VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 3, 2013) - Passport Potash, Inc. ("Passport" or the "Company") (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce that it has signed an amendment (the "Amendment") to the property purchase agreement with the Fitzgerald Trust which was announced on May 14, 2012. The Fitzgerald ranch comprises approximately 41,000 acres (16,592 hectares) of royalty free, private land with intact surface, mineral and water rights. With Passport's recently acquired State Trust Land sections, Passport's land package in the Holbrook Basin comprises over 127,000 acres (51,395 hectares), or over 198 square miles (513 square kilometers).
The key terms of the Amendment include:
- Closing of purchase to be on June 30, 2015.
- A $500,000 to be paid by the earlier of, either Oct. 31, 2013, or within 30 days of the closing of Passport's next round of financing.
- $500,000 to be paid by Dec. 31, 2013.
- $1 million to be paid by Dec. 31, 2014.
- $14 million to be paid at closing.
- Includes an option to the Trust for grazing lease for 5-year term.
"The Fitzgerald property is strategically important to Passport's intended mine development, and it was important for us to be able to restructure this deal to push the closing into 2015", commented Joshua Bleak, President and CEO. "We are grateful to the Trustees of the Fitzgerald Trust and are pleased with their willingness to work with us on making this change."
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 127,000 acres. Passport has also entered into a joint exploration agreement with the Hopi Indian Tribe to work toward developing about 13,000 acres of contiguous privately held Hopi land.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, President
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