Portal Resources Ltd.

Portal Resources Ltd.

May 04, 2007 15:01 ET

Portal Receives Approval to Extend Share Purchase Warrants

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 4, 2007) - Portal Resources Ltd. (TSX VENTURE:PDO) is pleased to announce that the TSX Venture Exchange has consented to a six month extension of the expiry date of 1,317,500 share purchase warrants to November 18, 2007, as announced on March 9, 2006. The warrants were issued pursuant to a private placement of 2,635,000 shares with 1,317,500 non-transferable share purchase warrants attached, which was accepted for filing by the Exchange effective May 18, 2006.

The Company also announced its intention to reduce the exercise price of the warrants from $1.25 per share to $0.80 per share. In view of unforeseen delays in obtaining the necessary consents from warrant holders, the Company will not be proceeding with the re-pricing of the warrants.

Portal Resources Ltd. was founded in 2004 and is a precious and base metal exploration company focused on uranium, gold/silver and copper/gold assets in Argentina. The company currently controls approximately 1,250 square miles of mineral rights in three primary project areas. A description of these projects, including maps and photographs, can be viewed on the company's website at www.portalresources.net.


David Hottman, Chairman

This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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