Q&A with Passport Potash (V.PPI)
Can you describe your company and what it does?
Passport Potash (TSX: V.PPI, Stock Forum) is engaged in the exploration and development of advanced potash properties with its major focus on a previously explored potash property in Arizona. Passport has acquired a strategic position in the Holbrook Basin with land holdings encompassing over 81,315 acres.
What distinguishes you from others in your space?
There are several key factors that distinguish us from our peers. We are the shallowest deposit in North America with average depths of 243 to 396 meters. Most deposits in Saskatchewan can range from 914 to 2133 meters underground, so we are much closer to surface.
We also have built in infrastructure. Rail, water and power are all within reach of the basin, which gives us a great head start over other projects around the world.
Who are the major shareholders of Passport?
Management holds a good stake in the company. Our largest shareholder is Dr. Phillip Frost, a U.S. billionaire who is a pioneer in the pharmaceutical business. Dr. Frost is currently the Chairman of Teva Pharmaceutical. We also have over 5700 shareholders that own Passport and we appreciate all their support.
Who are the key players on your management team?
We have recently made several additions to our board that we feel will have a tremendous impact on the company’s future growth. David Salisbury, our Chairman of the Board, has a rich background in mining. His most recent post was President & CEO of Resolution Copper, and was with Rio Tinto for over 17 years. Our CEO, Joshua Bleak, comes from a fourth generation Arizona mining family where mining runs in their veins. Directors Ali Rahimtula, Matthew Salmon, and Dennis Ickes all bring different skill sets to the table, all necessary to move our Holbrook Potash Project forward.
What is your current cash position?
We currently have approximately $10 million, which is enough to fund us to the end of Pre-Feasibility.
You just announced your Initial NI 43-101 Resource Estimate. What are your thoughts on the report?
Today Passport reached a major milestone as a company and the report confirms what management has believed all along. Our project contains sufficient resources to justify further exploration and expansion of resource and to commence on a pre-feasibility study to identify the best option mining method and verify the economical feasibility of the project.
Disclosure: Passport Potash is a Stockhouse client