Portofino Provides Corporate Update
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 PROVIDES CORPORATE UPDATE
Vancouver, B.C., June 20, 2023. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA)
(“Portofino” or the “Company”) wishes to report that further to its June 14th news release, approximately
97% of the 28.5 million shares voted at the Annual General Meeting (the “ AGM"), (19.2% of shares
outstanding) were in favor of each of the management resolutions and director elections.
CEO and Director, David Tafel, commented: “We have had to overcome a variety of hurdles, but I believe
we are on a path with many positive opportunities and outcomes for our investors. More than 76% of the
shares voted at our AGM were arms -length shareholders and I would like to express my appr eciation for
the support of all shareholders over the past year.”
Following the formal agenda items of the June 14 th AGM, management also updated shareholders on
corporate activities. A brief summary is provided below:
• Portofino holds an interest in a number of well located Argentine and Canadian lithium and gold
exploration projects. Management believes that prioritizing its focus to advance the Argentine lithium
brine prospects is in the best interest of shareholders. In addition to on the ground activities,
numerous discussions are ongoing with potential strategic partners to capitalize on current and future
opportunities.
• Management has also initiated dialogue with several groups to monetize one or more Canadian
assets. Subject, however, to successful near and mid-term progress in Argentina, the Company’s
prime objective would be to spin-out the Canadian projects into a new, separate entity.
Arizaro, Lithium project Salta, Argentina:
In conjunction with the state-owned resource company in the Province of Salta, extensive geological due
diligence on the 8,445-hectare Arizaro lithium brine project involving a team of geologists, geophysicists,
technicians and heavy equipment operators has been completed. This included:
1) More than 40 surface brine samples collected;
2) 35 trenches reaching shallow water tables using excavation equipment; and
3) 69,000 metres of geophysical surveying utilizing Vertical Electric Soundings technology.
The Company had previously reported execution of a Memorandum of Understanding and a Collaboration
Agreement (the “Agreements”) and has completed numerous steps as outlined within the Agreements.
These have included geological due diligence programs, community impact and sustainability proposals,
and an economic and community benefits submission . While the geological team is still assessing the
outcome of the field work and preparing final due diligence reports for the Company, initial results are
reportedly encouraging. Management is concurrently maximizing efforts to finalize a definitive agreement
which includes submitting a financial commitment through a Tender process this summer.
Yergo lithium Project, Catamarca Argentina:
In September 2022, the Company reported receipt of a Notice of Termination from the claim owner, Mr.
Fabian Bertetto (the “Optionor”) of the Yergo Project. The Company rejected the purported termination
as having no merit and pursuant to the Company’s filing and request, an injunction was granted by the
Mining Court for the Province against the Optionor . The injunction, which remains in place at present,
legally prohibits the Optionor from entering into any form of alternative transaction regarding the Yergo
Project.
While the Company would welcome an inf ormal commercial resolution to the issues created by the
Optionor, it is now aggressively pursing formal adjudication from the Courts.
Allison Lake North Lithium Project, Northern Ontario:
Sampling in 2021 and 2022, by Portofino’s geological team resulted in the reporting of grab and channel
samples returning values up to 412 ppm Lithium, 1040 ppm Rubidium and 135 ppm Tantalum.
During the year, the Company also received results of a high-resolution helicopter-borne magnetometer
("mag") geophysical survey. The objective of the survey was to identify structural weaknesses, geological
contacts and possible fractionation directions in the “Allison Batholith” that cou ld potentially contain
lithium bearing pegmatites. Results of the airborne survey will be instrumental in guiding additional
sampling programs.
In January 2023, Portofino filed an independent National Instrument 43-101 technical report.
The Allison Lake area has attracted a significant number of exploration groups due to its excellent
prospects. The Portofino claims are well positioned in the heart of this fully staked, multi-company, critical
mineral exploration region.
Management has been actively engaged with several groups interested in acquiring and or forming a
partnership regarding this project.
Gold Projects, Northern Ontario:
Within the historically prolific gold producing Red Lake , Atikokan and Thunder Bay regions of
Northwestern Ontario, the Company has 5 exploration stage projects. Two projects that are drill -ready
include the Gold Creek project (Gold Creek Property | Portofino Resources Inc.) located in close proximity
to recent gold discoveries by Delta Resources Ltd.; and the South of Otter project ( South of Otter, Red
Lake Property | Portofino Resources Inc. ), located within 7 kms of the Great Bear Res ources gold
discoveries, acquired in 2022 for $1.4B. Kinross completes acquisition of Great Bear Resources - Kinross
Gold Corporation.
Opportunities being pursued include monetizing one or more assets, forming joint ventures and spinning-
out the Canadian projects into a new entity in order to enhance shareholder value.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo.,
who is a Qualified Person as defined by National Instrument 43 -101, Standards of Disclosure for Mineral
Projects. The QP has not completed sufficient work to verify the historic information on the properties,
particularly regarding historical exploration, neighbouring companies, and government geological work.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource
projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium
projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The properties
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
northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake,
Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned
by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the
Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe
West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
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 be 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, uncerta inties 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 no t 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 preparatio n, 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.