Passport Potash, Inc. (TSXV:PPI,OTCQX:PPRTF) has entered into an agreement with HNZ Potash, LLC to jointly explore and potentially develop twenty-one permitted parcels: Passport holds Arizona State Land Department exploration permits and which are located on the southernmost area of its landholdings.
As quoted in the press release:
The Permit Property is within HNZ’s private property and has not been previously explored by Passport. Under the terms of the Joint Exploration Agreement (the “Agreement”) HNZ has agreed to pay Passport 50% of certain costs previously incurred by Passport with respect to the Permit Property, and Passport will assign a 50% interest in the Permit Property to HNZ.
Passport Potash President and CEO Joshua Bleak said:
We anticipate a long and productive relationship with HNZ and see this as a positive step for both companies and the development of potash resources in the Holbrook Basin.