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Portofino Resources Executes Agreement to Option Gold Creek Property

Portofino Resources Inc. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) has announced a Mineral Claims Option Agreement with Delta Resources Limited.

Portofino Resources Mineral Claims Option Agreement

Portofino has granted Delta the exclusive right to acquire a 100% interest in its Gold Creek property. Situated near Thunder Bay, Ontario, the property spans approximately 4,324 hectares.

Agreement Terms

  • $100,000 in cash and 666,667 shares of Delta on TSX Venture Exchange approval.
  • $100,000 in cash and 666,667 shares of Delta on the first anniversary of approval.
  • $100,000 in cash and 666,667 shares on the second anniversary of approval.

Portofino retains a 2% Net Smelter Return Royalty (NSR). Delta can buy back 1.0% NSR for $1 million and has the right of first refusal on the second 1.0% NSR, up to $4 million.

Delta Resources Assumes Agreements

Delta will assume underlying agreements between Portofino and previous vendors on three property portions.

Claim Purchase Agreement

Portofino has executed a claim purchase agreement with a private vendor covering approximately 700 acres, north of the Gold Creek property. To acquire 100%, Portofino will pay $2,200 in cash and 250,000 shares upon Exchange approval. Vendors will retain a 1.25% NSR, with Portofino having the right to buy back 0.75% for $200,000.

About Portofino Resources Inc.

Portofino Resources Inc. is a Vancouver-based company focused on exploring and developing mineral resource projects in the Americas. Portofino is working with Lithium Chile Inc. on the Arizaro Lithium Project in Salta, Argentina, and holds a 100% interest in the Yergo Lithium Project in Catamarca. Additionally, the company can earn a 100% interest in three pegmatite lithium projects and several gold projects in northwestern Ontario, Canada.

David G. Tafel
Chief Executive Officer

David Tafel, CEO, Director

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