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Passport Potash Inc. (CVE:PPI) reports that it has signed a letter of intent to acquire the Fitzgerald Ranch which lies directly adjacent to the company’s Twin Buttes Ranch.
Passport Potash Inc. (TSXV:PPI) reports that it has signed a letter of intent to acquire the Fitzgerald Ranch which lies directly adjacent to the company’s Twin Buttes Ranch.
The press release is quoted as saying;
This expands Passport’s foothold in the basin to include land providing continuity with its north and south holdings in the western portions of the Holbrook Basin, creating one contiguous block and increasing Passport’s land holdings to more than 121,000 acres, or nearly 190 square miles.
This acquisition is strategic to Passport for a number of reasons, including:
•There is no royalty attached to the agreement;•The property abuts the Twin Buttes Ranch and forms a contiguous block of over 71,000 acres of surface and minerals that will be owned in fee by Passport;
•The purchase will bring the total Passport land holdings to over 121,000 acres;
•The property provides crucial access to Passport’s holdings to the south of highway 180 and the private lands owned by the Hopi tribe; and
•This acquisition provides additional BNSF railway frontage along the north side of the property. Highway 180 runs through the property for approximately 13 miles providing frontage for Passport’s holdings on the north and south sides of the highway.
Passport Potash’s President and CEO, Joshua Bleak says:
“This is a terrific advancement for Passport. Not only have we more than doubled our private land holdings, we have also increased our exposure to the infrastructure needed for transportation of finished product. It is significant to note that this acquisition was made without entangling the company in a royalty agreement thereby maximizing the potential for future revenue.”
Click here to access the entire news release.
Click here to access Passport Potash’s company profile.(TSXV:PPI)