Portage Minerals Inc.

Portage Minerals Inc.

December 02, 2009 15:18 ET

Portage Minerals Amends Agreement on Golden Mile Property

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2009) - Portage Minerals Inc. (the "Company") announces that is has amended the terms of the option agreement with Columbus Gold Corp. (US) in which the Company was granted the right to earn up to a 70% interest in Columbus Gold's 100% controlled Golden Mile property, located in Mineral County, Nevada.

Under the terms of the original agreement, the Company had until December 31, 2012 to incur an aggregate of US$2.5 million in exploration expenditures. The option agreement has been amended to extend the date by which the exploration expenditures must be incurred to December 31, 2013. As consideration for the amendment to the option agreement, the Company has issued Columbus Gold 50,000 common shares in the capital of Company. The shares issued are subject to regulatory approval and a four month hold period.

Shares Outstanding: 7,613,308

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