Portex Minerals Inc.
CNSX : PAX

Portex Minerals Inc.

April 30, 2012 16:30 ET

Portex Minerals Inc. Completes the Acquisition of the Toral and Lago Properties in Spain

TORONTO, ONTARIO--(Marketwire - April 30, 2012) - Portex Minerals Inc. ("Portex" or the "Company") (formerly Strategic Resource Acquisition Corporation) (CNSX:PAX) is pleased to announce that it has completed the acquisition of the Toral and Lago polymetallic exploration properties in North West Spain. In addition, Portex owns 100% of the 134 square kilometer Lagoa Salgada base metal concession located in Portugal at the North West end of the Iberian Pyrite Belt, a well known geological area with several currently producing mines.

As approved by shareholders at the annual and special meeting of the shareholders of Portex held on March 22, 2012, Portex has issued 15,151,273 common shares to GoldQuest Mining Corp. ("GoldQuest") in consideration for the purchase of the entities which own the exploration licenses for the Toral and Lago properties. GoldQuest now owns 35% of the outstanding common shares of Portex. Portex and GoldQuest have entered into a shareholder's agreement in respect of the GoldQuest shares.

"We are pleased to have GoldQuest as a major and supportive shareholder of Portex. We look forward to a productive relationship between the two companies. The acquisition of the properties in Spain represents a major step forward in creating a significant new European mining company", commented Peter Chodos, President and Chief Executive Officer of Portex.

The Toral Project covers a license area of 2,400 ha located in the province of Leon in North West Spain, approximately 400 km northwest of Madrid. The property is accessed by infrastructure including a regional highway, a high voltage power line and a railway line which links to the Asturianas zinc-lead smelter via the city of Leon. The April 2011 NI 43-101 technical report, commissioned by GoldQuest and prepared by Micon International Co. Limited, estimated an indicated resource for the Toral project of 4.04Mt grading 5.3% lead, 6.5% zinc, 0.11% copper and 41g/t of silver. In addition, Micon estimated an inferred resource of 4.67Mt grading 4.44% lead, 5.4% zinc, 0.14% copper and 32g/t of silver. A cut-off grade of 7% combined lead and zinc was used to define the Toral project's mineral resources. The complete NI 43-101 technical report may be found on GoldQuest's company profile at www.sedar.com. Micon International Co. Limited has been retained by Portex to prepare an amended report, addressed to Portex, on the Toral property. Portex will file this amended report on SEDAR when it is completed.

The Lago concession location can be seen on a map on GoldQuest's website at www.goldquestcorp.com. GoldQuest's compilation of the unproven and unverified historical data of investigations, completed by or on behalf of the Spanish mining firm, Exploracion Minera International Espana S. A. ("EXMINESA") between 1985 and 1990, indicated that mineralization at Lago may be similar to that on the Toral property. The mineralized horizons at Lago are hosted by volcano-sedimentary units of Paleozoic age, folded by a syncline structure, which is disrupted by vertical faulting sub parallel to the regional deformation. Estimated mineralization reported by EXMINESA can be traced approximately 1,375 meters parallel to the axe of the syncline. The results reported by EXMINESA range from 3.0 meters of 1.88% combined lead and Zinc to 9.5 meters of 9.54% combined lead and Zinc and 7.50 meters of 14.75% combined lead and Zinc. All such potential is conceptual in nature as there has been insufficient exploration to define a mineral resource, and at this time, it is uncertain if further exploration will result in the target being delineated as a mineral resource. GoldQuest received the first exploration permit from the government of the province of Galicia in July 2011 and has two additional permits pending with the provincial government.

Portex is a Toronto-based mineral development company, focused on acquisition and development of base and precious metal properties in the Iberian Peninsula (Portugal and Spain). The Company's principal property is the Lagoa Salgada concession in Southern Portugal. The Lagoa Salgada concession hosts the Lagoa Salgada deposit, a polymetallic volcanogenic massive sulphide ("VMS") deposit which consists primarily of lead and zinc, along with some gold, silver and copper. The concession is 134 km2 in area and is close to infrastructure including highways, rail, power and labour supply. Portex recently completed a NI 43-101 Technical Report and Resource Estimate (Wardrop, a Tetra Tech company ("Tetra Tech"), January 9, 2012) which showed an indicated resource, at a 3.5% Zinc-Equivalent ("Zn-Eq") cut-off, of 2.9 million tonnes at 7.2% zinc equivalent and an inferred resource of 1.6 million tonnes at 5.5% zinc equivalent, as announced previously in Portex's news release dated January 4, 2012. The NI 43-101 Technical Report and Resource Estimate was filed on SEDAR on January 11, 2012.

As previously disclosed, Portex has applied to list its securities on the Toronto Venture Exchange. The Company is continuing to work through the listing process. In addition, the Company continues to review its alternatives with respect to financing its operations.

Paul Daigle, P.Geo of Tetra Tech, is the Qualified Person responsible for the referenced disclosure in the Technical Report entitled "Lagoa Salgada Project, Portugal-Resource Estimate Update", dated January 9, 2012, available on www.sedar.com, in conformance with the standards of National Instrument 43-101.

Stanley C. Bartlett, P.Geo. of Micon International Co Limited is the Qualified Person responsible for the referenced disclosure in the Technical Report entitled "Toral Zinc-Lead-Silver Project, Castile and León, Spain, Mineral Resource Estimate, NI 43-101 Technical Report", dated 14th April, 2011, available on www.sedar.com in conformance with the standards of National Instrument 43-101.

William Fisher. P.Geo., a director of GoldQuest, is the Qualified Person responsible for, and has approved, the disclosure pertaining to Lago in conformance with the standards of National Instrument 43-101.

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Shares outstanding: 43,289,353

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

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