amendment agreements, Passport has paid for and acquired a 100%, royalty free interest in the 25 Arizona State Land Department (“ASLD”) exploration permits (“Permits”) on the east side of the Holbrook Basin which were held by the NAPD Group.
Please refer to the Company’s news release dated October 31, 2012 for additional information about the terms of the agreements.
“We are thrilled to have completed the acquisition of these strategic exploration permits,” said Passport’s President and CEO, Joshua Bleak. “We are also glad to have the lawsuit settled, so that we can focus our efforts on developing this important 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 entered into a joint exploration agreement with the Hopi Tribe to work towards developing about 13,000 acres of contiguous privately held Hopi land.
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