Document:

Passport Potash Inc.: Exhibit 10.8 - Filed by newsfilecorp.com

OPTION AGREEMENT

THIS AGREEMENT is dated for reference March 28,
2011.

BETWEEN:

RINGBOLT VENTURES LTD. of 595
Howe St., Suite 306, Vancouver, British 
Columbia V6C 2T5, E-mail:
info@ringboltventures.com and /or 
simonkm88@gmail.com ("RBV"), POTASH
GREEN, LLC of 97 East Mount 
Peale Drive, Moab, Utah 84532, WENDY
WALKER TIBBETTS of 97 East 
Mount Peale Drive Moab, Utah 84532 E-mail: wendy_walker@hotmail.com 
("WWT")
and JOSEPH J. HANSEN of 1116 Mariwood Circle North Salt Lake, 
Utah
84054 E-mail: jxhansen@earthlink.net (JJH"), 

(herein referred to collectively as
the "Optionor")

OF THE FIRST PART

AND:

PASSPORT POTASH INC. of 608 -
1199 West Pender Street 
Vancouver, British Columbia V6E 2R1 E-mail:

josh.bleak@gmail.com and /or jbleak@passportpotash.com, 

(herein referred to as the
"Optionee")

OF THE SECOND PART

WHEREAS:

A. The Parties wish to enter into an option agreement in
respect of certain Arizona State Land Department exploration leases held by
Potash Green, LLC further described in Schedule "A" attached hereto (the
"Property").

NOW THEREFORE THIS AGREEMENT WITNESSETH that in
consideration of the sum of CDN$10.00 paid by each of the parties hereto to the
other, the receipt of which is hereby acknowledged, and the premises and mutual
covenants hereinafter contained, the parties hereto agree as follows:

1. GRANT OF OPTION AND CONSIDERATION
THEREFOR
     Grant. The Optionor does
hereby give and grant unto the Optionee the sole and exclusive option (the
"Option") which may be exercised at the sole discretion of the Optionee to
acquire an undivided 90% legal and beneficial interest in and to the
Property (the "Interest") free and clear of all encumbrances except for the GORR
(as defined herein) in favour of RBV, for the full price and consideration of
the payments to the Optionor set out in Section 1.2 "Option Cash Payments by
Optionee" (collectively, the "Payment"), the issuance to
the Optionor of those common shares without par value in the capital stock of
the Optionee set out in Section 1.3 "Option Share Payment by Optionee" (collectively, the "Shares") and the expenditures by the Optionee of set out
in Section 1.4. "Expenditures to be incurred by Optionee". Upon the
completion of the Payments, the payment of the Shares and the completion of the
Work, the Optionee may exercise the Option by delivering to RBV, WWT and JJH
written notice of the Optionee's intention to exercise the Option which unless
delivered to all on or before the 3rd anniversary of TSX Venture Exchange
approval of this Agreement (the "Notice of Intention to Exercise"), the Option
shall expire and be no longer exercisable. All of the following payments divided
and paid to each of the parties comprising the Optionor as to following
percentages RBV - 70%, WWT - 20% and JJH - 10%:

	Date or Time 
Period 
	1.2 Option Cash 
Payments by
      
Optionee 	1.3 Option Share 
Payment by
      
Optionee 	1.4 Expenditures 
to be incurred
      by 
Optionee 
	Upon execution of 
this Agreement 

	US$50,000 
(RBV -US$35,000, 
WWT
      -US$10,000, 
JJH -US$5,000) 	

	

	Upon TSX Venture 
Exchange Approval of 
this
      Agreement 
("TSXV Approval") 

	US$250,000 
(RBV - 
US$175,000, WWT
      
-US$50,000, JJH - 
US$25,000) 
	1,000,000 common 
shares 
(RBV -700,000
      
shares, WWT - 
200,000 shares, JJH 
-100,000 shares) 	

	Year 1: Within 1 
year of TSX 
Venture Exchange
      
approval 	

	

	US$500,000 

	On or before the 1st 
Anniversary of
      
TSXV Approval 

	US$350,000 
(RBV - 
US$245,000, WWT
      
-US$70,000, JJH - 
US$35,000) 
	1,400,000 common 
shares 
(RBV -980,000
      
shares, WWT - 
280,000 shares, JJH 
-140,000 shares) 	

	Year 2: Within 1 
year of 1st 
Anniversary of
      
TSXV Approval 	

	

	US$750,000 

	On or before the 
2nd Anniversaryof
      
TSXV Approval 

	US$350,000 
(RBV - 
US$245,000, WWT
      
-US$70,000, JJH - 
US$35,000) 
	1,600,000 common 
shares 
(RBV
      -1,120,000 
shares, WWT - 
320,000 shares, JJH 
-160,000 shares)
    	

	Year 3: Within 1 
year of 2nd 
Anniversary of
      
TSXV Approval 	

	

	US$1,000,000

	Totals 

	US$1,000,000 
(RBV - 
US$700,000, WWT
      
-US$200,000, JJH – 
US$100,000) 
US$100,000) 	4,000,000 common 
shares 
(RBV
      -2,800,000 
shares, WWT - 
800,000 shares, JJH 
-400,000 shares)
    	US$2,250,000
  

(1) The Optionee shall use its
commercially reasonable efforts to expend all exploration expenditures towards
drilling exploration of the Property.

1.5 Any excess in the amount of Work required to be incurred by
the end of a particular period may be carried forward and credited towards
future cumulative aggregate Work requirements.

1.6 Allowable Work. All expenditures, obligations and
liabilities of whatever kind or nature spent or incurred directly or indirectly
by the Optionee in connection with the evaluation, exploration and development
of the Property and any production therefrom, and be in the sole discretion of
the Optionee and evidenced by a certificate of an officer of the Optionee or
such other documents as the Optionee may in its determination provide, shall be
credited towards Work, including without limitation, to the extent qualifying as
aforesaid, all expenditures and costs incurred: (a) in doing geophysical,
geochemical, land, airborne, environmental and geological examinations,
assessments, assays, audits and surveys; (b) in linecutting, mapping, trenching
and staking; (c) in searching for, digging, trucking, sampling, working,
developing, mining and extracting ores, minerals and metals; (d) in conducting
diamond and other drilling; (e) in obtaining, providing, installing and erecting
mining, milling and other treatment plant, ancillary buildings, machinery,
tools, appliances and equipment; (f) in constructing access roads and other
facilities on or for the benefit of the Property or any part thereof; (g) in
transporting personnel, supplies, mining, milling and other treatment plant,
ancillary facilities, buildings, machinery, tools, appliances and equipment in,
to or from the Property or any part thereof, (h) in paying reasonable wages and
salaries (including "fringe benefits", but excluding home office costs) of
personnel directly engaged in performing work on or with respect to the
Property; (i) in paying assessments and contributions under applicable
employment legislation relating to workers' compensation and unemployment
insurance and other applicable legislation relating to such personnel; (j) in
supplying food, lodging and other reasonable needs for such personnel; (k) in
obtaining and maintaining any insurance; (l) in obtaining legal, accounting,
consulting and other contract and professional services or facilities relating
to work performed or to be performed hereunder; (m) in paying any taxes, fees,
charges, payments and rentals (including payments made in lieu of assessment
work) or otherwise incurred to transfer the Property or any part thereof or
interest therein pursuant to this Agreement and to keep the Property or any part
thereof in good standing; (n) in paying goods and services tax and social
services tax and all other taxes charged or expenditures made or incurred by the
Optionee relating directly or indirectly to the Property; (o) in acquiring
access and surface rights to the Property; (p) in carrying out any negotiations
and preparing, settling and executing any Agreements and other documents
relating to environmental or indigenous peoples' claims, requirements or
matters; (q) in obtaining all necessary or appropriate approvals, permits,
consents and permissions relating to the carrying out of work, including,
environmental permits, approvals and consents; (r) in carrying out reclamation
and remediation; (s) in improving, protecting and perfecting title to the
Property or any part thereof; (t) in carrying out mineral, soil, water, air and
other testing; (u) in preparing engineering, geological, financing, marketing
and environmental studies and reports and test work related thereto; (v) in
preparing one or more Feasibility Studies including any work and reports
preliminary or supplementary thereto; (w) all mine development expenses incurred
in furtherance of implementing the one of more feasibility studies; and (x) a charge for
management supervision and administrative services of the Optionee equal to 15%
of total Work.

