Portofino Announces $500,000 Financing
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 ANNOUNCES $500,000 FINANCING
Vancouver, B.C., November 02 , 2020. PORTOFINO RESOURCES INC. (POR: TSX -V) (POTA: FSE)
(“Portofino” or the “Company”) announces that it has arranged a private placement financing for
$500,000 priced at $0.10 per unit. Each Unit will consist of one common share and one share purchase
warrant. Each Warrant shall have a term of 24 months commencing on the Closing Date and shall entitle
the holder to purchase one common share at a price of $0.15 during the term. Closing will be subject to
TSXV Exchange approval and any shares issued will be subject to a four-month hold period.
Proceeds from the financing shall be used for exploration activities on its Northwestern Ontario precious
metal projects and general working capital. The focus of exploration will be on its South of Otter, Red Lake
and its Gold Creek properties.
The Company will not proceed, at this time, with the previously announced flow-through private
placement financing.
Portofino also announces that it has retained 1712060 Alberta Co. (“Alberta Co.”) to provide strategic
investor relations and financial communications services for a period of up to 12 months. The Company
will pay a monthly retainer fee of $17,000 for select strategic communications services. Neither Alberta
Co. nor any of its principals have an ownership interest, directly or indirectly, in Portofino or its securities,
and the Company has not granted Alberta Co. or its principals any right to acquire any such interests. The
agreement is subject to the approval of the TSXV Exchange.
Portofino’s Recent Activities
The Company has been highly active through the past months with exploration being undertaken at each
of its four gold properties in northwestern Ontario. At the Gold Creek claims in the Matawin gold belt
south of Shebandowan, our geological team has been following up on the targets delineated by our recent
airborne geophysical survey. Several occurrences were located, mapped and sampled with more than
160 samples shipped for analyses. Closer to the developing Atikokan gold camp, Portofino’s team has
completed preliminary exploration on its Sapawe West and Melema West projects, including prospecting,
geochemical rock, soil and lake sediment sampling and sampling of all noted mineral occurrences – some
of which may constitute new discovery showings. Currently, our geologists are working near Red Lake,
Ontario, on the South of Otter project where they are undertaking additional rock sampling and
conducting a soil sampling program on a targeted grid to assist in the next steps planning of a diamond
drill program.
David Tafel commented, “We look forward to receiving sample assay results from the lab and will report
results of our exploration work as they becomes available. We believe that our portfolio of p rospective
gold projects has excellent potential.”
Qualified Person
Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43 -101,
has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource
projects in the Americas. Its South of Otter and Bruce Lake projects are in the historic gold mining district
of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In
addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located
immediately south of the historic Shebandowan Ni ckel-Copper mine, as well as the Sapawe West and
Melema West properties located near Atikokan. The Company also maintains an interest in prospective
lithium salar properties located within the world -renowned “Lithium Triangle” in Argentina. For further
information on the Company, please visit:
https://www.portofinoresources.com/.
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 may contain forward looking statements concerning future operations of Portofino Resources Inc. (the
“Company”). All forward- looking statements concerning the Company’s future plans and operations, including management’s
assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond
the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that
actual performance and exploration and financial results may differ materially from any estimates or projections.