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Portofino Closes Option Agreement for Gold Creek Property

Portofino Resources Inc. (TSXV: POR) has announced the closing of its Option Agreement with Delta Resources Limited for the Gold Creek, Ontario property. The agreement includes $300,000 in cash and 2,000,001 shares of Delta, distributed over three payments upon TSX Venture Exchange approval.

Portofino’s Transaction Details

Portofino will receive payments as follows:
1. $100,000 in cash and 666,667 Delta shares on Exchange approval.
2. $100,000 in cash and 666,667 Delta shares on the first anniversary of Exchange approval.
3. $100,000 in cash and 666,667 Delta shares on the second anniversary of Exchange approval.
Portofino retains a 2% Net Smelter Return Royalty (NSR) on the property. Delta can buy back 1% NSR for $1 million and has the right of first refusal on the second 1% NSR up to $4 million.

Additional Details on NSR Agreements

Upon exercising the Option, Delta assumes three NSR agreements:
1. 1.5% NSR with 0.75% buyback for $500,000.
2. 1.5% NSR with 0.5% buyback for $500,000.
3. 1.25% NSR with 0.75% buyback for $200,000.

Portofino Secures Claim Purchase Agreement

Portofino also completed a claim purchase agreement with a private vendor for 700 acres north of Gold Creek. To acquire 100%, Portofino will pay $2,200 in cash and 250,000 shares upon Exchange approval. The vendors retain a 1.25% NSR, with Portofino having a buyback option of 0.75% for $200,000.

About Portofino Resources Inc.

Portofino Resources Inc. is a Vancouver-based company focused on exploring and developing mineral resources in the Americas. It has agreements for the Arizaro Lithium Project in Salta, Argentina, and the Yergo Lithium Project in Catamarca. Portofino holds interests in three pegmatite lithium projects and several gold projects in northwestern Ontario, Canada.

“David G. Tafel”
Chief Executive Officer

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