Mesa Uranium Corp. (TSX VENTURE:MSA)(PINK SHEETS:MSAJF) announced that it has signed a non-binding letter of intent with Passport Potash on the Holbrook Potash project.

The press release is quoted as saying:

Under the letter of intent, PPI will acquire a 75% interest in the leases by issuing to Mesa 500,000 shares of PPI, $20,000 cash and pay exploration expenditures as required by the Arizona State Land Department. Any additional work will be paid for by PPI on a 100% basis. PPI will have the right to acquire the remaining 25% interest by paying Mesa $100,000 cash or PPI stock equivalent. Mesa will retain a 2% NSR royalty which PPI has the option to purchase for US $300,000.

Click here to access the entire press release

Click here to access Mesa Uranium Corp. Corporate Site