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Vancouver, BC, Oct 17, 2012 - (ACN Newswire) - Passport Potash, Inc. ("Passport" or the "Company") (PPI: TSX.V, OTCQX:PPRTF) is pleased to announce that is has signed a letter of intent ("LOI") with the Hopi Indian Tribe ("Hopi" or the "Tribe"). The LOI, which is non-binding, is an outgrowth of the access and information sharing agreement signed between the parties in March 2011, and authorizes the engineering firm, ERCOSPLAN, to combine the Hopi and Passport land sections in the upcoming Preliminary Economic Assessment ("PEA") commissioned by Passport and lays the groundwork for potential joint exploration and development of the potash resources in the Holbrook Basin.
The LOI further witnesses the intent of the parties to jointly explore the contiguous land sections to determine their combined economic potential. The exploration program will be based upon recommendations from ERCOSPLAN and purposed to maximize the potential resource on the combined properties.
The parties also intend, based on the geologic findings on the properties, to proceed towards negotiating a definitive mining development agreement ("MDA") between the parties, and further agree to conduct the MDA negotiations in good faith with an understanding that time is of the essence.
The inclusion of the private properties owned by the Hopi tribe in the PEA will necessitate delaying the release of the PEA for 60 to 90 days to allow ERCOSPLAN to incorporate the Hopi data. The PEA will be addressed to and owned by both Passport and the Tribe, who shall each be entitled to use and rely on the PEA for both their joint and individual purposes.
"We are extremely pleased to have entered into this LOI with the Hopi Tribe, and are excited to help them cultivate this economic development opportunity on their private land sections in the Holbrook Basin", commented Joshua Bleak, Passport's President and CEO. "Our goal is, and has always been, to see a potash mine built in the Holbrook Basin, and we see this as another positive step towards realizing this goal."
Contact:
Passport Potash, Inc.
Mr Christopher R. Bond,
Asia Regional Director Mobile: 480 760 5832
Office: 480 288 6530 E-mail: cbond@passportpotash.com
Quam IR
Ms Anita WAN Tel: (852) 2217-2811 E-mail: anita.wan@quamgroup.com
Ms Sharon AU Tel: (852) 2217-2812 E-mail: sharon.au@quamgroup.com
Ms Venus LAM Tel: (852) 2217-2813 E-mail: venus.lam@quamgroup.com
Topic: Press release summary
Source: Passport Potash Inc.
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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