Portage Resources Inc. Provides Corporate Update on Recent Events and Progress
LIMA, Peru, July 15, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) is pleased to provide a corporate update on recent events and the tremendous progress the company has made in a short period of time.
The company progress has been rapid and is highlighted by the recruitment of a new president, board members, and acquisition of new properties.
The recruitment and appointment of Paul Luna (CEO) has proven to be key for the company during the last several months. Mr. Luna has a wealth of experience and contacts within the Peruvian and overall mining community, these strengths have directly proven to be a great asset to Portage Resources Inc and its shareholders.
Portage Resources Inc has added additional management strengths with the appointments of Mr. Oscar Tinoco as Director and VP of Operations as well as Geologist Elias Grate to the position of V.P. of Exploration. The team has been invaluable on performing all due diligence and negotiations of the company's numerous acquisitions.
Portage Resources Inc has acquired the following properties:
Wukakuy Properties with estimated potential reserves in excess of 58 Million Oz Ag, additional a N43-101 report on these properties was a great aid within the due diligence and final decision on these properties. The geotechnical survey is underway and the Company looks forward to sharing the results as soon as possible.
Linderos Properties #4 and #5 which is highlighted 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 Resources Inc has also signed an LOI for two additional properties:
Is Looking to Acquire Mining Concession Near Antamina Mining Complex. Antamina has had the highest investment in the history of Peruvian mining, with an initial investment of approximately US$2.2 billion.
Holly Gold Properties in Pershing County, Nevada. The company will be reviewing all reports, including a NI 43-101 report.
Portage Resources Inc and its Board of Directors have received multiple offers for financing and is currently performing all due diligence on all current financing options for the company. Currently, Mr. Luna has been personally funding all operations to date, said funding will be at zero interest and will be paid back in full or in parts after a final decision on financing has been made.
Portage Resources Inc. President and CEO added, "This has been an incredibly fast paced and exciting time for the company. We are working around the clock, with the vast majority of my time being spent in the field performing our due diligence on these incredible acquisitions. Our goal is responsible growth. I believe we are well on our way to achieving these goals."
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.
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