Portage Resources Inc. Through Its Wholly Owned Subsidiary Portage Minerals S.A. Signs Letter of Intent to Acquire Three Adjacent Gold and Silver Mining Concessions in Huancavelica, Peru

LIMA, Peru, July 18, 2011 /PRNewswire/ -- Portage Resources Inc. through its wholly owned subsidiary Portage Minerals S.A. ("Portage" or the "Company") (POTG-OTCQB) has signed a letter of intent to acquire three adjacent mining concessions located in the Tambo District, Castrovirreina Province, Department of Huancavelica.

Portage Minerals S.A. has set a date of on or before Aug. 15, 2011 to complete the acquisition San Martin mining concessions. The time frame allotted will allow Portage Resources Minerals S.A. the necessary time to conduct all due diligence on said acquisition.

The said concessions are located approximately 383 Kilometers from the city of Lima and is easily accessible by land with the last couple of kms to be travelled by trail. These concessions comprise an area of about 700 hectares.

The gas pipeline and other existing infrastructure will lower production costs upon start-up. The concessions are production ready in comparison to most projects, the turnaround time could be less than a year based on all available reporting.

There is great history behind these mining concessions that first attracted the Portage team. Upon further review of the overall area and the initial reviewed reports indicated that the concessions are rich in gold and silver, thus the Portage team decided to enter into said LOI.

Portage Resources Inc. President and CEO added, "The technical data available on these mining concessions is very extensive and requires full review within a short period of time. I feel the time is well spent as the potential of these concessions could be of incredible benefit to Portage."

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.