Portofino Amends South of Otter, Red Lake Agreement
Suite 520 – 470 Granville Street
Vancouver, BC, CANADA V6C 1V5
Telephone: 604-683-1991
Fax: 604-683-8544
www.portofinoresources.com
PORTOFINO
RESOURCES INC.
NEWS RELEASE
PORTOFINO AMENDS SOUTH OF OTTER, RED LAKE AGREEMENT
Vancouver, B.C., February 1, 2024. PORTOFINO RESOURCES INC. (TSX -V: POR) (OTCQB: PFFOF)
(FSE: POTA) (“Portofino” or the “Company”) announces that it has executed an amending
agreement with EMX Royalty Corp., the underlying claim owner of the South of Otter, Red Lake,
Ontario gold project. The Agreement allows the Company to exercise its right to earn a 100% interest
in the project by making the final cash payment of $25,000 based on 50% in shares (by Feb 05th) and
50% in cash (by Feb 28th).
Based on the previous 30-day volume weighted average price for Portofino shares, 176,056 shares
are to be issued at a value of $.071 per share. Following this final payment, the Company will own
100% interest in the South of Otter claims, subject to a 1.5% NSR.
Background
In November 2019, Portofino entered into an option agreement that provided the Company with the
right to earn a 100% interest in the project by making cash payments totaling $70,000 and issuing
500,000 shares over four years. All payments, other than the final $25,000 have previously been
completed.
The South of Otter project is located approximately 40 kilometres southeast of the town of Red
Lake, Ontario and only 8 kilometers from the Great Bear Resources project which was acquired
for $1.8 Billion by Kinross Gold . The Property contains excellent targets for both Red Lake -style
gold mineralization as well as gold -bearing base metal prospects. Previous work completed by
Portofino includes mapping, geochemical soil sampling, trench sampling and airborne
geophysical surveying. In addition, drill targets have been identified.
The amended terms and share issuance are subject to approval of the TSX Venture Exchange.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne,
P.Geo., who is a Qualified Person (“QP”) as defined by National Instrument 43-101, Standards of
Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver, Canada -based company focused on exploring and developing mineral
resource projects in the Americas. Portofino has executed an agreement with Lithium Chile Inc.
to explore and develop the Arizaro Lithium Project located in Salta, Argentina and additionally
maintains a 100% interest in the (drill ready) Yergo Lithium Project in Catamarca. Both projects
are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity
to multiple world-class lithium projects.
The Company also has the right to earn 100% interest in three pegmatite lithium projects and
five gold projects located within northwestern Ontario.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director 604-683-1991
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.
This news release contains "forward -looking statements" within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in nature may constitute forward -looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-
looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "will continue", "will occur" or "will b e achieved". The forward -looking information and forward -
looking statements contained herein include, but are not limited to, statements regarding the Company’s future
business plans. Forward-looking information in this news release is based on certain assumptions and expected future
events, namely the growth and development of the Company’s business as currently anticipated. These statements
involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or
achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that
the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward -looking
statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained
in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as
of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new information, estimates or opinions, future events or
results or otherwise or to explain any material difference between subsequent actual events and such forward -
looking information, except as required by applicable law.