1.7 Cash in Lieu of Work. If the Optionee fails or
elects not to incur all or any of the Work by the end of a period as set out in
section 1.3 herein, the Optionee may, not less than 15 days prior to the date by
which the Work was to be completed, pay the Optionor an amount equal to the Work
not being incurred. Any payment so made shall be deemed to have been Work duly
and properly incurred in an amount equal to that of the payment made in lieu
thereof and all rights of Optionee shall be continued.

1.8 Shares Subject to Hold Period. Upon issuance the
Shares shall be subject to such hold periods or other restrictions on transfer
as may be required by applicable securities legislation and the policies of the
Exchange.

1.9 Adjustment to Shares. Should the Optionee at any
time consolidate or subdivide its outstanding common shares into a lesser or
greater number of shares, the number of Shares to thereafter be issued shall be
proportionately reduced or increased, as the case may be.

1.10 Payment to Optionor. The Parties agree that the
Payment and issuance of Shares as required under s.1.2 and s.1.4 above may be
made by the Optionee to The Optionor and such payment and issuance shall be
deemed good payment to the Optionor.

1.11 Gross Overriding Return. RBV, WWT and JJH shall be
respectively entitled to a 0.7%, 0.2% and 0.1% gross overriding royalties
(collectively, the "GORR") on the production from the Property, calculated and
paid in accordance the terms and conditions as set out in the more particularly
described in Schedule "B" attached hereto.

1.12 Purchase of Remaining Interest. Upon the exercise
of the Option, the Optionee shall be deemed to have been granted an option to
purchase the remaining 10% interest in the Property comprised of a 7% legal and
beneficial interest in favour of RBV, a 2% legal and beneficial interest in
favour of WWT and a 1% legal and beneficial interest in favour of JJH for the
payment of USD$5,000,000 to be paid to RBV, WWT and JJH respectively in the
amounts of US$3,500,000, US$1,000,000 and US$500,000. The option to purchase the
remaining interest may be exercised in whole and not in part and the option
shall be exercisable up until the Property goes into commercial production
defined as the sale of any mineral products from the Property. The notice of
such exercise shall be in writing accompanied by full payment in the foregoing
amounts payable by way of bank draft.

2. TRANSFER OF TITLE

2.1 Upon completion of the exercise of the Option for the
Interest, the Optionor shall deliver to the Optionee a duly executed transfer in
registrable form in favour of the Optionee, of 90% of the legal and beneficial
right, title and interest in and to the Property free and clear of all
encumbrances except for the GORR in favour of the Optionor, which the Optionee
shall be entitled to register against title to the Property. Until the
completion of such registration, the Optionor shall be deemed to hold title
thereto in trust for the benefit of the parties in accordance with the
provisions of this Agreement.

3. JOINT VENTURE

3.1 Creation of Joint Venture. Upon the vesting of the
Interest in the Optionee, the Optionor and the Optionee shall be deemed to have
entered into a joint venture (the "Joint Venture") for the further exploration
and development of the Property and any operation of the Property as a mine.
Until the commencement of commercial production, the Optionor’s interest in the
Joint Venture shall be fully carried and the Optionee shall be responsible for
paying all Joint Venture costs including those of the Optionor. The Optionee
shall not be entitled to recover or recoup the costs incurred by it during the
existence of the Joint Venture. For the purposes of this Agreement, the
"commencement of commercial production" means if a mill is located on the
Property, the first day the mill processed ore from the Property and if no mill
is located on the Property, the first day during which ore has been shipped from
the Property on a reasonably regular basis for the purposes of earning
revenues.

3.2 Upon commencement of commercial production, the Optionee
shall be operator of the Property and each party to the Joint Venture (each a
"Participant") shall be responsible for its pro rata share (based on its
percentage interest in the Property at the commencement of the program pursuant
to which such expenditures are incurred) of all Joint Venture expenditures
incurred under programs in which it has elected to participate, provided that
the Participants shall be allowed a commercially reasonable amount of time to
raise any funding up to a maximum period of 2 months. Upon the commencement of
production, the Participant's respective interests and deemed contributions
shall be as follows:

	  	Deem Contributions 	Interest 
	Optionee 	US$2,250,000 	90% 
	Optionor 	US$250,000 	10% 

3.3 If a Participant elects to contribute to a program and
budget some lesser amount than in proportion to its respective interest, or not
at all, and the other Participant elects to fund all or any portion of the
deficiency, the decreased or non-participating Participant's interest in the
Property shall be diluted, and the interest of the other Participant in the
Property will be correspondingly increased, so that at any time the interest of
a party in the Property will be equal to: 100% * (A+B)/(C+D), where,

	 	A 	= 	Actual Contributions of Participant since
      Commencement of Production 
	 	 	 	 
	 	B 	= 	Deemed Contributions of such Participant 
	 	 	 	 
	 	C 	= 	Sum of Total Actual Contributions of all
      Participants 
	 	 	 	 
	 	D 	= 	Total Deemed Contributions of all Participants
    
	 	  	  	(this will be the sum of the deemed
      contributions under "B”) 

with the percentage rounded to the
nearest 2 decimal places. For greater certainty, the parties acknowledge that
the amount used as Deemed Contributions of the Participants as it pertains to
the Optionor is not a statement as to the actual amount of expenditures incurred
by the Optionor in the particular project but merely reflects an amount which
may be used for only the purposes of the formula hereunder.

3.4 If the effect of the application of s.3.3 is to reduce the
interest of any Participant to less than 10%, such Participant shall then be
deemed to have assigned and conveyed its interest in the Property and the Joint Venture to the other Participant, and
shall be entitled to receive as its sole remuneration and benefit in
consideration of that assignment and conveyance, by way of royalty, a 2% gross
overriding royalty, calculated in accordance with the terms and conditions set
out in Schedule "B" and which shall be deemed to be included within the
GORR.

4. OPTIONOR'S REPRESENTATIONS, WARRANTIES AND
COVENANTS

4.1 Representations and Warranties. The Optionor
represents and warrants to the Optionee as follows:

	 	(a) 	
      The Optionor holds 100% legal and beneficial interest in
      the Property comprised of a 70% legal and beneficial interest in favour of
      RBV, a 20% legal and beneficial interest in favour of WWT and a 10% legal
      and beneficial interest in favour of JJH subject to the GORR.

	 	 	 
	 	(b) 	
      The Property and the Optionor's interest therein are free
      and clear of any and all encumbrances (including, without limitation, any
      order or judgment relating to the Property or any legal proceedings in
      process, pending or threatened which might result in any such order or
      judgment), royalties or other payments in the nature of a rent or royalty,
      or other interests of whatsoever nature or kind, recorded or unrecorded,
      except for the GORR

	 	 	 
	 	(c) 	
      That it has the right and authority to enter into this
      Agreement and to carry out the terms and conditions contained herein and
      upon the exercise of the Option for the Interest, to transfer the Interest
      to the Optionee free and clear of all encumbrances except for the
    GORR.

	 	 	 
	 	(d) 	
      None of the execution or delivery hereof or the
      performance by the Optionor of its obligations hereunder will cause
      default under, or conflict with, any provisions of any agreements to which
      the Optionor is a party.

