Passport Potash Provides Further Details Regarding LOI With NZ Potash, LLC

Last Update: 10/31/2011 8:03:40 AM

VANCOUVER, BRITISH COLUMBIA, Oct 31, 2011 (MARKETWIRE via COMTEX) -- Passport Potash Inc. (PPI)(otcqx:PPRTF) announces that in furtherance to the News Release of October 25, 2011 Passport is now able to provide greater detail regarding the terms of the letter of intent entered into with NZ Potash, LLC ("NZ"). The letter of intent is subject to certain material contingencies, including a right of first refusal by the other 50% shareholder in HNZ Potash Inc ("HNZ"). Although Passport intends to pursue joint developments of their potash properties in the Holbrook Basin upon acquiring the proposed 50% interest, no formal agreements have yet been reached with HNZ.

Payment for the 50% interest is proposed to be by a combination of cash and shares. When the definitive terms of the agreement have been established the approval of the Board of Directors, shareholders, and regulatory approval will all be required in order to consummate any transaction.

The Letter of Intent currently sets out December 15, 2011 as the critical date within which definitive terms are to be reached. There can be no assurance at the present time that this transaction will occur but the parties have committed to use good faith best efforts to seek to come to mutually acceptable terms.

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 .

On behalf of the Board of Directors of Passport Potash Inc.

Joshua Bleak, President