Portex Minerals Inc.

Portex Minerals Inc.

November 08, 2011 08:00 ET

Portex Minerals Inc. Retains Consultant to Prepare 43-101 Compliant Technical Report and Resource Estimate for its Lagoa Salgada Project in Portugal

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2011) - Portex Minerals Inc. ("Portex" or the "Company") (formerly Strategic Resource Acquisition Corporation)(CNSX:PAX) is pleased to announce that it has retained Tetra Tech WEI Inc. to prepare a NI 43-101 compliant report and resource estimatefor its Lagoa Salgada base metal project in south-western Portugal. Portex expects that the report and resource estimate will be completed by mid-December 2011.The Lagoa Salgada property is located at the northwest extension of the Iberian Pyrite Belt, which hosts numerous past and current producing mines in both Spain and Portugal.

The resource estimate will update the historical resource estimate prepared for the previous owners of the concession and will include the data obtained from the first phase of the current drill program in which Portex completed 1,137.5 meters of percussion and core drilling.

Portex received the second extension to its exploration contract dated October 10, 2011. Thecontract expires September 30, 2012 unless further extended by the Direcção Geral de Energia e Geologia ("DGEG"), an agency of the Portuguese Ministry of Economy and Employment. However, in April 2011, DGEG provided Portex with a letter permitting the Company to request an extension of its exploration contract for an additional two years from September 30, 2012. Pursuant to its existing contract, Portex must spend approximately € 1 million on its Lagoa Salgada work program.

In August and September 2011, Portex contracted International Geophysical Technology, S.L., an independent consulting firm based in Spain, to conduct a time domain electromagnetic method ("TDEM") survey on boreholes drilled during phase 1 of the Company's drilling program at Lagoa Salgada. The objective of the survey was to obtain further information on the lateral and vertical extensions of the deposit. TDEM is used in mineral exploration and is based on using electromagnetic induction to generate responses from sub-surface conductors. The geophysical survey shows that many of the conductive areas agree with the known location and orientation of the mineralized zone; however, a number of conductive areas appear to indicate that the deposit continues into areas that Portex has yet to drill.While the orientation of the deposit is generally aligned on a North Northwest-South Southeast axis, the deposit appears to deviate gently to the west at the Northern extension of the deposit. Portex is studying the data from the survey and will take the results into account in preparation for phase 2 of its current drilling program.

Peter F. Chodos, President and Chief Executive Officer of Portex, commented: "We are pleased to commence the update of the resource estimate for the update of the resource estimate for the Lagoa Salgada property. As well, we appreciate the granting of our contract extension by DGEG with minimal impact on the size of the exploration concession and we look forward to commencing phase two of the drilling program."

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).Terence Chandler, P.Geo., Executive Vice President of Portex Minerals Inc. is the Qualified Person responsible for this disclosure 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.

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