	 	 	 
	 	(e) 	
      That the Property has been properly located and recorded
      and is in good standing in accordance with the laws of Arizona until the
      dates set out in Schedule "A" hereto.

	 	 	 
	 	(f) 	
      The Optionor have complied with all laws in effect in the
      jurisdiction in which the Property is located with respect to the
      Property, including without limitation all environmental laws.

	 	 	 
	 	(g) 	
      That no person, firm or corporation has any option or
      right, or any right capable of becoming an option, to the
  Property.

	 	 	 
	 	(h) 	
      The Optionor is not aware of any actions, suits or
      proceedings, judicial or administrative pending or threatened by or
      against the Optionor or affecting the title to or exclusive possession and
      use of the assets of the Optionor at law or in equity, or before or by any
      federal, provincial, state, municipal or other governmental court,
      department, commission, board, bureau, agency or instrumentality, domestic
      or foreign.

	 	 	 
	 	(i) 	
      The Optionor is not a party to any material contract
      except this Agreement.

	 	(j) 	
      The Optionor has filed with appropriate taxation
      authorities, federal, state, provincial and local, all returns, reports
      and declarations which are required to be filed by it and has paid all
      taxes which have become due and no taxing authority is asserting or has,
      to the knowledge of the Optionor threatened to assert, or has any basis
      for asserting against the Optionor any claim for additional taxes or
      interest thereon or penalty.

	 	 	 
	 	(k) 	
      The execution of this Agreement will not violate or
      result in the breach of the laws of any jurisdiction applicable or
      pertaining thereto.

4.2 Covenants. The Optionor covenants with the Optionee
as follows:

	 	(a) 	
      That no person, firm or corporation, will be granted any
      option or right, or any right capable of becoming an option, to the
      Property during the currency of this Agreement.

	 	 	 
	 	(b) 	
      That the Optionor will not do any act or thing which
      would or might in any way adversely affect the rights of the Optionee
      hereunder.

	 	 	 
	 	(c) 	
      That at the cost and expense of the Optionee, the
      Optionor will provide such reasonable assistance to the Optionee as the
      Optionee may request in making application to effect or obtain any permit,
      lease. license or concession as may be reasonably required by the Optionee
      to explore or develop the Property and bring it into production.

	 	 	 
	 	(d) 	
      That the Optionor make available to the Optionee and its
      representatives all records and files in the possession of the Optionor
      relating to the Property and permit the Optionee and its representatives
      at its own expense to take abstracts therefrom and make copies
    thereof.

	 	 	 
	 	(e) 	
      That the Optionor will promptly provide the Optionee with
      any and all notices and correspondence received by the Optionor from
      government agencies in respect of the Property.

4.3 Survival. The representations and warranties of the
Optionor hereinbefore set out are conditions on which the Optionee has relied in
entering into this Agreement, are to be construed as both conditions and
warranties and shall, regardless of any investigation which may have been made
by or on behalf of the Optionee as to the accuracy of such representations and
warranties, survive the closing of the transactions contemplated hereby and the
acquisition of any interest in the Property hereunder and the Optionor shall
indemnify and save the Optionee harmless from all loss, damage, costs, actions
and suits arising out of or in connection with any breach of any representation
or warranty contained in this Agreement.

5. OPTIONEE'S REPRESENTATIONS, WARRANTIES AND
COVENANTS

5.1 Representations and Warranties. The Optionee
represents and warrants to the Optionor as follows:

	 	(a) 	
      That it is a company duly incorporated under the laws of
      the Province of British Columbia.

	 	(b) 	
      That it has the right and authority to enter into this
      Agreement and to carry out the terms and conditions contained
    herein.

	 	 	 
	 	(c) 	
      That as of the date hereof it is a "reporting issuer” in
      the provinces of British Columbia and Alberta.

	 	 	 
	 	(d) 	
      Upon the expiry of the hold periods or restrictions on
      transfer of the Shares set out in section 1.8 herein, the Shares will be
      freely tradeable through the facilities of the Exchange.

	 	 	 
	 	(e) 	
      Its financial statements have been filed in compliance
      with the continuous disclosure requirements of applicable securities
      legislation, have been prepared in accordance with Canadian generally
      accepted accounting principles, accurately reflect the financial position
      and all material liabilities (accrued, absolute, contingent or otherwise)
      of the Optionee as at the date thereof and no adverse material changes in
      the financial position of the Optionee have taken place since the date
      thereof, save in the ordinary course of the Optionee's business.

	 	 	 
	 	(f) 	
      Upon issuance, the Shares will be validly issued as fully
      paid and non-assessable shares in the capital of the
  Optionee.

5.2 Covenants. The Optionee covenants with the Optionor
as follows:

	 	(a) 	
      That during the currency of this Agreement it will
      maintain the Property in good standing and record as assessment work
      against the Property all Work that is eligible to be recorded as
      assessment work, except that in respect of any cash payments to the
      Optionor in lieu of work, the Optionor agrees to forward that portion of
      such payment to the applicable regulatory authorities to keep the Property
      in good standing. Prior to any of the mineral claims forming the Property
      expire during the term of this Agreement, the Optionee hereby undertakes
      to have a mining lease executed with respect to such claims in favour of
      the Optionor, pursuant to the applicable mining laws and
    regulations.

	 	 	 
	 	(b) 	
      That it will carry out operations on the Property in a
      careful and miner-like manner and in accordance with recognized
      engineering practices and in full conformity with all applicable mining
      laws and regulations of Arizona.

	 	 	 
	 	(c) 	
      That it will promptly pay all accounts of any nature and
      kind for wages, supplies, workers' compensation assessments and all other
      accounts and indebtedness incurred by it on the Property so that no lien
      can arise thereon or upon the minerals contained therein.

	 	 	 
	 	(d) 	
      That if the Option is terminated pursuant to section 10.1
      or 10.2, it will furnish to the Optionor copies of all maps, plans,
      reports, assays and other technical data whatsoever pertaining to the work
      carried on by it upon the Property together with all samples taken from
      the Property as may then be in its possession or available to it and all
      minerals and other material referred to in section 6.4 which have not been
      sold.

	 	(e) 	
      That within 30 days of the end of each calendar quarter
      it will provide the Optionor with a written report detailing the nature of
      and amount spent on Work carried out and any mineral samples recovered for
      testing purposes from the Property during the calendar quarter, the
      evidence thereof pursuant to section 1.5 and the results
  thereof.

5.3 Notify of Pending Lapse of Claims. If during the
currency of this Agreement the Optionee does not intend to renew any mineral
claim (the "Lapsing Claim") included in the Property, the Optionee shall, at
least 90 days prior to the lapse date of the Lapsing Claim, notify the Optionor
of its intention to let the Lapsing Claim lapse. If the Optionee then allows the
Lapsing Claim to lapse, the Optionee shall not acquire a Property Interest which
includes any portion of the area covered by the Lapsing Claim for a period of
five years from the lapse date of the Lapsing Claim. If the Optionee does not
provide the Optionor with notice of its intention to allow a claim to lapse
within the aforementioned 90 day period, it will be deemed to have agreed to
renew such claim.

5.4 Survival. The representations and warranties of the
Optionee hereinbefore set out are conditions on which the Optionor has relied in
entering into this Agreement, are to be construed as both conditions and
warranties and shall, regardless of any investigation which may have been made
by or on behalf of the Optionor as to the accuracy of such representations and
warranties, survive the closing of the transactions contemplated hereby and the
acquisition of any interest in the Property hereunder and the Optionee shall
indemnify and save the Optionor harmless from all loss, damage, costs, actions
and suits arising out of or in connection with any breach of any representation
or warranty contained in this Agreement.

