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Friday, July 22, 2011

[POTG]: Portage Resources Inc. responds to comments by the_worm06 regarding its July 20, 2011 press release

Two days ago, on July 20th, the_worm06 pointed out that Portage Resources Inc.'s (POTG) July 20th press release failed to state the terms or value of the definitive agreement to acquire a Peruvian mining concession. the_worm06 also pointed out that POTG was deceiving the investment public by including a paragraph describing a large Peruvian mining entity which had nothing to do with the mining concession or POTG - and that POTG failed to include the name of the entity that it was purchasing the concession from:

How did POTG respond to the_worm06's comments?

Today POTG issued a press release whereby it finally named the entity/individual that it contracted with to purchase the concession and finally stated the purchase price and terms of the transaction:

Portage Resources Inc. Releases Further Details on the Recently Announced Acquisition of the CORDILLERA NEGRA Mining Concession Near Antamina Mining Complex

Not surprisingly, it turns out that the seller of the concession is not a large corporate entity backed by large international conglomerates, but only an individual by the name of

Claver Albert Huerta Morales

In addition, the total purchase price is only $1.545 million, which is paid over 42 months with the first payment due in 13 months. This would be considered insignificant compared to the current market value of POTG of about $500 million.



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