Portage Resources Inc. Signs Letter of Intent to Acquire the Holly Gold Properties in Pershing County, Nevada via Aid of N43-101 Technical and Further Geological Reports

LIMA, Peru, July 12, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has signed a letter of intent to acquire the Holly Gold Properties in Pershing County, Nevada. The company will be reviewing all reports, including a NI 43-101 report.

Portage Resources Inc. has set a date of on or before Aug. 1, 2011 to complete the acquisition of the Holly Gold Properties. The time frame allotted will allow Portage Resources Inc. the necessary time to conduct all due diligence on said acquisition.

The Holly Gold Properties are located 93 miles east from Reno, Nevada in Pershing County. The properties are comprised of 35 contagious, unpatented, lode mining claims on federal lands regulated by the Bureau of Land Management. The properties comprise an area of about 283 hectares or 700 acres.

The history of the Holly Gold Properties include production of the Hollywood mine which produced 460 tons of antimony metal and 2250 tons of ore. The area is host to many other mining claims including the Coeur Rochester Mine, the world's seventh largest silver producer. Additionally, the Florida Canyon and Standard gold mines and numerous exploration projects are located north and east of town.

Portage Resources Inc. President and CEO added, "We are ecstatic to expand into the U.S. and with a potentially great property. We are going to closely study all technical and geological reports, including the available NI 43-101 report. We must be careful to conclude all due diligence before reaching a final decision on this acquisition."

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.