TORONTO, ONTARIO--(Marketwire - Feb. 9, 2012) - Portex Minerals Inc. ("Portex" or the "Company") (formerly Strategic Resource Acquisition Corporation) (CNSX:PAX) is pleased to announce that it has submitted its application for listing on the Toronto Venture Exchange. Raymond James Ltd. is providing the sponsorship for the application. In conjunction with the listing, Portex expects to raise between $2 million and $3 million of additional capital. The terms of this financing have not yet been determined.
Portex is also pleased to announce that it has commenced the second phase of its drill program which, when completed, is expected to consist of at least five additional holes for a total of approximately 1,500 to 2,000 meters. As part of its work program for 2012, Portex also expects to undertake mineralogical and metallurgical test work, provide an updated resource estimate and complete a preliminary economic assessment for the development of the Lagoa Salgada deposit. The timing of the various components of the 2012 work program may vary.
Portex is a Toronto-based mineral development company, focused on acquisition and development of base and precious metal properties in the Iberian Peninsula (Portugal and Spain). The Company's principal property is the Lagoa Salgada concession in Southern Portugal. The Lagoa Salgada concession hosts the Lagoa Salgada deposit, a polymetallic volcanogenic massive sulphide ("VMS") deposit which consists primarily of lead and zinc, along with some gold, silver and copper. The concession is 134 km2 in area and is close to infrastructure including highways, rail, power and labour supply. Portex recently completed a NI 43-101 Technical Report and Resource Estimate (Wardrop, a Tetra Tech company ("Tetra Tech"), January 9, 2012) which showed an indicated resource, at a 3.5% Zinc-Equivalent ("Zn-Eq") cut-off, of 2.9 million tonnes at 7.2% zinc equivalent and an inferred resource of 1.6 million tonnes at 5.5% zinc equivalent, as announced previously in Portex's news release dated January 4, 2012. The NI 43-101 Technical Report and Resource Estimate was filed on SEDAR on January 11, 2012.
Portex continues to proceed with its previously announced proposed acquisition of the Toral and Lago lead/zinc properties in North West Spain. The transaction is subject to a number of conditions including shareholder approval at the Portex annual and special meeting to be held on March 22, 2012.
Terence Chandler, P.Geo., Executive Vice President of Portex Minerals Inc. is the Qualified Person responsible for the technical disclosure of Portex's exploration plans contained in this release and in conformance with the standards of National Instrument 43-101. Paul Daigle, P.Geo of Tetra Tech is the Qualified Person responsible for the referenced disclosure in the Technical Report entitled "Lagoa Salgada Project, Portugal-Resource Estimate Update", dated January 9, 2012, available on www.sedar.com, in conformance with the standards of National Instrument 43-101.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding: 28,138,080
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