Gold Port Resources Ltd.
TSX VENTURE : GPO

Gold Port Resources Ltd.

May 04, 2011 11:05 ET

Gold Port Resources: Drilling to Begin at Groete Creek Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - Gold Port Resources Ltd. (the "Company") (TSX VENTURE:GPO) is very pleased to announce the initiation of drilling at the Groete Creek Gold Project, Guyana. The Company owned Acker MP 8 track mounted drill rig has been delivered to the project site and is now located on hole GC11-1. A test hole is currently being completed as part of the commissioning of the rig. The first hole is expected to begin in the immediate future. The program will involve the completion of 3,000 meters over ten holes.

The intent of the program is to confirm prior drill results completed by Coeur d'Alene Mines Corp and to facilitate the completion of a NI 43-101 compliant resource estimate. In 1995, Coeur d'Alene Mines began to explore the originally identified mineralized Groete Creek area. The program included a re-evaluation and interpretation of all available data, mapping and sampling of the project area, as well as further drilling. At the conclusion of the field program, Coeur d'Alene using a simple polygonal method in drilling by cross section, identified a gold-copper deposit comprising approximately 94 million tonnes grading 0.6 grams per tonne gold and 0.11% total copper. (Caution: The issuer has not done the work necessary to verify the classification or quantity 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). Gold Port will replicate as closely as possible the original drill locations.

Exploration work will be conducted ahead of the drill progress to facilitate step-out targets. The area of the historical drilling comprises a strike of approximately 1,000 meters east to west. Recent surface mining has extended this zone to the eastern boundary of the property, some 2,000 meters from the original location. Geological reconnaissance is underway across this area and onto the adjacent Georgetown West Project area (also part of the Gold Port land holding).

P & E Mining Consultants Inc., an established internationally recognized consulting firm, has been retained for the calculation of NI 43-101 compliant resource estimates based on exploration results by the Company. P and E has recent experience working in Guyana. They are currently engaged by Sandspring Resources Ltd. for geological and engineering work on the Toroparu Au-Cu Project.

Over the past four months, the Company has completed a re-routing access to the Groete Creek Gold Project. Prior access was from Parika, across the Essequibo River, and then directly to the project site via a network of narrow creeks. A direct access road has been completed from the Manaka Landing area on the north side of the Essequibo River. This completely removes the water travel via a network of narrow creeks and reduces the travel time from five hours to two hours, and significantly increases the reliability of the route for supply and maintenance.

Mr. Paul A. Pelke, a registered geologist in the state of California and a Qualified Person as defined by NI 43-101 has reviewed the content of this press release.

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.

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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