Portage Resources Inc. Through It’s Wholly Owned Subsidiary Portage Minerals S.A. Signs Letter of Intent to Acquire Rocas #2 Concession Adjacent to the Recently Announced Potential $2.5 Billion Dollar Rocas #1 Gold Reserve

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Companies:
PORTAGE RESOURCES
Topics:
Mergers & Acquisitions

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Press Release Source: Portage Resources Inc. On Wednesday September 28, 2011, 9:00 am EDT

LIMA, Peru, Sept. 28, 2011 /PRNewswire/ — Portage Resources Inc. through its wholly owned subsidiary Portage Minerals S.A. (“Portage” or the “Company”) (POTG-OTCQB) has signed a letter of intent to acquire Rocas #2 project aka concession Ruth RB code 010516107 in the Chiquian district, Department of Ancash.

Portage Minerals S.A. has set a date of on or before October 31, 2011 to complete the acquisition of this property. The time frame allotted will allow Portage Minerals S.A. the necessary time to conduct all due diligence on said acquisition.

This concession consists of 200 hectares and is completely surrounded by approx. 3000 hectares of mining properties controlled by industry giant BHP and located 36 km west of the great Antimina/Pierina project that has produced upwards of 10 million ounces of gold since 1996.

Preliminary Independent surface lab results were recently announced upon the acquisition of the Rocas #1 and have shown great potential. The gold is lower in grade but high in volume with a potential $2.5 Billion dollar reserve based on all findings and conclusions by Elias Garate, V.P. of exploration for Portage Minerals S.A.. Rocas # 2 is smaller in dimensions and is adjacent to Rocas #1. Logistics to the concession include an asphalt road to the old mine.

Portage V.P. of Exploration, Geologist Elias Garate and team have very recently visited the property, their findings will be a major step toward making a final decision on this concession.

Portage Resources Inc. President and CEO added, “The opportunity to potentially add another property in this fertile area may be another success story for Portage, The independent lab results on Rocas #1, site visit, and the massive project with majors already in the area make this another potential exciting addition to the Portage portfolio.”

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 www.portageresourcesinc.com