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North American Potash Developments Notified that it is

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lmcat   Friday, 06/01/12 01:00:20 AM
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North American Potash Developments Notified that it is in Breach of Option Agreement with Passport Potash


On May 18, 2012, Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) ("Passport" or the "Company") through its solicitors delivered a letter to North American Potash Developments Inc. (formerly Ringbolt Ventures Ltd.) and the other optionors (collectively the "Optionor"), informing them that they were in breach of the Option Agreement dated March 28, 2011. The Company informed Optionor that the payment of cash and shares that were due on May 17, 2012 would not be paid until Optionor cured the defaults delineated in the default letter.

On May 25, 2012 Passport was informed by Optionor that it had filed a civil action in Utah seeking specific performance of the Option Agreement. At market close on May 25, 2012 Optionor issued a press release announcing the civil action, which also breached the Option Agreement. The Company will vigorously defend its rights in the Option Agreement.

About the Holbrook Potash Project

Passport Potash Inc. is a TSX-listed resource company engaged in the exploration and development of advanced potash properties. Passport has acquired a strategic position in the Holbrook Basin with land holdings encompassing over 122,000 acres.

For more information regarding the Holbrook Basin visit our website at www.passportpotash.com.

On behalf of the Board of Directors

PASSPORT POTASH INC.

Joshua Bleak, President

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