Portage Minerals Inc.

Portage Minerals Inc.

November 25, 2008 18:43 ET

Portage Assigns Option of Golden Mile Property

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2008) - Portage Minerals Inc. ("Portage") announces that it has entered into an option agreement (the "Assignment Agreement") with Nebu Resources Inc. whereby Portage has agreed to sell and assign its option to earn a 70% interest in 5 patented and 19 unpatented mineral leases located in Mineral County, Nevada (the "Property").

In order for Nebu Resources to exercise its option pursuant to the Assignment Agreement, it must (i) pay US$12,178.20 to Columbus Gold (U.S.) Corp.; (ii) issue 800,000 common shares of Nebu Resources to Portage prior to March 15, 2009; (iii) pay Portage an aggregate of US$72,500 prior to March 15, 2009; and (iv) pay the Martin Exploration Management Company and Loren E. Smith US$50,000 pursuant to an underlying lease relating to the Property.

Portage was granted the option to earn a 70% interest in the Property pursuant to an option agreement ("Option Agreement") between Portage and Columbus Gold. Nebu Resources will assume all of the rights and responsibilities assigned to Portage under the Option Agreement. The Assignment Agreement is subject to regulatory approval and acceptance by Columbus Gold.

Shares Outstanding: 22,044,332

Contact Information