Portage Resources Inc. Initiates a Next Phase Plan for the Previously Announced Potential Multibillion Dollar Wuakakuy Properties
LIMA, Peru, Oct. 7, 2011 /PRNewswire/ — Portage Resources Inc. through It’s wholly owned subsidiary Portage Minerals S.A. (“Portage” or the “Company”) (POTG-OTCQB) initiates a next phase plan to develop the potential multibillion dollar Wuakakuy Properties.
A brief recap of the Wuakakuy Properties;
- Geological reports have been used to produce a fair estimate of the reserve potential for the Wuakakuy properties which currently reflect 58,228,128 Oz Ag/ MTS. With current values of silver being approximately $35 USD/Oz, the estimate potential reserve has a value of over $2 Billion.
- A N43-101 report has already been conducted on the properties
- Geofisicos Consultores, a well known Peruvian company was retained for the purpose of further studies on the Wukakuy properties
A preliminary study has been conducted by Geofisicos Consultores and all preliminary results are positive but are not completed. The local community is attached to success of the project, and as previously announced, Portage would appoint a community relations liaison to assist in this process. Portage has chosen Mr. Roberto Obispo to head up said position. Mr. Obispo has a vast resume of mining experience in the area, plus his reputation with the local community is that of great respect.
The next phase plan is to have Mr. Obispo visit the community in the very near future to get the community’s full cooperation to host the entire Portage team. The goal is to have Geofisicos Consultores finish their studies and complete all needed work to recognize specific drill targets that best show the potential mineral reserves on these properties. Potage also previously announced the addition of Geologist Steven L. Park, M.Sc., CPG, his assistance and insight to this project will be of enormous benefit moving forward.
Portage Resources Inc. President and CEO added,” We are eager to develop the Wuakakuy Properties as they have shown such massive potential in all previous studies of the properties. Roberto is a wise choice as community relations liaison, he will be a great asset in the development to production stage of this project.”
About Portage Resources Inc.
Portage Resources Inc. is focused on the exploration and production of precious and base metals in Peru. Portage Resources Inc. plans to recognize, and acquire near-term production mining properties, the Portage Resources Inc. seasoned and experienced Peruvian management team will research, review and prove any reserves for the purpose of production.
Symbol: OTCQB – POTG
FORWARD-LOOKING STATEMENTS: “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company’s business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company’s business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company’s Securities and Exchange Commission filings under “risk factors” and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
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SOURCE Portage Resources Inc.