Portage Resources Inc. Announces a Ten for One Forward Split of Its Issued and Outstanding Shares, and a Significant Share Cancellation

LIMA, Peru, Aug. 1, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) announces a significant share cancellation, dividend payable and other material changes to the company.

On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders of Portage Resources Inc. (the "Company") will receive a dividend payable as a ten for one (10:1) forward split of the issued and outstanding shares of Common Stock of the Company pursuant to Section 78.215 of the Nevada Revised Statutes.

The Record Date of the Forward Split was set as August 8, 2011 and the Effective Date and Payment Date is set as August 10, 2011. The dividend to be paid to the shareholders of record is payable upon surrender. Therefore, in order to receive the dividend shares the shareholders of record must surrender their existing shares to the transfer agent and will receive 10 new shares of the Company for each 1 share surrendered.

The effective date and the payment date is subject to FINRA approval and the Company will announce the payment date when such approval is received.

Further, as part of this approved action of the Board of Directors, the Company's Executive Officer, Mr. Paul Luna Belfiore has agreed to return a total of 230,000,000 restricted shares to treasury for cancellation prior to the record date, which would leave a total of 445,200,000 shares issued and outstanding as at the record date.

The dividend shares when issued will increase the Company's issued and outstanding common shares to 4,452,000,000 common shares, all with par value of $0.001.

The complete 8k filing is available at:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8063821

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

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.