Portage Minerals Inc.

Portage Minerals Inc.

April 11, 2011 08:30 ET

Portage Undertakes Strategic Review of Antimony Assets

SAINT ANDREWS, NEW BRUNSWICK--(Marketwire - April 11, 2011) -Portage Minerals Inc ("Portage") (CNSX:RKX) announced today the appointment of Cornerstone Capital Partners ("Cornerstone") as the Company's advisor to assist with a strategic initiative in respect of its promising Bald Hill antimony project. Considering Portage has a significant antimony discovery in New Brunswick and that tight antimony markets and record high prices persist, Portage is reviewing several opportunities involving the potential sale or joint venture of its Bald Hill property.

Portage's Board of Directors has determined that the current focus for the Company is exploration and development of gold properties. As a result of this determination the Company will focus on its three advanced exploration properties in New Brunswick; which include: (1) Clarence Stream (30% owned); (2) Golden Ridge (60% owned); and (3) Golden Pike (100% owned). All of these opportunities are highly prospective gold targets which are virtually unexplored outside of current areas of drilling. Portage also controls a 400 square kilometre area in the Annidale Gold Belt with 30 gold showings.

According to Ken Hight, Chairman and Chief Executive Officer of Portage, "Cornerstone will investigate and advise us so that we can determine the best way to capitalize on the value inherent to the promising Bald Hill antimony project in order to unlock and redirect resources to the exploration and development of our gold properties."

Bald Hill Antimony Project

The Bald Hill antimony project is a significant new discovery as previously reported, set in a geological region proven to host major antimony deposits similar to the past producing Lake George mine in New Brunswick, as well as the Beaver Brook mine in Newfoundland. The main antimony trend at Bald Hill has now been defined over 700 metres of its indicated +1.5 kilometre length and remains open in all directions. Previous results released included:

Potential Quantity and Grade of a previous drill area is in the 725,000 to 1,000,000 tonne range grading 4.11% to 5.32% Sb. (Please see the technical report entitled "National Instrument 43-101 Technical Report, Bald Hill Antimony Project, Southern New Brunswick, Canada" prepared by Heather MacDonald M.Sc., P. Geo. of Conestoga-Rovers & Associates, as the qualified person and prepared in accordance with the Canadian Securities Administrator's National Instrument 43-101).

  • Initial trenching completed this year on the South Extension target returned significant antimony mineralization from a 10 metre wide sheared and altered zone containing two separate antimony (stibnite) - quartz veins up to 1.75 m in width.

  • Assay results returned 2.90% Sb over 8.18 m including 5.79% Sb over 1.75m and 8.47% Sb over 1.53 m (see news release dated March 15, 2011).

  • Another high grade antimony target located approximately 3 km east of Bald Hill on Portage's 100% owned East Property. Here, prospecting samples collected from angular boulders, assayed up to 53.00 % antimony and 1.86 g/t gold. Of the eleven (11) anomalous samples collected seven (7) returned assay results greater than 15% Sb. The source of these high grade boulders is hypothesized to be local and thus represents an exciting exploration target for further exploration (see news release dated November 10, 2010).

Antimony Update

Antimony is used to increase hardness and strength of metal alloys. Antimony and its compounds are also widely used in the production of batteries, bullets, cable sheathing, flame-proofing compounds, glass, ceramics, paints, pottery and in the semiconductor industry. China is the major producer and consumer of antimony. Antimony market in China continues to be very tight; prices have continued to climb. As of April 1, 2011, according to metalbulletin.com, Chinese free market prices were RMB108,000-RMB112,000 per tonne (US$16,513 to US$17,125) more than double the price from one year ago.

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.

About 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 trade on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".

To receive company news releases via e-mail, please advise lauren@chfir.com and specify "Portage News" in the subject line.

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.

CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Portage Minerals Inc.
    Ken Hight
    President and CEO
    (506) 529-8206
    (506) 529-8595

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    (416) 868-6198