Penny Stock Power Play: Portage Resources

June 27th, 2011 | by Jaxon Hewlett |

Portage Resources Inc. (PINK: POTG), a Peru-based mining company, yesterday announced that its wholly owned subsidiary, Portage Minerals S.A., will acquire Linderos Property. Shares of Portage Resources jumped on continued momentum from five straight days of trading in the green. Portage Minerals signed the definitive agreement with Nilam Resources S.A. for the acquisition of Linderos # 4 property. Under the terms of the agreement, Portage will issue 10 million shares of its common stock to Nilam Resources to acquire the property.

News of the Linderos acquisition agreement comes quick on the heels of Portage Resources agreement to acquire Wukakuy Properties. The company recently completed the due diligence process for Wukakuy Properties and found that the property has estimated potential reserves of more than 58 million ounces.

The definitive agreement to acquire Wukakuy has been signed with Airon Peru S.A.C. Under the terms of the agreement, Portage will issue 20 million shares to Airon Peru to acquire the Wukakuy Properties.

News of the agreements boosted Portage Resources stock this week, driving 90% gains in the last three trading days. In today’s trading the stock is up more than 13%.

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