Richard Kelertas / (514) 396-0320
rkelertas@dundeesecurities.com
Joshua Bridges / (514) 396-0332
jbridges@dundeesecurities.com

      PPI Signs LOI to Acquire 41,000 Acre Fitzgerald Ranch

• Passport Potash has signed a LOI to acquire the Fitzgerald Ranch, directly adjacent to the company's Twin Buttes Ranch (Exhibit 1). The acquisition would net PPI an additional 41,000 acres of contiguous royalty-free private land, bringing the company's total interest in the Holbrook Basin to over 121,000 acres.
   
• The Fitzgerald Ranch land acquisition would increase the company's freehold land base +137% to 71,000 acres of royalty-free land and sits on the upper- west side of the previously defined potash horizon of the Holbrook Basin (Exhibit 1).
   
• Other strategic considerations include increased access to key road and rail infrastructure. By acquiring the Fitzgerald Ranch, PPI's property now lines a significant portion of the BNSF railway running just north of the Holbrook Basin and straddles ~13 miles (~21km) of Highway 180.

Impact: Positive - Awaiting NI 43-101 Technical Report
The land acquisition is positive as Passport Potash is the largest landholder and only significant exploration project in the Holbrook Basin. Further exploration work is needed to properly assess the potential for economic potash extraction, but the Fitzgerald Ranch is great addition as it is contiguous, strategically located, and we think can likely be used for surface level facilities as well (closest to railway, highways, small regional airport).

Upcoming Catalysts

• Results of drill cores currently undergoing analysis. Following the release of Cores 1 & 2, the company has five additional cores at Skyline Laboratories undergoing analysis, results of which we expect to be released shortly or as part of the upcoming technical report. Including the two recently released cores, the company has drilled 19 holes: 4 cores were drilled in 2009; 8 are rotary holes to provide downhole geophysics and gamma ray logging; and the remaining 7 were drilled on the Twin Buttes property in the northern part of Passport's concessions.
   
• Maiden NI 43-101 resource estimate. We expect the company to release its initial NI 43-101 compliant resource estimate in the next of 4-5 weeks (prepared by SRK) aiming to include the 19 announced drill holes, 35-45 historic drill holes (spread across the Twin Buttes property, the federal/provincial lands in the south, and the Ringbolt property to the east), and the 50 line-miles of 2D seismic surveys conducted by Zonge International,
   
• Updated NI 43-101 resource estimate. Following the initial technical report, the company aims to then update that resource estimate to include 15 additional exploration holes on the Ringbolt property and an additional 50-mile seismic survey for a total of 34 drill holes and 100 miles of 2D seismic surveys. We expect the company to have an updated 43-101 resource estimate with these new drill holes prepared by year end.
   

Company Description

Passport Potash is an early stage exploration company which owns a 100% interest in a potash project in the Holbrook Basin of Arizona, USA, as well as several mineral properties under option. The company is currently midst of its drilling program to establish an NI 43-101 compliant resources estimate, the technical report of which should be available in June 2011.