VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 19, 2013) -
Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF)
Disclosure
Clarification
As a result of a review by the British Columbia Securities
Commission ("BCSC"), we are issuing the following news release to
clarify our disclosure.
Clarifying
Disclosure
Non-compliant disclosure of Preliminary Economic
Assessment ("PEA")
In its news releases and investor materials, the Company refers
to the results of an economic evaluation, including NPV, based in
part on inferred resources. This disclosure is contrary to NI
43-101, as it does not include the proximate cautionary language
required by section 2.3(3)(a) of NI 43-101. The Company would like
to make the following clarifications:
- The Company's March 13, 2013 news release announcement of a PEA
result is not compliant with section 2.3(3) of NI 43-101, and
potentially misleading, because it omits cautionary language
required by section 2.3(3)(a) of NI 43-101. The Company would like
to clarify its statement by adding that the preliminary economic
assessment is preliminary in nature, and includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that the preliminary economic assessment will be realized.
- The Company's July 31, 2013 news release states that on the
basis of the PEA, the project "would still be economically viable"
with a decrease in prices by over 30%. Due to the preliminary
nature of a PEA, it is misleading to disclose or imply economic
viability, and at minimum a pre-feasibility study ("PFS") is
necessary to confer economic viability. Therefore, the Company
retracts its statement implying economic viability.
- The Company's April 2013 presentation "Cultivating Global
Growth", posted on its website (the "Corporate Presentation"),
included disclosure issues similar to those discussed above, and
the presentation has been revised accordingly.
Non-compliant disclosure of potential exploration
target.
The project section of the company's website discloses an
exploration target from the November 1, 2011 SRK technical report.
This disclosure is non-compliant because it omits the grade range
required by section 2.3(2) of NI 43-101. The Company retracts this
statement and has removed references to the statements from the SRK
technical report from its website.
General disclosure and filing issues
The projects section of the Company's website had become
significantly out-of-date, and as a result may have become
misleading. The Company has updated the projects section of its
website.
Tim Henneberry, P.Geol., Advisor, and a Qualified Person as
defined in National Instrument 43-101, has reviewed and approved
the technical content of this news release.
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
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.