Gold Port Resources Ltd.
TSX VENTURE : GPO

Gold Port Resources Ltd.

September 20, 2010 14:18 ET

Gold Port Announces Secondary Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2010) - Gold Port Resources Ltd. (the "Company") (TSX VENTURE:GPO) is pleased to announce a secondary non-brokered private placement of up to 20 million units at a price of $0.085 per unit, for total gross proceeds of up to $1,700,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant allows the holder to purchase an additional common share of the Company for a two year period at a price of $0.13. A portion of the secondary non-brokered private placement will be subject to a finder's fee that may be payable in cash, shares or warrants with respect to certain private placement subscribers and in accordance with the policies of the TSX Venture Exchange. The above secondary non-brokered private placement is subject to the approval of the TSX Venture Exchange.

Proceeds from the Private Placement(s) will be used to initiate an extensive exploration program at the Groete Creek / Georgetown West Project area. The program will include the establishing of a grid across both project areas, surface sampling utilizing the Company owned Geoprobe sampling system, surface sampling employing SGS Laboratories Mobile Metal Ion Geochemistry technology, and drilling of the known gold zone utilizing the Company owned Acker track mounted drill system.

Groete Creek was originally explored by the United Nations Mineral Survey and subsequently, Coeur d'Alene Mines (TSX:CDM). The exploration which included drilling allowed Coeur d'Alene Mines to calculate by using a simple polygonal method, a non-NI 43-101 compliant resource of approximately 94 million tonnes grading 0.6 grams per tonne gold and 0.11% copper (Caution: The issuer has not done the work necessary to verify the classification of the resource or reserve, the issuer is not treating them as a NI 43-101 defined resource or reserve verified by a qualified person, and the historical estimate should not be relied upon). The drill program will attempt to confirm and expand upon this area of gold mineralization.

On Behalf of the Board of Directors of Gold Port Resources Ltd.

Adrian F.C. Hobkirk, President and Chief Executive Officer

This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon 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 which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release.

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