Portage Resources Inc. Through Its Wholly Owned Subsidiary Portage Minerals S.A. Signs Definitive Agreement to Acquire the CORDILLERA NEGRA Mining Concession Near Antamina Mining Complex
LIMA, Peru, July 20, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has entered into a definitive agreement to acquire the CORDILLERA NEGRA Mining Concessions. The concessions consist of two properties, CORDILLERA NEGRA EC property which is 1000 hectares and the adjacent CORDILLERA NEGRA 2 EC property which is 200 hectares. The two properties are located approximately 13 kms from the great Antamina Mine, located in the Ancash Region.
The concessions are comprised of 1200 hectares of rich polymetalic formations. Elias Garate, Geologist and Portage Resources VP of Exploration, managed the due diligence process, which was deemed very positive. The team at Portage successfully negotiated favorable terms to reach a definitive agreement.
Portage Resources will immediately engage our geological team to begin gathering all of the necessary information and rock samples from the property. All of this information will be used to commence and complete an NI 43-101 report.
Portage Resources Inc. President and CEO stated, "Acquiring a concession of this quality and location is an incredible accomplishment for Portage. We are extremely excited to have acquired a property so close in proximity to the great Antamina Mine. This is a great day!"
The Antamina Mine is located in the district of San Marcos, Ancash Region, 200 kilometers from the city of Huaraz at an average altitude of 4,300 meters above sea level. Antamina has had the highest investment in the history of Peruvian mining, with an initial investment of approximately US$2.2 billion. The US$2.2 billion construction program was one of the largest new mine development projects ever undertaken. An additional US$1.2 billion investment has been made to expand its operations. Today it is one of the ten largest mines in the world in terms of operating volume. This is an open pit operation that works with a skarn type deposit. The total proven and probable reserves amount to 745 million metric tons.
Compania Minera Antamina SA is a company incorporated under Peruvian law, which is a product of a joint venture between four major mining companies. BHP Billiton 33.75%, Xstrata 33.75%, Teck 22.5% and Mitsubishi Corporation 10%.
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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