ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Sept. 13, 2012) - Portage Minerals Inc. ("Portage") (CNSX:RKX) today announced that its wholly owned subsidiary Rockport Mining Corp. ("Rockport") has amended its agreement with Wolfden Resources Corporation ("Wolfden"), as announced on March 12th 2012, to sell its 30% interest in the Clarence Stream Gold Project in New Brunswick.
Clarence Stream Gold Project Amendment
Rockport has amended its agreement with Wolfden. Rockport will now receive $1,635,000 in cash and equity. Wolfden has paid $75,000 as a non-refundable deposit and will pay upon the close of the transaction $1,000,000 in cash and $560,000 in the equity of Wolfden. The number of shares that Rockport will receive will depend on the issue price of Wolfden's public offering. Rockport will no longer have an interest in Clarence Stream. The closing of the transaction is conditional on Wolfden completing its public offering by November 30th 2012; receipt of all applicable regulatory and stock exchange approvals; and other customary closing considerations.
According to Ken Hight, Chairman and Chief Executive Officer of Portage, "While we are disappointed with the outcome of this transaction, the value we will receive is consistent with the current market conditions. This transaction allows us to strengthen our balance sheet without having to access depressed capital markets."
Mr. Hight went on to say, "We will be redeploying the cash received into our exploration programs at our primary exploration sites, Golden Ridge and Golden Pike/Annidale Properties, without further diluting our shareholders."
Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of Portage, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.
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 trade on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".
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Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Portage undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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