6. OPERATOR

6.1 Optionee to be Operator. During the currency of this
Agreement, the Optionee shall manage the Work and the day to day exploration
activities on the Property.

6.2 Right of Entry. Forthwith upon receipt of Exchange
approval pursuant to section 14.1 herein, the Optionee shall be entitled to
quiet possession of the Property, and during the currency of this Agreement the
Optionee shall be entitled to, without limitation, enter upon the Property to
erect buildings and install machinery thereon and to explore and develop the
Property in such manner as it sees fit.

6.3 Optionee's Rights. The Optionee shall have the full
right, power and authority to do everything necessary or desirable in connection
with the exploration and development of the Property and with the Work,
including without limitation the right, power and authority to:

	 	(a) 	
      regulate access to the Property, subject only to the
      right of the Optionor and its representatives as provided for in Article
      8; and

	 	 	 
	 	(b) 	
      employ and engage such employees, agents and independent
      contractors as it may consider necessary or advisable to carry out the
      Work and its duties and obligations hereunder.

6.4 No entitlement to Revenue. During the currency of
this Agreement, the Optionee shall be not entitled to retain possession of all
minerals, including without limitation potash, gold, and other material found on
or removed from the Property. Before the Optionee has earned its interest in the
Property, it will be permitted to take samples from the Property for testing
purposes. 

Any minerals found on the Property or through testing before
the Optionee has earned its interest shall remain the property of the
Optionor.

7. INDEMNITY

     The Optionee agrees hereby to
save the Optionor harmless from all claims, demands, damages and liabilities of
whatsoever kind or character asserted by any person or persons on account of
damage to property or injury to or death of any person occurring on or about the
Property by the Optionee, unless such damage, injury or death was caused by the
fault of the Optionor.

8. INSPECTION BY OPTIONOR

8.1 Inspection of Property. The Optionee shall permit
the Optionor, or its representatives duly authorized in writing, to visit and
inspect the Property at all reasonable times and intervals, and data obtained by
the Optionee as a result of its operations thereon, provided always that the
Optionor or its representatives shall abide by the rules and regulations laid
down by the Optionee relating to matters of safety and efficiency in its
operations and, notwithstanding Article 7 herein, the Optionee shall be under no
liability to the Optionor or its representatives for any personal injury,
including death, or any damage to property other than such as might be
occasioned by or through any negligence or wilful default on the part of the
Optionee, its servants or agents.

8.2 Audit of Optionee's Records. During the currency of
this Agreement, the Optionor or its representatives duly authorized in writing
shall, upon reasonable notice to the Optionee and at the Optionor's own expense,
be entitled to audit the books, records and accounts of the Optionee which
contain information relevant to the Property and the operations of the Optionee
thereon.

9. FORCE MAJEURE

9.1 If at any time after execution of this Agreement the
Optionee should be delayed in or prevented from performing any of the terms,
covenants or conditions of this Agreement by reason of fires, floods,
earthquakes, subsidence, ground collapse or landslides, interruptions or delays
in power or transportation of supplies, strikes, lockouts, wars, acts of God,
Government regulation or interference, including, but without restricting the
generality of the foregoing, forest closures, or any other cause beyond the
control of the Optionee, except lack of monies, then and in every event, any
such failure on the part of the Optionee to so perform shall not be deemed to be
a breach of this Agreement and the time within which the Optionee is obliged to
comply with any such term, covenant or condition under this Agreement shall be
extended by the total period of all such delays, provided that in order that the
provisions of this paragraph may be operative, the Optionee shall give notice in
writing to the Optionor forthwith and as often as it is so delayed or prevented
and shall set out in such notice particulars of the cause thereof and the day
upon which the same arose, and shall give like notice forthwith following the
date that such cause ceased to exist.

9.2 Payments: Notwithstanding the foregoing, the
provisions of this Article 9 shall not apply to the Optionee's payment of the
Payments as provided for in sections 1.2 and 1.3 herein.

10. TERMINATION

10.1 Abandonment by Optionee. The Optionee may at any
time abandon the Option by written notice to the Optionor, and if the Optionee
so abandons the Option this Agreement shall be
null and void for all purposes and no further obligations shall arise thereunder except for the Optionee's covenant as provided for in section 5.2(d), 7 and 10.4.

10.2 Termination for Default. If the Optionee is in default of any of its obligations hereunder or has not made a Payment, carried out Work or issued Shares within the time provided for in Article 1 (collectively, a "Default") the Optionor
may immediately or at any time give written notice to the Optionee of such Default, and the Optionee shall then have a period of 30 days to remedy such Default. If the Optionee does not remedy the Default within the 30 days aforesaid, this Agreement
shall, at the Optionor's option and upon written notice to the Optionee, terminate forthwith.

10.3 Liability upon Termination. Upon termination of this Agreement the Optionee shall cease to be liable to the Optionor save for the performance of those of its covenants, including section 5.2, 5.3, and 7 herein, which theretofore should
have been performed or which survive termination of this Agreement

10.4 Vacating Property upon Termination. Upon termination of this Agreement for any reason other than for exercise of the Option, the Optionee shall vacate the Property within a reasonable time after such termination. The Optionee shall
remove any buildings, plant, machinery, equipment, tools, appliances, supplies and other chattels and fixtures from the Property which may have been brought upon the Property by the Optionee and shall reclaim and restore the Property in accordance
with applicable environmental laws, and the Optionee shall have the right of access to the Property therefore for a period of 12 months from the date of termination.

11. CONFIDENTIALITY

11.1 Confidential Information. All information with respect to this Agreement or the Property or any matters arising therefrom ("Confidential Information") shall be treated as confidential by the parties hereto and not be disclosed to any
third party without the previous written consent of the non-disclosing party, such consent not to be unreasonably withheld.

11.2 Disclosure to Purchaser. Notwithstanding section 11.1, if a party contemplates selling or assigning its interest, it shall have the right to disclose to a prospective purchaser any part of the Confidential Information reasonably
necessary to facilitate the sale or assignment of its interest if it first obtains an agreement in writing from the prospective purchaser, and furnishes a copy of such agreement to the other party, that the prospective purchaser shall not disclose
to any person or entity any of the Confidential Information furnished to it.

11.3 Disclosure to Advisors. Notwithstanding section 11.1, the parties shall have the right to disclose Confidential Information, in strict confidence, to their attorneys or financial and mining consultants.

11.4 Required Disclosure. This Article 11 does not apply to any disclosure which may be required by law, the Exchange or any other securities regulatory authorities.

12. PUBLIC ANNOUNCEMENTS. Optionor, shall not make any statement, issue any press release or announcement with respect to the transactions contemplated by this Agreement or the Joint Venture or activities contemplated herein without the
express written consent of Optionee, except as may otherwise be required by applicable law, including as required by any national
securities exchange, or court process. In the event Optionor is required to make any statement, issue any press release or make any announcement, Optionor shall provide Optionee a draft thereof not less than two days prior to the expected release
date, and the statement, release or announcement shall be in all respects reasonably acceptable to Optionee prior to release.

13. GENERAL

13.1 Subject to Exchange Approval. This Agreement and the Optionor's performance of its covenants hereunder is subject to receipt of approval thereto from the Exchange.

13.2 Option Only. This Agreement is an option only and not a contract of purchase and sale, and neither the doing of anything nor the postponement of the doing of anything shall be construed as obligating the Optionee to do anything further
under this Agreement.

