By Tammy Gray –
Passport Potash is continuously investing more money in exploring the Holbrook Basin, according to a financial report unveiled by the company.
For the financial year ending February 2012, the company spent a total of $11.65 million on the Holbrook Basin project. That total is similar to last year, but up considerably from the $3.5 million spent in the fiscal year ending March 1, 2010.
During the last fiscal year, the company spent $3.96 million on property acquisition, and $7.69 million on exploration and evaluation in the Holbrook area.
Among the property acquired, as listed in the report, is the Holbrook Basin property, of which at the end of the fiscal year the company owns 100-percent interest. A lease agreement for Twin Butte Ranch remains in effect through August 2013, and Passport has a purchase option for the property. A letter of intent has also been signed to purchase the Fitzgerald Ranch, with funds already in escrow. Passport officials also signed an option agreement for land known as the Ringbolt property, however, the agreement is the subject of a lawsuit pending in a Utah court, according to the financial report.
Passport Potash has also made agreements to purchase a total of eight exploration permits in the Holbrook basin area. Five of those permits are to be purchased from American Potash LLC, and three from Mesa Uranium. Payment for the Mesa Uranium permits was completed in the last fiscal year, and the company holds a 100 percent interest in them.
The financial report also reveals that Passport Potash had a net profit of $15.3 million for the fiscal year. Basic earnings per share totaled 12 cents. In the previous fiscal year, however, Passport reported a net loss of $28.8 million, and a basic loss of 60 cents per share. Passport also reports equal liabilities and assets, at $20.6 million each at the end of the fiscal year. That is up from $14.3 million in the fiscal year ending February 2011 and $1.2 million in the fiscal year ending March 1, 2010.