July 7, 2011
Portage Resources Inc. Through its Wholly Owned Subsidiary Portage Minerals S.A., Signs Definitive Agreement to Acquire Linderos Property #5
LIMA, Peru, July 7, 2011 /PRNewswire/ -- The definitive agreement with Nilam Resources S.A. is for the acquisition of the Linderos #5 property and was signed by the parties on July 4, 2011 in Lima, Peru. For consideration of this acquisition, Portage Resources Inc. will issue 8 million shares to Nilam Resources.
The due diligence stage was highlighted by the following:
- A report was conducted in conjunction with INGEMET (the Peruvian government mining authority).
- The Peruvian government calculated an approximate amount of 500,000 proven ounces of gold in the area of TABACONAS LINDEROS PROJECT. These studies have been filed in the library of the geologic Institute of Peru.
- Further independent studies were also conducted on the Linderos project by a P. Geologist, a summary of his results are in combination with further INGEMET RESULTS This preliminary evaluation indicated the area contains 1,000,000 ounces immediately near surface and with drilling can contain many times this amount.
- Portage has reviewed all ownership documentation and all facts of said ownership for the property; all fact checking came back positive.
The previously announced acquisition of the Linderos #4 property consists of 500 hectares while the Linderos #5 property acquisition consists of 300 hectares
Portage Resources Inc. President and C.E.O. commented, "Linderos # 5 property came available so we immediately started all due diligence on the property and were able to acquire said property. This acquisition made perfect sense and increased our stake in this great mining region. Portage is amassing a great portfolio of properties that fit our overall strategy."
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.