13.3 Time of the Essence. Time shall be of the essence of this Agreement.

13.4 Notices. Any notice or other communication required or contemplated under this Agreement to be given by one party to the other shall be delivered, telecopied or mailed by prepaid registered post to the party to receive same at the
addresses first set out above. Any notice delivered or telecopied shall be deemed to have been given and received on the business day next following the date of delivery. Any notice mailed as aforesaid shall be deemed to have been given and received
on the fifth business day following the date it is posted, provided that if between the time of mailing and actual receipt of the notice there shall be a mail strike, slow-down or other labour dispute which might affect delivery of the notice by
mail, then the notice shall be effective only if actually delivered.

13.5 Further Assurances. Each of the parties hereto agrees to execute such further and other deeds, documents and assurances and do such further and other acts as may be necessary to carry out the true intent and meaning of this Agreement
fully and effectually.

13.6 Interpretation. Wherever the singular or masculine is used throughout this Agreement, the same shall be read as the plural, feminine or body corporate as the context may require. The captions and emphasis of the defined terms have been
inserted for convenience only, and do not define the scope of any provision.

13.7 Choice of Law. This Agreement shall be construed in accordance with the laws of the Province of British Columbia.

13.8 Severability. If any one or more of the provisions contained herein should be held to be invalid, unenforceable or illegal in any respect hr any jurisdiction, the validity, legality and enforceability of such provision shall not in any
way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

13.9 Entire Agreement. This Agreement shall constitute the entire agreement between the parties hereto with respect to the Property, and the terms hereof shall take precedence over the terms of any previous agreements, either oral or written,
between the Optionee and the Optionor.

13.10 Registration of Agreement. The parties hereto acknowledge the right and privilege of the Optionor or the Optionee to file, register or otherwise deposit a copy of this Agreement in the
appropriate recording office for the jurisdiction in which the Property is located, or with any other governmental agencies, to give third parties notice of this Agreement, and hereby agree, each with the other, to do or cause to be done all acts or
things reasonably necessary to effect such filing, registration or deposit.

13.11 Enurement. This Agreement shall enure to the benefit of and be binding upon the patties hereto, their respective successors at law and assigns.

13.12 Counterparts. This Agreement may be executed in
any number of counterparts with the same effect as if all parties to this
Agreement had signed the same document and all counterparts will be construed
together and will constitute one and the same instrument and any facsimile
signature shall be taken as an original.

IN WITNESS WHEREOF the parties hereto have executed
these presents the day and year first above written.

RINGBOLT VENTURES LTD.

	Per: /s/ 	 
	Authorized Signatory 	 
	 	 
	POTASH GREEN, LLC 	 
	 	 
	Per: /s/<>
    	 
	Authorized Signatory 	 
	 	 
	 /s/ Wendy Walker Tibbetts 	 
	WENDY WALKER TIBBETTS (PERSONALLY) 	 
	 	 
	 /s/ Joseph J. Hansen 	 
	JOSEPH J. HANSEN (PERSONALLY) 	 
	 	 
	PASSPORT POTASH INC. 	 
	 	 
	Per: /s/ Joshua
      Bleak 	 
	Authorized Signatory 	 

SCHEDULE "A"

The rights to any and all land registered in the name of the
Optonor within the Holbrook Basin including but not limited to the following
Arizona State Land Department (ASLD) exploration leases:

Township Range Section Permit # Acreage

	 	1. 	
      17N 25E 2 08-113917 639.22

	 	2. 	
      17N 25E 4 08-113918 641.6

	 	3. 	
      17N 25E 8 08-113919 640

	 	4. 	
      17N 25E 10 08-113921 640

	 	5. 	
      17N 25E 12 08-113986 640

	 	6. 	
      17N 25E 14 08-113987 640

	 	7. 	
      17N 25E 16 08-113988 640

	 	8. 	
      17N 25E 18 08-113989 633.58

	 	9. 	
      17N 25E 20 08-113990 640

	 	10. 	
      17N 25E 22 08-113991 640

	 	11. 	
      17N 25E 24 08-113992 640

	 	12. 	
      17N 25E 26 08-113993 640

	 	13. 	
      17N 25E 28 08-113994 640

	 	14. 	
      17N 25E 32 08-113995 40

	 	15. 	
      17N 25E 36 08-113996 640

	 	16. 	
      17N 26E 2 08-114256 638.34

	 	17. 	
      17N 26E 10 08-114257 640

	 	18. 	
      17N 26E 12 08-114255 640

	 	19. 	
      17N 26E 14 08-114254 640

	 	20. 	
      17N 26E 22 08-114253 640

	 	21. 	
      17N 26E 28 08-114252 640

	 	22. 	
      17N 26E 32 08-114258 640

	 	23. 	
      18N 26E 4 08-114065 641.58

	 	24. 	
      18N 26E 12 08-114067 640

	 	25. 	
      19N 26E 36 08-114076 640

SCHEDULE "B"

GROSS OVERRIDING ROYALTY

1. For the purposes of this Schedule B and of calculating the
amount of royalty payable hereunder.

     (a) "gross overriding royalty" -
means the proceeds received from any smelter or other purchaser from the sale of
any ores, concentrates or minerals produced from the Property after deducting
from such proceeds the following charges only to the extent that they are not
deducted by the smelter or other purchaser in computing the proceeds: extraction
and processing costs and sales, use, severance, excise, net proceeds of mine,
and ad volorem taxes and any tax on or measured by mineral production and all
other similar taxes, but not including income taxes;

     (b) "Operator" - means the party
responsible for the carrying on of the operations relating to the Property;

     (c) "Owner" - means the person or
persons that own an interest in the Property as at the relevant time including,
without limitation, the Operator if the Operator has such an interest;

     (d) "Recipient" - means the party
or parties that are from time to time entitled to be paid the royalty
hereunder;

     (e) "year" - means the calendar
year and a reference to a subdivision of a year means a reference to the
relevant subdivision of a calendar year;

     (f) those terms defined in the
agreement of which this Schedule B is part shall have the same meanings as so
defined (save as otherwise provided in this Schedule B).

2. All calculations and computations relating to the royalty
shall be carried out in accordance with generally accepted accounting principles
and good mining practice.

3. Subject to the provisions hereof, the amount of royalty
payable to the Recipient hereunder shall be calculated by the operator as at the
end of each quarter and shall be payable to the Recipient on or before the 15th
day of the next following quarter; provided, however, that the Operator shall
deduct from royalty otherwise payable the amount of any advance royalty paid
pursuant to the annexed agreement until such time as the aggregate amount of the
advance royalty so paid has been so deducted.

4. The Operator may, but shall not be under any duty to, engage
in price protection (hedging) or speculative transactions such as futures
contracts and commodity options in its sole discretion covering all or part of
production from the Property and, except in the case where products are actually
delivered and a sale is actually consummated under such price protection or
speculative transactions, none of the revenues, costs, profits or losses from
such transactions shall be taken into account in calculating gross overriding
royalty.

5. With each payment of royalty, the Operator shall deliver to
the Recipient a statement indicating the nature of the payment being made, if
any, the manner in which it was determined and, as at the date of such
calculation, the aggregate amount of advance royalty (if any) paid and not
deducted hereunder. If no royalty is payable in any quarter, the Operator shall deliver a statement accordingly. Within 90 days after the end of each year in which royalty is payable, or save for deduction of advance royalty previously paid would be
payable, the Operator shall deliver to the Recipient a certificate confirming the determination of the amount of royalty paid or otherwise payable during the said year.

6. The Operator shall keep separate accounts relating to its operations hereunder and, upon the prior written request of the Recipient, duly authorized representatives of the Recipient may have access to such accounts for the purpose of confirming
any information contained in a statement delivered to the Recipient pursuant to the provisions of paragraph 4 hereof; provided, always, that such access shall not interfere with the affairs of the Operator: The Recipient shall have the right to make
copies of or take extracts from such accounts (but only for his own use).

