Passport Potash Geotechnical Drilling Update
July 3, 2013 – Vancouver, British Columbia (Source: Marketwired) — Passport Potash Inc. (“Passport” or the “Company”) (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce an update on the geotechnical drilling program for its Holbrook Basin potash project (the “Holbrook Project”). The purpose of the geotechnical work is to investigate the soil and rock mechanics to help determine the mine design criteria for the Holbrook Project, and is expected to be incorporated into a Pre-feasibility study.
Passport’s geotechnical drilling program includes two core holes (1212 and 1301R) that were drilled through the entire geologic section. Hole 1212 will be used to evaluate the overburden, while hole 1301R will be used to evaluate the salt body.
A total of 273.71 meters (898 ft.) of 85mm (3.35 in.) diameter continuous overburden core was recovered from the upper formation of hole 1212. Twelve one-foot overburden samples were sent to Advanced Terra Testing in Lakewood, Colorado on April 22, 2013 to perform a Triaxial Compressive Strength Test. The samples were prepped and testing began on June 10, 2013. Passport has received preliminary results on approximately half of the samples, and expects final results within two to four weeks.
Hole 1301R contains a total of 46.33 continuous meters (152 ft.) of 101mm (3.98 in.) diameter salt core. The salt body samples are being sent to IfG, Institute for Rock Mechanics GmbH, in Leipzig, Germany (“IFG”). IFG is a German engineering firm founded in 1990 by employees of the former Institute for Mining Safety in Leipzig and is based on more than four decades of continuously applied research in the field of rock mechanics. IFG will be performing the following tests on the samples:
- Triaxial Compression Strength Tests
- Triaxial Strength Tests with Relaxation
- Long-term Triaxial Creep Tests
- Direct Shear Tests
Joshua Bleak, Chief Executive Officer of Passport, stated, “The rock mechanical tests will help to optimize and increase the certainty of the data used for mine planning and mine safety. We are pleased to mark the achievement of a critical project development milestone that will help position us to meet our planned timelines for the forthcoming Pre-feasibility and bankable Feasibility studies.”
Tim Henneberry, P.Geo., Advisor, and a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.
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The Company also announces that it has granted 2,555,000 incentive stock options to directors, officers, consultants and employees of the Company. The options are exercisable at $0.18 and will expire on July 2, 2018.
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 51,395 hectares (127,000 acres). Passport has also entered into a joint exploration agreement with the Hopi Indian Tribe to work toward developing about 5,261 hectares (13,000 acres) of contiguous privately held Hopi land.
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.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>