Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) has signed a non-binding letter of intent with the Hopi Indian Tribe, which authorizes the engineering firm ERCOSPLAN to combine the Hopi and Passport land sections in the upcoming Preliminary Economic Assessment commissioned by Passport, and lays the groundwork for potential joint exploration and development of the potash resources in the Holbrook Basin.
As quoted in the press release:
The inclusion of the private properties owned by the Hopi tribe in the PEA will necessitate delaying the release of the PEA for 60 to 90 days to allow ERCOSPLAN to incorporate the Hopi data. The PEA will be addressed to and owned by both PPI and the Tribe, who shall each be entitled to use and rely on the PEA for both their joint and individual purposes.
Passport Potash President and CEO Joshua Bleak said:
“We are extremely pleased to have entered into this LOI with the Hopi Tribe, and are excited to help them cultivate this economic development opportunity on their private land sections in the Holbrook Basin,”"Our goal is, and has always been, to see a potash mine built in the Holbrook Basin, and we see this as another positive step towards realizing this goal.”