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Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) has abandoned its option agreement with North American Potash Developments, Potash Green, LLC, Wendy Walker Tibbetts and Joseph J. Hansen. According to the option agreement terms, the Company has the right, at any time, to abandon the option with written notice.
As quoted in the press release:
According to the terms of the option agreement, the Company had the right at any time to abandon the option with written notice to Optionors, which notice has been provided. Therefore, the Company has no further obligations to make any option payments.
The Company also reports that is has received a copy of an order from the Arizona State Land Department (“ASLD”) that the State sections which were included in the NAPD option agreement have been closed to any new applications for mineral permits or leases.