April 2, 2012 / 1:22 PM / in 6 years

Passport Potash sees indicated resources at Arizona project

April 2 (Reuters) - Passport Potash Inc said its project in Northern Arizona had indicated resources of 125.6 million tonnes, justifying a feasibility study on the Holbrook Basin project.

The Canadian company, which said the resource estimates cover only 40 percent of its land holdings, also estimated inferred resources of 587.8 million tonnes.

The company said it will start a preliminary economic assessment of the project after the current investigation.

Passport Potash’s shares, which have risen 65 percent in the last three months, closed at 28 Canadian cents on Friday on the Toronto Stock Exchange.

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