Portage Resources, Inc. is a start-up mineral company in the pre-exploration stage. The Company is focusing on the exploration and production of precious and base metals in Peru. They plan to recognize and acquire near-term production mining properties.
The Company’s sole mineral property, the ROK 1-20 Claims (the Portage Claims), was located in the Yukon Territory, Canada. In December 2009, the Company allowed the claims to lapse. Therefore, they have no further rights to the minerals associated with the ROK 1-20 claims.
Subsequently, Portage Resources, Inc. has chosen Peru as their first area of expansion. Peru has a rich tradition within the mining industry and is now growing in economic strength in South America.
Peru is the world’s largest producer of silver, third largest of copper and fifth largest of gold. The country is the largest producer of gold in Latin America. Gold accounts for a third of Peru’s export revenue. The vast reserve of Peru’s minerals is regarded to be only 10 percent explored nationally.
This month, Portage Resources, Inc. announced that they appointed Mr. Paul Luna Belfiore as President, CEO and a Director of The Board effective June 13, 2011. Mr. Luna is an experienced senior manager with broad international experience in developing resources, mining exploration, drilling and mining production. He is a mining engineer with close to 20 years of experience within the mining industry of Peru.
Last week, Portage Resources Inc. announced their new fully owned Peruvian subsidiary, Portage Resources SA. The new Peruvian company was formed as Peruvian law states that a Peruvian company must own all mineral rights within Peru.
In addition, last week, Portage Resources Inc. announced that they signed a Letter of Intent to acquire the Linderos #4 property. They have set a date of on or before August 1, 2011 to complete the acquisition of the Linderos #4 property. This property is in the north part of Pachapiriana between Tamborapa and Tabaconas. The project is in close proximity to the border with Ecuador.
Last Friday, the Company reported positive due diligence results on the Wukakuy Properties. These results advance Portage Resources, Inc.’s intention to acquire the Wukakuy properties.
The Wukakuy Property consists of two mining concessions called “Wukakuy” and “Wukakuy Uno”. They total 600 hectares and are in the Putina District, Department of Puno, in southeastern Peru. The exploration targets on the Wukakuy Property are a series of stratabound zones of Ag-Pb-Zn mineralization hosted in Carboniferous to Permian-aged carbonate and clastic sediments.