Portage Resources Inc. Through It's Wholly Owned Subsidiary Portage Minerals S.A. Signs Letter of Intent to Acquire Two Mining Concessions in a Very Rich Ag, Cu, and Zn Mineralization Zone

LIMA, Peru, July 26, 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 two concessions in a very rich Ag, Cu and Zn mineralization zone.

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

There are two concessions; one consists of 400 hectares and the other 200 hectares. The concessions are completely surrounded by approx. 3000 hectares  of mining properties that are mainly held by the largest mining company in the world and are in close proximity to the western flank of the Peruvian Cordillera Negra.

There was past production on these concessions but they were closed 20 years ago as costs outweighed the very low prices of silver and other precious metals at the time. Recently, silver has traded as high as $49/ounce, thus making these concessions once again viable.

There have been several geochemical studies on the concessions and extensive studies conducted via satellite imaging, all studies have produced excellent results for Ag, Cu and Zn.

Further, a past underground audit confirms mineralization at depth galleries with lengths of 80 meters to 120 meters. Logistics to the old mine have been secured by an asphalt road.

Portage V.P. of Exploration, Geologist Elias Garate, will be at the property on Wednesday to asses all factors and conditions of the property as well as mineral sampling.

Portage Resources Inc. President and CEO added, "The site visit and mineral sampling by Mr. Garate will greatly aid the company during the due diligence process and will  also help the future geological work, should Portage Minerals SA. signs a definitive agreement after  favorable due diligence results. These concessions have a strong track record, are located in a proven mineralization zone, and appear to be a good fit to the Portage plan of responsible growth through acquisition. I am looking forward to the completion of all due diligence in regards to these concessions."

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.