Portal Resources Ltd.

Portal Resources Ltd.

May 29, 2006 13:07 ET

Portal Resources Closes 2.76 Million Dollar Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2006) - Portal Resources Ltd. (TSX VENTURE:PDO) is pleased to announce that it has closed a $2,766,750 private placement. The placement consists of 2,635,000 units at a price of $1.05 per unit. Each unit consists of one common share and a one-half share purchase warrant. Each whole share purchase warrant will be exercisable for one common share at a price of $1.25 for a period of 12 months. All securities issued have a four-month hold period expiring on September 18, 2006. Some of Portal's officers and directors purchased a portion of the private placement.

The proceeds will be used to advance exploration on Portal Resources' gold/silver and copper/gold exploration projects in Argentina and for general working capital purposes. A seven percent finder's fee was paid in cash on a portion of the placement.

Portal Resources Ltd. was founded in 2004 and is a precious and base metal exploration company focused on gold/silver and copper/gold assets in Argentina. The Company currently controls approximately 800 square miles of mineral rights in two primary project areas. A description of these projects, including maps and photographs, can be viewed on the Company's website at: www.portalresources.net.

The securities sold have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


David Hottman, Chairman

This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information