Portofino Announces Private Placement

PORTOFINO RESOURCES INC.

Suite 200, 551 Howe Street, Vancouver, British Columbia V6C 2C2 Telephone: 604-683-8610, Fax: 604-683-4499 Trading Symbol: POR

PORTOFINO ANNOUNCES PRIVATE PLACEMENT

Vancouver, British Columbia, August 4, 2016. Portofino Resources Inc. (the “Company”) is pleased to announce that it has increased the size of its previously announced non-brokered private placement (see news release dated July 21, 2016) to $400,000 (the “Private Placement”). There is no minimum subscription for this financing.

The Private Placement will now consist of up to 8,000,000 units (each a “Unit”) at a purchase price of $0.05 per Unit for aggregate gross proceeds of up to $400,000. Each Unit will be comprised of one common share (a “Common Share”) of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable to purchase an additional Common Share (a “Warrant Share”) of the Company at an exercise price of $0.075 per Warrant Share for a period of two years from the closing date of the Private Placement. The Company will be relying on available exemptions including accredited investor, friends, family and business associates and distribution through an investment dealer.

The Company intends to use the net proceeds of the Private Placement for general working capital purposes.

The securities issued in connection with the Private Placement will be subject to a four month hold period in accordance with Canadian securities laws. The Private Placement is subject to the acceptance of the TSX Venture Exchange.

There is no material fact or material change about the Company that has not been generally disclosed.

ON BEHALF OF THE BOARD

Robert Coltura Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.