Portage Resources Inc(NDA) (PINK:POTG) through its wholly owned subsidiary Portage Minerals S.A., signed a definitive agreement in order to buy the Linderos Property. The company has already conducted all due diligence necessary on the Linderos Property related to this acquisition.
This definitive agreement with Nilam Resources S.A. is regarding the acquisition of the Linderos #4 property and on June 27, 2011 it was signed by the parties in Lima, Peru. As consideration for this acquisition, Portage Resources Inc. will issue 10 million shares to Nilam Resources.
The due diligence stage was spotlighted by the following facts-
A report was carried on in addition to the INGEMET, (the Peruvian government mining authority).
The Peruvian government calculated an near about amount of 500,000 proven ounces of gold in the area of TABACONAS LINDEROS PROJECT. These studies were filed in the library of the geologic Institute of Peru.
P. Geologist also conducted further independent studies on the Linderos project, and a summary of his results are in combination with further INGEMET REULTS. This basic evaluation indicated the area contains, 1,000,000 ounces immediately near surface and with drilling it can contain several times this amount.
Portage has involved into consulting with the community leaders during this due diligence phase and shall appoint an experienced community relations expert for this project.
The President and C.E.O. of Portage Resources Inc. commented that Linderos is another great addition to their company, and he is personally looking forward to this project as a proud Peruvian, as he sees the potential to be astounding.
Portage Resources, Inc. is a start-up mineral company in the pre-exploration-stage.
At 3:59 PM EDT on Wednesday, the shares of the Company were trading at $0.800 with a decline of 15.97% and ranging at a low of $0.75 and created a 52-Week high during the day at $1.24. The market cap of the Company amounted to $509.76 million. So far the shares are already trading at nearly 8 times its average volume of 6.66 million at 50.50 million.
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