Portage Resources Inc. Enters into Negotiations for a $3,000,000 Line of Credit to Further Enhance and Grow their Numerous Potential Multibillion Dollar Peruvian Reserves
LIMA, Peru, Oct. 5, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has entered into negotiations for a $3,000, 000 Line of Credit to further enhance and grow their massive potential multibillion dollar Peruvian reserves. This line of credit is intended to be property based and beneficial to the company objectives on each of their properties.
Portage has been acquiring potential multibillion dollar properties at a furious pace over the last few months. The properties are at various stages in development and each requires further geological studies before proceeding to the production stage. The costs of said studies combined with normal company expenditures, retention of experts, effective infrastructure, and the company vision of producing properties all coming at a financial price.
Portage has been reviewing numerous offers of financing and feels their current choice best serves the company in the short and long term future. The company expects to sign a definitive agreement in the near future but first must complete all due diligence. Portage plans to provide further details on each property upon completion of said financing agreement.
Portage Resources President and CEO went on to add, "We are preparing to enter into the next phase of exploration on each property, with the goal of production on said properties. This financing is imperative in helping us achieve our goals! I am excited more and more as Portage continues to grow each day."
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.
Contact: Financial Insights
Toll Free: 1-888-824-6757
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SOURCE Portage Resources Inc.
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