Portage Resources Inc. Signs Definitive Agreement to Acquire the Wukakuy Properties With Estimated Potential Reserves in Excess of 58 Million Oz Ag
LIMA, Peru, June 27, 2011 /PRNewswire/ — Portage Resources Inc. (“Portage” or the “Company”) (OTCQB: POTG) has signed a Definitive Agreement to Acquire the Wukakuy Properties. The company has conducted all due diligence on the Wukakuy Properties in regards to this acquisition.
The definitive agreement with Airon Peru S.A.C. for the acquisition of the Wukakuy Properties was signed and notarized by the parties and registered by the attorneys on June 15, 2011 in Lima, Peru. For consideration of this acquisition, Portage Resources Inc. will issue 20 million shares to Airon Peru S.A.C.
The due diligence stage was highlighted by the following;
- Geological reporting and subsequent estimates have been given by a respected Peruvian geologist and his reviews of the N43-101 and other geological reports have been used to produce a fair estimate of the reserve potential for the Wukakuy properties.
- Wukakuy – Bonanza 50,040,000.00 Oz Ag / MTS
- Wukakuy – Caprichosa Manto 8,188,128.00 Oz Ag / MTS
The community leadership is vital to any project; Portage has consulted with the community leaders during this due diligence phase and will appoint a community relations leader for this project upon acquisition.
Portage Resources President and CEO expressed his elation by stating, “The due diligence stage was intense, we literally worked night and day, but after we reviewed all due diligence, we were all ecstatic to finalize a definitive agreement. The Wukakuy project is an immense opportunity for Portage and we are looking forward to an extensive drill program in the near future.”
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.
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.
SOURCE Portage Resources Inc.