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Portofino Executes Agreement Pursuant to the Yergo Lithium Brine Project in Catamarca, Argentina
Vancouver, B.C., March 05, 2018. PORTOFINO RESOURCES INC. (POR: TSX-V) (POT: FSE) (“Portofino” or the “Company”) is pleased to announce that it has executed a binding agreement with a private Argentine concession owner to acquire a 100% interest in the Yergo and Yergo 2 lithium brine salar projects in Catamarca, Argentina which comprise over 3,500 Hectares (“Ha”). The property locations can be viewed on the property map link below:
Portofino Resources – Catamarca Lithium Projects
The Yergo (2932 Ha.) project is located 30 kilometres (“km”) south of Portofino’s Project II, and approximately 20 km south-east of Neo Lithium Corp’s 3Q project.
The Yergo 2 project (614 Ha) is located approximately 20 km south of the Company’s Rio Grande Sur project and 23 km west of the Antofalla salar currently being explored by Albermarle Corporation.
To acquire a 100% interest in the properties, Portofino has agreed to make annual escalating payments to the vendor over a 27-month period totalling US$500,000 as follows:
- US$30,000 on signing,
- US$20,000 within 3 months,
- By the 15 month anniversary of TSX-V approval- US$125,000,
- By the 24 month anniversary of approval- US$150,000,
- By the 27 month anniversary of approval- US$175,000
The Company is not aware of any historical exploration work previously completed on the Yergo projects.
About Portofino Resources Inc.
Portofino is a Vancouver, Canada based Company focused on acquiring, exploring and developing mineral resource projects in the Americas. The Company has executed agreements pursuant to six prospective lithium salar properties in Catamarca, Argentina and currently holds an interest in over 17,000 Hectares.
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.