7. (a) For the purpose of calculating the amount of royalty payable to the Recipient hereunder only, if any ore or product derived from ore mined from the property is retained by the Operator or Owner or sold to a company associated with the
Operator or Owner, and if the sale price of such product is not negotiated on an arm's length basis, the Operator shall, for the purposes of calculating gross overriding royalty available to pay the royalty hereunder only and notwithstanding the
actual amount of such sale price, add to any moneys actually received with respect to such sale an amount which the Operator considers sufficient to make the same represent a reasonable sale price for such product as if negotiated at arm's
length.

     (b) The Operator shall by notice inform the Recipient of the quantum of such reasonable sale price and, if the Recipient does not object thereto within 45 days after receipt of such notice, said quantum shall be final
and binding for the purposes of this paragraph 6.

     (c) If the Recipient objects to such quantum by notice delivered to the Operator within the said 45 days, then the quantum of such reasonable sale price shall be decided by arbitration as follows: the Recipient shall
nominee one arbitrator and shall notify the Operator of such nomination and the Operator shall, within 45 days after receiving such notice, nominate an arbitrator and the two arbitrators shall select an umpire to act jointly with them. If the said
arbitrators shall be unable to agree in the selection of such umpire, the umpire shall be a person designated by the President or any Vice-President of the Canadian Institute of Mining and Metallurgy, provided that such person is not an employee of
the Owner or any company affiliated with the Owner. The umpire shall fix the time and place for the purpose of hearing such evidence and representations as either or the parties hereto may present and, subject to the provisions hereof, the decision
of the arbitrators and umpire, or any two of them, in writing shall be binding upon the parties hereto. The said arbitrators and umpire shall, after hearing any evidence and representations that the parties may submit, make their award, reduce the
same to writing and deliver one copy thereof to each of the patties hereto. The majority of the umpire and arbitrators may determine any matters of procedure for the arbitration not specified herein. If the Operator fails within the said 45 days to
nominate an arbitrator, then the arbitrator nominated by the Recipient may proceed alone to determine the dispute in such mummer and at such time as he shall think fit and his decision shall, subject to the provisions hereof be binding upon the
parties hereto.

     (d) The expense of the arbitration shall be paid by the Recipient if the decision reached hereunder does not increase such quantum by more than 1% of the quantum set forth in the notice hereinbefore referred to and
otherwise by the Operator. Insofar as they do not conflict with the provisions hereof, the Rules for the Conduct of Arbitrations of British Columbia, as amended or
replaced from time to time, shall be applicable. Appeal from the decision of the arbitrators shall be in accordance with the provisions of the said Rules.Passport Potash Inc. - Exhibit 10.9 - Filed by newsfilecorp.com

AGREEMENT 

         
THIS AGREEMENT (this "Agreement") is by and between The
Hopi Tribe, a federally recognized Indian tribe, with an address and contact for
purposes of this Agreement at, until further notice from the Tribe's Chairman,
c/o Thayne Lowe, Osborn Maledon PA, 2929 N. Central Ave., Suite 2100, Phoenix,
Arizona 85012, telephone 602.640.9391, email tlowe@omlaw.com (the
"Tribe"), on the one hand, and Southwest Exploration, Inc., an
Arizona corporation, and Passport Potash Inc., a Canadian corporation, with an
address and contact for purposes of this Agreement at, until further notice from
Licensee, c/o John H. Eckersley, 3266 W. Galveston Dr., #101, Apache Junction,
AZ 85120, telephone 480.288.6530, email jeckersley@passportpotash.com, on the
other hand, and is effective as of the date set forth above the Parties'
signatures below (which will be filled in by the Tribe when the Tribe executes
and delivers this Agreement, the "Effective Date"). 

         
FOR VALUABLE CONSIDERATION, including the mutual covenants contained
herein, the Parties hereto stipulate and agree as follows: 

1.      DEFINITIONS 

         
"Affiliate" means any entity directly or indirectly
controlling, controlled by or under common control with a Party. As used in this
definition, "control" means the possession, directly or indirectly, of the power
to direct, or cause the direction of, the management and policies of a company,
through ownership, contract or otherwise, and "controlled" and "controlling"
shall have correlative meanings. 

         
"Hopi Property" means the land described in Schedule A.

         
"Key Contractor" means, individually, each of K.M.
Drilling, Inc., Boart Longyear, Zonge International, Inc., and SRK Consulting.

         
"Licensee" means Southwest Exploration, Inc., an Arizona
corporation, and Passport Potash Inc., a Canadian corporation, and its/their
Affiliates, if any. 

         
"Licensee Contractor" means any Licensee employee or
contractor involved in the Study, including without limitation any employee or
contractor that performs any (1) drilling, (2) coring, (3) borehole, drilling,
mud, geophysical or electrical, sonic or other logging, (4) examination,
sampling or bagging of cuttings or core samples, (5) geological analysis, (6)
assaying, (7) chemical testing, (8) seismic testing, (9) report writing
(including without limitation completion of an NI 43-101 technical report)
and/or (10) any other or related work, analysis or interpretation, in connection
with the Study, including without limitation the Key Contractors. 

         
"Licensee Property" means the land described in Schedule
B. 

         
"Party" means either of the Tribe or Licensee, and
"Parties" refers to both of the Tribe and Licensee. 

         
"Study" means Licensee's and Licensee's Contractors'
exploration, drilling, testing, analysis, interpretation, reporting and other
activity to explore, characterize and/or delineate the extent and grade of
potash and other deposits underlying the Licensee Property and/or adjacent
property, to otherwise evaluate geologic, stratigraphic and structural
information for the Licensee Property and/or adjacent property including
(without limitation) to assess the predictability, thickness, and continuity of
the potash and other mineral horizons and map possible faults and other geologic
structures, to explore for the presence of other valuable minerals, and to
prepare a National Instrument (NI) 43-101 technical report. 

         
"Study Results" means all data (processed and raw
unprocessed), samples (including without limitation cuttings and core samples),
analyses and tests performed and the results of any such analyses and tests,
logs, interpretations and reports written or otherwise made or presented, and
any other information obtained, generated or created, relating to the Study,
including without limitation: (i) core and cutting samples; (ii) borehole,
drilling, mud, geophysical or electrical, sonic or other logs; (iii) geological
characterizations; (iv) analyses and reports, including without limitation those
relating to potash depth, volume, grade and other characteristics; (v) an
interpreted copy of any seismic line; (vi) NI 43-101 reports; (vii) 3-D
geological models; (viii) resource block models; (ix) estimates of in-place
resources; and (x) any economic and feasibility analyses relating to the
development of potash or other underground resources underlying the Licensee
Property and/or adjacent property. 

2.      LICENSE TO ENTER HOPI
PROPERTY 

         
2.1      License. The Tribe hereby grants
Licensee and the Licensee Contractors a license, until July 31, 2011, to (a)
enter and cross existing ranch roads on the Hopi Property for ingress and egress
purposes related to the Study, (b) lay cables across the Hopi Property for
purposes of seismic studies that are part of the Study, (c) drive a vibrator
truck along seismic lines, and (d) with the Tribe's prior written consent, blade
existing ranch roads on the Hopi Property. Licensee and the Licensee Contractors
shall not use the Hopi Property for any other purpose without the prior written
approval of the Tribe. Licensee acknowledges that, but for the license hereby
granted, it has, and the Licensee Contractors have, no rights to enter, cross,
use or occupy the Hopi Property, and represents that neither it nor they make
any claim to such rights. The license hereby granted to Licensee by the Tribe is
terminable immediately upon notice from the Tribe in the event of default by
Licensee in the performance of any covenant of Licensee hereunder. 

