Portage Resources Signs Letter of Intent to Acquire Three Adjacent Gold and Silver Mining Peru

Portage Resources Inc. through its wholly owned subsidiary Portage Minerals S.A.

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."