Portage Resources Inc. Sign LOI to Acquire Linderos Property
LIMA, Peru, June 22, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has signed a letter of intent to acquire the Linderos #4 property located in the north part of PACHAPIRIANA between TAMBORAPA and TABACONAS, the project is located in close proximity to the border with Ecuador.
Portage Resources Inc. has set a date of on or before Aug.1, 2011 to complete the acquisition of the Linderos #4 property. The time frame allotted will allow Portage Resources Inc. the necessary time to conduct all due diligence on said acquisition
A report was conducted in conjunction with INGEMET, (the Peruvian government mining authority). In the area of TABACONES, the project Linderos, prospective studies were conducted for the purpose of evaluating anomalies, geochemistry and locating areas of alteration with favorable hydrothermal for the occurrence of auriferous mineralization. After carrying out these studies, the Peruvian government calculated an approximate amount of 500,000 proven ounces of gold In the area of TABACONAS LINDEROS PROJECT. These studies have been filed in the library of the geologic Institute of Peru.
Further independent studies were also conducted on the Linderos project by a P. Geologist , a summary of his results are in combination with further INGEMET results
A Geology Cartography to the detail (1: 1000) while sampling a discontinuous exposure of the conglomerate, of approximately 2.5 Km long between Tomaque and Mandinga. The grade of gold of 32 channel samples vary BETWEEN 0.03 g/ MT and a maximum of 4.55 g/MT, with an average of 1.1 g/MT and a standard deviation of 0.9 g/MT (85% relative)
- After this recognition, detailed investigations began in the area of Tomaque/Mandinga (in paleoplaceres). Also a regional geologic map of the area of San Ignacio's surroundings were made.
Studies by INGEMMET on the samples of the conglomerate, near TOMAQUE, they encountered high grades of gold: 6g/MT,10.5g/MT, 16.25g/MT, 5.8g/MT (MAMANI, 1986).
- INGEMMET reported, a 2TM sample of the conglomerate of TOMAQUE a grade of 39g/MT
- This preliminary evaluation indicated the area contains, 1,000,000 ounces immediately near surface and with drilling can contain many times this amount
Portage Resources Inc President and CEO added "I am excited that the Linderos project is located in a fertile and proven mining zone. This is just another step in the right direction for Portage. We are looking forward to completing all due diligence and moving forward on this tremendous project."
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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