Portal Resources Ltd.

Portal Resources Ltd.

March 03, 2005 09:15 ET

Portal Resources Negotiates One Million Dollar Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PORTAL RESOURCES LTD.

TSX VENTURE SYMBOL: PDO

MARCH 3, 2005 - 09:15 ET

Portal Resources Negotiates One Million Dollar Private
Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Portal
Resources Ltd. (TSX VENTURE:PDO) is pleased to announce that it has
negotiated a $1,000,000 non-brokered private placement. The placement
consists of 1,333,333 units at a price of $0.75 per unit. Each unit
consists of one common share and a one half-share purchase warrant. Each
whole share purchase warrant will be exercisable for one common share at
a price of $0.90 for a period of 12 months. Company officers and
directors will purchase a portion of the private placement.

The proceeds will be used to advance exploration on Portal Resources
gold/silver and copper/gold exploration projects in Argentina and for
general working capital purposes. A five percent finder's fee will be
paid on a portion of the placement.

Portal Resources Ltd. was founded in 2004 and is a precious and base
metal exploration company focused on gold/silver and copper/gold assets
in Argentina. The Company currently controls approximately 800 square
miles of mineral rights in two primary project areas. A description of
these projects, including maps and photographs can be viewed on the
Company's website at: www.portalresources.net.

ON BEHALF OF PORTAL RESOURCES LTD.

David Hottman, Chairman

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Portal Resources Ltd.
    David Hottman
    (604) 629-1929
    (604) 629-1930 (FAX)
    info@portalresources.net
    www.portalresources.net
    No securities regulatory authority or stock exchange has reviewed or
    accepts responsibility for the adequacy or accuracy of this release.