Portage Minerals Inc.

Portage Minerals Inc.

March 13, 2008 12:13 ET

Portage Minerals Announces Issuance of Convertible Promissory Note

TORONTO, ONTARIO--(Marketwire - March 13, 2008) - Portage Minerals Inc. ("Portage") announces that it has issued a convertible promissory note in the principal amount of $140,000 bearing interest at 8% per annum, payable in quarterly instalments on account of principal in the amount of $46,666 commencing on September 30, 2008, with the balance of the principal and accrued interest payable on March 31, 2009. Principal and interest is convertible at the option of the holder at any time into common shares of Portage at a conversion price of $0.15 per share.

On behalf of the Board and Management of Portage Minerals Inc.:

George Cole, President & CEO, Director

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management 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 in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Portage to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Portage to fund the capital and operating expenses necessary to achieve the business objectives of Portage, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Portage. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Portage should not place undue reliance on these forward-looking statements.

Statements in relation to "resources" and "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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