Portage Resources Inc. Releases Further Details on the Recently Announced Acquisition of the CORDILLERA NEGRA Mining Concession Near Antamina Mining Complex

LIMA, Peru, July 22, 2011 /PRNewswire/ -- Portage Resources Inc.  ("Portage" or the "Company") (POTG-OTCQB) releases further details on the recent acquisition of the Cordillera Negra mining concessions located approximately 13 kms from the great Antamina Mine.

The highlights of  the definitive agreement between Claver Albert Huerta Morales, and PORTAGE Minerals S.A. are as follows;

• The concessions consist of two properties, CORDILLERA NEGRA EC property is 1000 hectares and the adjacent CORDILLERA NEGRA 2 EC property is 200 hectares
• Antamina property is located on the north east and south of the concessions
• Nystar Belgium is in close proximity and is projected to produce 2000 tons of Ag-Zn-Cu concentrates per day in 2012
• Milpo, a large Peruvian mining company, is located to the north, and is currently drilling  their  Zn – Cu project 3 km from Cordillera Negra.
• The Mitsui Mining and smelting company that operates the Zn-Cu Huanzala project produces 73,251 tons of Zinc concentrate, 18,228 tons of lead concentrate, and 6,325 tons of copper concentrate per year, and shares a border with Portage's Cordillera negra property.
• The payment terms of the agreement between the parties calls for total payments of 1,545,000 Dollars over the next 42 months. The first large payment will take place in 13 months after said agreement, thus allowing Portage small capital expenditures during the start-up phase.
• Massive reserves of Limestone which will be explored as it has huge economic value to Portage Resources Inc. aside from the precious metals reserves.

Portage Resources Inc. President and CEO stated, "This is a very large capital intensive project for Portage with a potential for major rewards to the company. Any project near Antamina is sought after and scooped up quickly, I am extremely honored that Portage has been able to expand into this fruitful region."

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.