ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Oct. 18, 2012) - Portage Minerals Inc. ("Portage") (CNSX:RKX) today announced that its wholly owned subsidiary Rockport Mining Corp. ("Rockport") has completed its previously announced transaction with Wolfden Resources Corporation ("Wolfden"), as announced on March 12th, 2012 and September 13th 2012, to sell its 30% interest in the Clarence Stream Gold Project in New Brunswick.
Rockport has received total consideration of $1,635,000, comprised of cash and units of Wolfden, in connection with the sale of its interest. Wolfden paid a non-refundable deposit of $75,000 in March 2012, and a further $1,000,000 in cash upon the close of this transaction. In addition, Rockport has received 1,120,000 units of Wolfden valued at $560,000. Each unit consists of one common share of Wolfden and one-half of a common share purchase warrant of Wolfden. Each whole warrant entitles the holder to acquire a common share of Wolfden at an exercise price of $0.75 on or before October 18, 2014. The securities are subject to a four month hold.
According to Ken Hight, Chairman and Chief Executive Officer of Portage, "We will be redeploying the cash received into our exploration programs at our primary exploration sites, Golden Ridge and Golden Pike/Annidale Properties, without further diluting our shareholders."
Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of Portage, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.
Portage Minerals Inc. is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the Company's website at www.portagemineralsinc.com and on the SEDAR website at www.sedar.com. The common shares of Portage trade on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".
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Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Portage undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CNSX has not approved and does not accept responsibility for the adequacy or accuracy of this news release.