Portage Resources Inc. Has Chosen Peru as Their First Area of Expansion
LIMA, Peru, June 15, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (OTCQB: POTG) has chosen Peru as their first area of expansion. Peru has a rich tradition within the mining industry. Over the past decade, it has had a struggling economy and now in the modern era, Peru is becoming a pillar of economic strength in South America. Peru also boasts the 42nd largest economy in the world.
Many reserves have been exploited intensively in the US, Canada and Chile, but to date, only about 12 percent of Peru's mineral resources have been worked. Peru has the capacity to double or triple the current levels of output, especially in base metals.
In all, Peru holds about 16 percent of the world's known mineral reserves. Peru is also known to have the largest silver reserves in the world.
Other influential reasons for expansion to Peru:
- One of world's primary destinations for mining investment. US$35.5 billion foreign investment anticipated in the next six years (Price Waterhouse Coopers rept 2/2010)
- Several large mines: Antimina, Yanacocha, Pierina; large Cu porphyry's in the south; greater than 70 smaller mines
- Over 20 Canadian-Australian juniors operating
- Less than 24 months, discovery to production for small to mid-tier gold mine
- Attractive tax regime (30%); several years of regulatory stability
- Recently elected government to continue pro-mining approach
Portage Resources President and CEO, Paul Luna, went on to comment, "The opportunities in Peru are immense. Peru is set to grow, and Portage Resources is set to grow with Peru."
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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