Portage Minerals Inc.

Portage Minerals Inc.

November 02, 2007 17:01 ET

Portage Minerals Options Golden Mile Property (Nevada) From Columbus Gold

CARSON CITY, NEVADA--(Marketwire - Nov. 2, 2007) - Portage Minerals is pleased to announce that it has entered into an agreement with Columbus Gold to earn a 70% interest in Columbus Gold's 100% controlled Golden Mile property, located in Mineral County, Nevada.

Portage may earn an initial 60% interest in the Golden Mile property by incurring US$2.5 million in exploration expenditures plus 500,000 common shares of Portage over a five year period. Portage may earn an additional 10% interest (for a total of 70%) by completing a positive feasibility study on the property.

The Golden Mile Property consists of 24 mineral claims which are, in part, subject to underlying annual lease payments and net smelter return royalties. The claims cover approximately 154 hectares (380 acres), along the Walker Lane Gold Trend in Southwest Nevada. During the 1930's the property produced approximately ten thousand tonnes grading 12 g/t (0.42 oz/t) gold. Geophysical surveys and drilling carried out in the 1970's, 1980's and by Columbus Gold in 2006, defined skarn, breccia and disseminated gold mineralization. The drilling includes several high grade gold intercepts, including one intercept of 16 g/t (0.56 oz/t) gold along 29.5 m (96.8 ft), which occur within a broad area of lower grade gold mineralization. Portage is in the process of updating the 43-101 technical report which was completed in early 2006.

Portage establishes Mexican subsidiary

Portage Minerals has established a wholly owned Mexican subsidiary to pursue advanced mineral opportunities in Mexico. The new company, Minera Aguila Azteca, S.A. de C.V., will be domiciled in Guadalajara and managed by Alberto Toledo. Mr. Toledo, who retired from the Cominco organization after 25 years, has worked throughout Latin America as an exploration geologist and exploration manager with particular expertise on porphyry systems and epithermal gold.

Other matters

Portage Minerals opened a private placement financing earlier this week in which the company proposes to issue up to 5,000,000 common shares of the Company at a price of $0.20 per Common Share for aggregate proceeds of $1,000,000. Proceeds will be used to fund pre-drilling exploration activities at Golden Mile, acquisition of properties already identified in Mexico, and drill permitting activities at Portage's other Nevada gold property - Troy - located in Nye County, Nevada. Subscription agreements can be obtained by contacting the Company at either address provided below or Chris Irwin at Irwin Professional Corporation (416.361.2514).

Portage Minerals Inc. is a Toronto based, un-listed, public company engaged in exploration, acquisition and development of mineral properties in Canada, the USA (primarily Nevada) and Mexico. The company intends to apply for listing on the TSX-V shortly.

On behalf of the Board and Management of Portage Minerals Inc.:

George Cole, President & CEO, Director

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Portage to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Portage to fund the capital and operating expenses necessary to achieve the business objectives of Portage, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Portage. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Portage should not place undue reliance on these forward-looking statements.

Statements in relation to "resources" and "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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