TORONTO, ONTARIO--(Marketwire - Nov. 9, 2012) - Portage Minerals Inc. ("Portage" or the "Company") (CNSX:RKX) announces that following a review by staff of the Ontario Securities Commission (the "OSC") in connection with the filing of the Company's annual consolidated financial statements (the "Financial Statements") for the years ended January 31, 2012 and 2011, the OSC has determined that Company is in default of its continuous disclosure requirements under the Securities Act (Ontario) (the "Default"). The Default is a result of the absence of an opinion expressed by the auditor of the Company on the Financial Statements for the year ended January 31, 2011 presented as comparative statements prepared under International Financial Reporting Standards, as required under Section 4.1(2) National Instrument 51-102 - Continuous Disclosure Obligation.
The Company anticipates that revised Financial Statements will be filed by December 1, 2012 in order to remedy the Default. In the event that the revised Financial Statements are not filed as soon as they are available or within a reasonable period, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of Portage.
Portage Minerals Inc. is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the Company's website at www.portagemineralsinc.com and on the SEDAR website at www.sedar.com. The common shares of Portage are listed on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, 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. Portage undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
CNSX does not accept responsibility for the adequacy or accuracy of this release.