Portage Resources Inc. Announces New Fully Owned Peruvian Subsidiary, Portage Resources SA
LIMA, Peru, June 21, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (OTCQB: POTG) announces new fully owned Peruvian subsidiary, Portage Resources SA. The new Peruvian company was formed as Peruvian law states that a Peruvian company must own any and all mineral rights within Peru.
Portage Resources Inc. has retained Greta Castillo of Legalia Peru as corporate counsel for matters pertaining to our Peruvian concerns. Ms. Castillo brings a wealth of legal experience within the mining industry. Ms. Castillo has worked as an attorney for government mining concerns, represented many major mining companies and works tirelessly with the local communities on each project. For more information please refer to www.legaliaperu.com.
The formation of the new fully owned subsidiary further proves the commitment of Portage Resources Inc. to the people of Peru; these strategic moves bring about a trust within the mining community and follow correct Peruvian legal procedures.
Portage Resources President and CEO Paul Luna stated the following. "This new fully owned Peruvian subsidiary brings legitimacy to our ongoing business in Peru. The local mining industry will see this as a positive step forward in acquiring mining properties, negotiating contracts, and all business operations. This is another leap in the right direction for Portage Resources Inc."
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.
For more information:
Paul Luna Belfiore
[email protected]
011 511 7335100
SOURCE Portage Resources Inc.
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