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Portofino Amends Iron Horse, B.C. Option Agreement
September 21, 2017 5:04 PM EDT | Source: Portofino Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2017) - PORTOFINO RESOURCES INC. (TSXV: POR) ("Portofino" or the "Company") reports that it has executed an amendment to its Iron Horse, B.C. Property Option Agreement, originally executed in February 2012. Rich River Exploration Ltd. (the claim owner) has agreed to extend certain cash and exploration expenditures and the Company has agreed to issue an additional 100,000 common shares.
Portofino may earn a 100% interest in the Iron Horse-Bolivar Mineral Property ("the Property") subject to a 3% NSR.
The amended Option payment schedule is presented in the table below:
| Date of Completion | Obligations | ||
| Cash Payment | Number of Common Shares to be issued | Minimum Exploration Expenditures to be incurred | |
| Upon execution of agreement (paid) | $ 10,000 | - | - |
| On or before Feb 28, 2013 (incurred) | - | - | $ 100,000 |
| Upon listing (paid and issued) | 15,000 | 85,000 | - |
| On or before 1st anniversary of listing (issued) | - | 90,000 | - |
| 2nd anniversary of listing (Dec 05, 2016) | - | - | - |
| 3rd anniversary of listing (Dec 05, 2017) | 5,000 | 100,000 | 125,000 |
| 4th anniversary of listing (Dec 05, 2018) | 25,000 | - | 300,000 |
| 5th anniversary of listing (Dec 05, 2019) | 45,000 | - | 475,000 |
| Total: | $ 100,000 | 275,000 | $ 1,000,000 |
The transaction is subject to TSX-V exchange approval.
About Portofino Resources Inc.
Portofino is a Vancouver, Canada based Company focused on acquiring, exploring and developing mineral resource projects in the Americas.
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.