         
2.2      Limitations. Except as expressly
provided in Section 2.1, no other use of the Hopi Property by Licensee or any
Licensee Contractor or any other third party is allowed or shall be permitted by
Licensee. Without limiting the generality of the foregoing, nothing in this
Agreement shall be construed as establishing a general right of public access on
and over the Hopi Property, and Licensee (for itself and each Licensee
Contractor) expressly disclaims any such general right. 

         
2.3      Maintenance and Care. The Tribe
shall have no obligation to maintain or repair existing ranch roads on the Hopi
Property, and the Tribe shall have no obligation or liability whatsoever on
account of Licensee's or the Licensee Contractors' entry upon and use of the
Hopi Property. Licensee and the Licensee Contractors shall exercise reasonable
care in entering upon and using the Hopi Property to avoid causing damage to the Hopi
Property or improvements thereon or interference with the Tribe's and the
Tribe's lessee's use of the Hopi Property. During the term of the license
granted in Section 2.1, Licensee and the Licensee Contractors shall cooperate
with the Tribe to preclude any entry by the public onto the Hopi Property. 

2 

         
2.4      Compliance With Laws. Licensee
agrees and shall cause all Licensee Contractors to comply with all applicable
federal, state, local and other laws and regulations in connection with any and
all actions that take place on the Hopi Property or the Licensee Property in
connection with the license hereby granted or the Study. 

3.      INDEMNIFICATION 

Licensee shall indemnify, defend, release, and hold harmless
the Tribe and the Tribe's elected officials, advisors and contractors,
employees, agents, lessees, insurers, successors and assigns
("Indemnitees"), against and from any claim, damage, loss, expense
(including attorneys' fees and expenses) or liability resulting from, caused by,
or alleged to have resulted from or been caused by, in whole or in part,
directly or indirectly: (a) any act, omission or negligence of Licensee or any
Licensee Contractor; (b) Licensee's or any Licensee Contractor's entry or
presence upon or use of the Hopi Property; (c) Licensee's or any Licensee
Contractor's failure to comply with or perform its obligations under this
Agreement; or (d) the Study or any activity related to the Study. The Tribe
shall have the right, at its sole discretion, on its own behalf or on behalf of
any Indemnitee, to participate in the defense of any claim to whatever extent
the Tribe deems necessary to protect its own interest or that of other
Indemnitees, and Licensee shall cooperate fully with the Tribe if the Tribe
chooses to participate. The indemnification obligations of this paragraph and
all other obligations of Licensee pursuant to this Agreement shall survive the
termination or expiration of the license granted in Section 2.1. 

4.      STUDY RESULTS 

         
4.1      Sharing of Study Results. Licensee
shall share all Study Results with the Tribe. Without limiting the generality of
the foregoing, hereafter, (1) no less frequently than once each calendar month,
on or before the 10th day of the month, Licensee shall provide the
Tribe's designated agent for the purposes of receiving information under this
Section 4 (which may be a contractor of the Tribe under a confidentiality
agreement consistent with the Tribe's confidentiality obligations under this
Agreement, and who shall initially be Thayne Lowe), with (i) a written summary
of Study activity during the prior calendar month, and (ii) electronic or
written copies of any written Study Results (including without limitation any
summaries of Study Results) produced during the prior calendar month, and with a
written summary in reasonable detail of any such Study Results that have not
been reduced to writing, and (2) within five (5) business days after written
request from the Tribe's designated agent described above, Licensee shall
provide samples, raw data and other Study Results to geologists or other outside
advisors engaged by the Tribe who is/are bound by a confidentiality agreement
consistent with the Tribe's confidentiality obligations under this Agreement.
Licensee shall preserve, or shall cause the Licensee Contractors to preserve,
all Study Results for a period of at least five (5) years from the Effective
Date. The Tribe acknowledges and agrees that all Study Results provided by
Licensee or any Licensee Contractor to the Tribe under this Agreement are
provided AS IS and without any express or implied warranties of any sort, other
than Licensee's warranty that it is entitled to provide the Tribe with such Study Results and that
such Study Results provided to the Tribe truly, correctly and completely reflect
the Study Results provided or available to Licensee. Any use of Study Results by
the Tribe or any of its agents shall be entirely at the Tribe's own risk. 

3 

         
4.2      Licensee
Contractors. Licensee shall cause each of its agreements with a Licensee
Contractor to include a written term or addendum that allows Licensee to share
and discuss Study Results with the Tribe, and provides for preservation of Study
Results, as required by this Section 4. Licensee shall not maintain or enter
into any agreement with a Licensee Contractor that is inconsistent with
Licensee's obligations under this Section 4 without the Tribe's prior written
consent. If requested by Licensee or a Licensee Contractor, the Tribe agrees
that it will execute any commercially reasonable release or certificate of
non-reliance with respect to the Study Results that is not inconsistent with the
Tribe's rights described in this Agreement. Without limiting the foregoing,
Licensee hereby irrevocably authorizes and instructs each of the Licensee
Contractors to share Study Results with the Tribe's designated agent identified
in or pursuant to Section 4.1 and to make itself available to the Tribe's
representatives to answer questions about or discuss the Study Results, and each
Key Contractor, by its execution of the supplementary signature page attached
hereto, acknowledges Licensee's obligations, and the Tribe's rights, concerning
Study Results, and agrees to share Study Results with the Tribe's designated
agent identified in or pursuant to Section 4.1 and to make itself available to
the Tribe's representatives to answer questions about or discuss the Study
Results. Licensee consents to the Tribe's engagement of any Licensee Contractor
to perform additional or related work for the Tribe, at the Tribe's expense.
Notwithstanding the foregoing provisions of this Section 4.2, (1) Licensee shall
be notified in advance and have the opportunity to be present and participate in
any consultations between the Tribe's representatives and a Licensee Contractor
pursuant to the foregoing described obligation of the Licensee Contractors to
make themselves available to the Tribe's representatives to answer questions
about or discuss the Study Results, and (2) any reasonable incremental License
Contractor charges for such consultations, at rates not exceeding the rates
charged Licensee for similar consultations, shall be borne by the Tribe. 

         
4.3      Use of Study Results
by Tribe. The Tribe may copy and use Study Results received under this
Agreement without prior approval of Licensee for the Tribe's internal use, and
for review and use by geologists and other outside advisors engaged by the
Tribe, lenders and prospective lenders, venture partners and prospective venture
partners, and others, who are subject to confidentiality agreements consistent
with the Tribe's obligations to Licensee under this Agreement; provided, no
Study Results shall be shared with venture partners or prospective venture
partners prior to May 31, 2011; provided further, that the foregoing proviso
shall not prevent the Tribe from sharing with venture partners or prospective
venture partners analyses and conclusions prepared by the Tribe or the Tribe's
advisors concerning potash or other underground resources underlying the Hopi
Property based, in whole or in part, on the Study Results, prior to May 31,
2011. Aside from the use rights set forth above, the Tribe shall keep the Study
Results strictly confidential and shall make no disclosures of Study Results to
third parties, except for Study Results which (i) are or become generally
available to the public other than as a result of a disclosure by the Tribe or
others in violation of the provisions of this Section 4.3, (ii) were or become
available on a non-confidential basis to the Tribe from a source other than
Licensee or a Licensee Contractor, provided that, to the Tribe's knowledge, such
source is not prohibited from disclosing such information to the Tribe by a
contractual, legal or fiduciary obligation, or (iii) were already in the possession of the
Tribe or third parties to whom the Tribe provides the Study Results consistent
with this Section 4.3 prior to the date hereof and was not obtained directly or
indirectly from Licensee or a Licensee Contractor. In the event that the Tribe
or third parties to whom the Tribe provides the Study Results consistent with
this Section 4.3 receives a request or is required (by law or regulation,
deposition, interrogatory, request for documents, subpoena, civil investigative
demand or similar process) to disclose all or any part of the Study Results, the
Tribe or such third party, as the case may be, agrees to promptly notify
Licensee, unless prohibited under applicable law, rule or regulation, of the
existence, terms and circumstances surrounding such request or requirement. In
such a case, (1) the Tribe or such third parties to whom the Tribe provides the
Study Results consistent with this Section 4.3, as the case may be, may disclose
only that portion of the Study Results which the Tribe or such third party, as
the case may be, is advised by its counsel is legally required to be disclosed
and (2) the Tribe or such third party, as the case may be, shall not be liable
for such disclosure unless disclosure was caused by or resulted from a previous
disclosure by the Tribe or such third party not permitted by this Section 4.3.
The Tribe's and others' obligations under this Section 4.3 as to any particular
Study Results shall expire two (2) years after delivery to the Tribe of such
Study Results. 

