Portage Resources Inc. Through Its Wholly Owned Subsidiary Portage Minerals S.A., Signs LOI to Acquire Additional Linderos Property
LIMA, Peru, June 30, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has signed a letter of intent to acquire the Linderos #5 property located in the north part of PACHAPIRIANA between TAMBORAPA and TABACONAS, the project is located in close proximity to the border with Ecuador.
Portage Minerals S.A. has set a date of on or before Aug. 1, 2011 to complete the acquisition of the Linderos #4 property. The time frame allotted will allow Portage Resources Inc. the necessary time to conduct all due diligence on said acquisition
Portage Minerals S.A. previously announced the acquisition of the Linderos #4 property, said acquisition was completed on June 27, 2011. The Linderos # 4 property consist of 500 hectares, the Linderos #5 property consists of 300 hectares. Each property is located in a fertile and proven mining zone
Portage Resources Inc. President and CEO added, "I am very pleased that we can have signed this letter of intent, we must carry out all due diligence before making a final decision on this opportunity. We have previously acquired another Linderos property, the Linderos #5 property is a great fit in terms of our strategy in the area."
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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