VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/13/12 -- Passport Potash Inc. (TSX VENTURE:PPI) (the "Company") is pleased to announce that, further to its news releases dated December 16 and 29, 2011, it has now closed the non-brokered private placement consisting of 41,666,425 units (each a "Unit') of the Company, at a subscription price of $0.18 per Unit, for gross proceeds of $7,499,956.50 (the "Offering").

Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant") of the Company with each whole Warrant entitling the holder thereof to purchase one additional common share of the Company (a "Warrant Share") at an exercise price of $0.20 per Warrant Share up to and including January 11, 2013.

All Shares issued pursuant to the Offering, and any Warrant Shares issuable in connection with the exercise of any of the Warrants, if any, will be subject to a four month hold period expiring on May 12, 2012, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

A finder's fees of $34,997.19 in cash and 194,428 finder's warrants (the "Finder's Warrants") are being paid and issued in conjunction with the closing of the Offering, with each such Finder's Warrant having the same terms as the Warrants forming part of the Units under the Offering.

Proceeds of the Offering are to be used for general working capital and the current exploration program.

On behalf of the Board of Directors

PASSPORT POTASH INC.

Laara Shaffer, Director