4 

5.      MISCELLANEOUS 

         
5.1      Notices and Communications. All
notices, reports and other communications regarding this Agreement sent from
Licensee to the Tribe shall be addressed to the Tribe at the address identified
at the beginning of this Agreement, and sent from the Tribe to Licensee shall be
addressed to Licensee at the address identified at the beginning of this
Agreement. All written notices or deliverables required or permitted to be given
under the terms of this Agreement shall be deemed duly delivered upon receipt if
(1) delivered in person, or (2) sent via FedEx, UPS or other reputable overnight
courier, in all cases with an email copy (to the extent reasonably practical) to
the email address identified at the beginning of this Agreement. Notwithstanding
the foregoing, routine communications may be sent by regular or electronic mail.

         
5.2      Successors and Assigns. The license
granted to Licensee herein shall not inure to or benefit any person or entity
other than Licensee, either through assignment or sublicense. Any attempt by
Licensee to so assign or sublicense all or any portion of the privileges granted
to Licensee herein for any purpose whatsoever shall void this Agreement. 

         
5.3      Amendments in Writing. This
Agreement may be amended or modified only by a written instrument duly executed
by an appropriate representative of each Party. 

         
5.4      Choice of Law. This Agreement shall
be deemed to have been made in and construed in accordance with the laws of the
State of Arizona, excluding any choice of law rules that may direct the
application of the laws of any other jurisdiction. 

         
5.5      Independent Contractors. Nothing in
this Agreement is intended or shall be deemed to constitute a partnership,
agency, employer employee or a joint venture relationship between the Parties.

5 

         
5.6      Integration. This Agreement
embodies the entire understanding between the Parties and supersedes and
replaces any and all prior negotiations, understandings, arrangements, and/or
agreements, whether written or oral, relating to the subject matter hereof. 

Remainder of Page Intentionally Blank 
Signature Page(s) and
Schedules Follow 

6 

IN WITNESS WHEREOF, the Parties hereto caused this Agreement to be duly executed by their duly authorized representatives. 

Effective Date: March 8, 2011 

The Hopi Tribe, a federally recognized Indian tribe 

 By: /s/ LeRoy Shingoitewa                                           
  

  LeRoy Shingoitewa, Chairman 

Southwest Exploration, Inc. 

 By: /s/ Floyd R. Bleak                                                   
  

  Name: Floyd R. Bleak 

  Title: Vice President 

Passport Potash Inc., a Canadian corporation 

 By: /s/ Joshua D. Bleak                                                
  

  Name: Joshua D. Bleak

  Title: President 

 7 

Key Contractor Acknowledgement Page(s) 

The undersigned, K.M. Drilling, Inc., hereby acknowledges (1)
Licensee's authorization and instruction in Section 4.2 of the attached License
Agreement to K.M. Drilling. Inc. to share Study Results with the Tribe's
designated agent and to make itself available to the Tribe's representatives to
answer questions about or discuss the Study Results, and (2) Licensee's
obligations, and the Tribe's rights, concerning Study Results, and agrees to
share Study Results with the Tribe's designated agent and to make itself
available to the Tribe's representatives to answer questions about or discuss
the Study Results. 

K.M Drilling, Inc. 

 

By: /s/ Jerrilyn
McDonald                                           
 
Print Name: Jerrilyn McDonald 
Title: Admin. Exec. 

Name of Individual Point of Contact: Clay Myers 
Telephone
of Individual Point of Contact: 928-300-2481 
Email of Individual Point of
Contact: kmdrillinginc@yahoo.com 

8 

Key Contractor Acknowledgement Page(s) 

The undersigned, Boart Longyear, hereby acknowledges (1)
Licensee's authorization and instruction in Section 4.2 of the attached License
Agreement to Boart Longyear to share Study Results with the Tribe's designated
agent and to make itself available to the Tribe's representatives to answer
questions about or discuss the Study Results, and (2) Licensee's obligations,
and the Tribe's rights, concerning Study Results, and agrees to share Study
Results with the Tribe's designated agent and to make itself available to the
Tribe's representatives to answer questions about or discuss the Study Results.

Boart Longyear 

 

By: /s/ Jan Walkosz                                                      
   

  Print Name: Jan Walkosz 

  Title: Contract Specialist 

Name of Individual Point of Contact: Michael Reedy

Telephone of Individual Point of Contact: 623-486-1881 
Email of
Individual Point of Contact: mreedy@BoartLongyear.com 

9 

Key Contractor Acknowledgement Page(s) 

The undersigned, Zonge International, Inc., hereby acknowledges
(1) Licensee's authorization and instruction in Section 4.2 of the attached
License Agreement to Zonge International, Inc. to share Study Results with the
Tribe's designated agent and to make itself available to the Tribe's
representatives to answer questions about or discuss the Study Results, and (2)
Licensee's obligations, and the Tribe's rights, concerning Study Results, and
agrees to share Study Results with the Tribe's designated agent and to make
itself available to the Tribe's representatives to answer questions about or
discuss the Study Results. 

Zonge International, Inc. 

 

By: /s/ Scott
Urquhart                                             
 
Print Name: Scott Urquhart 
Title: President 

Name of Individual Point of Contact: Phil Sirks 
Telephone
of Individual Point of Contact: 720-962-4444 
Email of Individual Point of
Contact: phils@zonge.us 

10 

Key Contractor Acknowledgement Page(s) 

The undersigned, SRK Consulting, hereby acknowledges (I)
Licensee's authorization and instruction in Section 4.2 of the attached License
Agreement to SRK Consulting to share Study Results with the Tribe's designated
agent and to make itself available to the Tribe's representatives to answer
questions about or discuss the Study Results, and (2) Licensee's obligations,
and the Tribe's rights, concerning Study Results, and agrees to share Study
Results with the Tribe's designated agent and to make itself available to the
Tribe's representatives to answer questions about or discuss the Study Results.

SRK Consulting 

 

By: /s/ Claudia Stone                                             
   

  Print Name: Claudia Stone 

  Title: Sr. Environmental Geologist 

Name of Individual Point of Contact: Claudia Stone

Telephone of Individual Point of Contact: 520-544-3688 
Email of
Individual Point of Contact: cstone@srk.com 

11 

Schedules A and B 

to Agreement 

between 

the Hopi Tribe 

and 

Southwest Exploration, Inc. and Passport Potash Inc. 

Schedule A 

Township 16 North, Range 23 East 
SW4 Section 14.

All of Sections 13, 17, 19, 21, 23, 25, 27, 29, 31, 33 and 35. 

Township 16 North, Range 24 East
All of Sections 19,
29, 31 and 33. 

Township 15 North, Range 23 East
E2 Section 3.

All of Sections 1, 2, 4 and 12. 

Schedule B

Township 16 North, Range 23 East 
N2; SE4 Section 14;

All of Sections 16, 18, 20, 22, 24, 26, 28, 30, 32, 34 and 36. 

Township 16 North, Range 24 East
Sections 20, 30 and
32. 

12

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