Portage Minerals Announces 45% Increase to Mineral Resource Estimate At Golden Ridge, New Brunswick

Portage Minerals Announces 45% Increase to Mineral Resource Estimate At Golden 
Ridge, New Brunswick 
ST. ANDREWS, NEW BRUNSWICK -- (Marketwired) -- 04/02/13 -- Portage
Minerals Inc. ("Portage") (CNSX:RKX) announces on behalf of the joint
venture with Cliffs Chromite Ontario Inc. ("Cliffs"), a wholly owned
subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF),
the results of an updated resource estimate on the Golden Ridge
property (the "Golden Ridge Property"). The NI 43-101 compliant
mineral resource estimate was completed by Mercator Geological
Services Limited of Dartmouth, Nova Scotia ("Mercator"). The Golden
Ridge Property comprising 4,582 hectares, is located 80 kilometres
west of the City of Fredericton in York County, New Brunswick.  
The updated mineral resource estimate incorporated the results of 61
earlier drill holes plus 24 new drill holes completed in 2011, with a
resulting increase of 160,900 ounces gold (45% increase) as compared
to the previous resource estimated dated April 26, 2011. This
resource increase was accomplished through a total drill program
expenditure (drilling, labour, survey and assay costs) of
approximately $906,600 representing an approximate discovery cost of
$5.60 per ounce of newly defined gold. 
Highlights: 


 
--  The mineral resource estimate consists of Inferred Mineral Resources of
    17,780,000 tonnes averaging 0.91 g/t gold at a cutoff grade of 0.35 g/t
    gold, and represents 520,200 ounces of contained gold. 
    
--  Discovery cost per ounce for newly defined gold is in the $5.60 per
    ounce range. 
    
--  Approximately 75% of the resource (388,000 ounces) is located within 150
    vertical metres of surface and averages 88,400 tonnes per vertical
    metre. 
    
--  The joint venture is evaluating the project's large tonnage, near
    surface potential; the near surface resource indicates the potential for
    future development of the project through low cost surface mining
    methods. 
    
--  The approx. 8 kilometre x 3 kilometre property covers a highly
    prospective gold target which remains virtually unexplored outside the
    resource area (approx. 850 metres x 400 metres).

 
Portage owns a 60% interest in the Golden Ridge Property, with Cliffs
owning 40%. Ongoing Jo
int Venture exploration and development costs
are being shared on a 60:40% basis, with a non-contributing party
being subject to pro rata dilution. 
Full disclosure of Portage's 2011 drill programs and the previous
Golden Ridge resource estimate are available within the Portage news
releases dated March 2, 2011; April 26, 2011; June 8, 2011; October
24, 2011; January 31, 2012 and March 1, 2012. An NI 43-101 compliant
technical report on the Golden Ridge Property describing in detail,
among other things, the initial April 26, 2011 resource estimate, was
filed on SEDAR on June 9, 2011. 
Mineral Resource Estimate 
The new mineral resource estimate has an effective date of April 2,
2013 and contains an Inferred Mineral Resource of 17,780,000 tonnes
averaging 0.91 g/t gold at a cutoff grade of 0.35 g/t gold. This
defines 520,200 ounces of contained gold. The details of the gold
mineral resource at the 0.35 g/t gold cutoff value are highlighted in
the tabulation below, which also includes, for comparison purposes
only, estimates at a series of additional gold cutoff grades. 


 
----------------------------------------------------------------------------
             Table1: Gold Mineral Resources as of April 2, 2013             
                                                                            
           Portage Minerals Inc. and Cliffs Chromite Ontario Inc.           
                            Golden Ridge Project                            
----------------------------------------------------------------------------
Category       Au Cutoff Grade          Tonnes (t)         Au        Au (oz)
                         (g/t)           (rounded)      (g/t)      (rounded)
----------------------------------------------------------------------------
Inferred                  0.30          18,760,000       0.88        530,800
----------------------------------------------------------------------------
Inferred                  0.35          17,780,000       0.91        520,200
----------------------------------------------------------------------------
Inferred                  0.50          14,080,000       1.04        470,800
Inferred                  0.75           9,140,000       1.27        373,200
Inferred                  1.00           5,870,000       1.49        281,200
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
1.        Resources reflect Canadian Institute of Mining, Metallurgy and    
          Petroleum Definition Standards for Mineral Resources and Reserves.
2.        Tonnages have been rounded to the nearest 10,000 tonnes; Gold     
          ounces have been rounded to the nearest 100 ounces.               
3.        Gold grade capping was not applied due to the uniform grade       
          characteristics of mineralization.                                
4.        The resource statement cutoff grade of 0.35 g/t gold is           
          highlighted in the above table through bolding and reflects open  
          pit development potential based on a 3 year trailing average gold 
          price of $US 1,494/ounce.                                         
5.        A specific gravity factor of 2.69 gm/cm3 was applied to all       
          resource model blocks.                                            
6.        Mineral resources that are not mineral reserves do not have       
          demonstrated economic viability. The estimate of mineral resources
          may be materially affected by environmental permitting, legal,    
          title, taxation, sociopolitical, marketing, or other relevant     
          issues.                                                           
----------------------------------------------------------------------------

 
Mineral Resource Estimate Methodology 
The mineral resource estimate presented in Table 1 above has an
effective date of April 2, 2013 and was supervised and prepared by
Mr. Andrew Hilchey, P.Geo., an Independent Qualified Person as
defined under National Instrument 43-101, who is employed by Mercator
Geological Services Limited ("Mercator") of Dartmouth, Nova Scotia,
Canada. 
The Golden Ridge gold deposit occurs in a locally sheared,
sericite-carbonate +/- albite altered dacitic volcanic complex in
direct association with zones of discrete quartz veins, quartz
stockworks and quartz breccias. Arsenopyrite, pyrite and minor
amounts of stibnite are associated with gold mineralization.  
The April 2, 2013 mineral resource estimate is based on a
three-dimensional block model developed using Gemcom Surpac(R) 6.1.4
modeling software and validated results of 16,001 meters of diamond
drilling from 85 drill holes carried-out between 1999 and 2011. Block
model grades were interpolated using either inverse distance cubed
(ID3) or nearest neighbor (NN) methodologies. ID3 interpolations used
1.0 meter downhole gold assay composites and NN interpolations used
gold assay composites weight-averaged over mineralized domain drill
hole intercept lengths. No capping of assay composite gold grades was
carried out. Block size was 5 mete
rs (x) by 5 meters (y) by 5 meters
(z) with sub-blocking at 2.5 meters (x) by 2.5 meters (y) by 2.5
meters (z). 
Grade interpolations were constrained within grade shell wireframe
solids (peripheral constraints) developed from assay composite
sectional interpretations and a minimum qualifying downhole assay
composite gold grade of 0.20 g/t over 5 meters. Grade solids were
extended either half the distance to the next drill hole or 50 meters
along dip and strike from the last drill hole intercept. The resource
model contains seventy-six grade interpolation solids, thirty-three
of which trend north-northeast and dip vertically to sub-vertically.
The remaining forty-three trend west-northwest and dip moderately
north-northeast. Resources primarily occur within a dacite volcanic
unit.  
ID3 interpolation methodology was applied to forty-nine solids
intersected by more than one drill hole and NN methodology was used
for the remaining twenty-seven interpolation solids that contain
single drill holes. Block gold grades were interpolated using search
ellipsoids having major and semi-major axis ranges of 125 meters and
minor axis ranges of 12.5 meters. The number of included assay
composites for each valid block ranged from 3 to 12, with no more
than 4 assay composites allowed from a single drill hole. A specific
gravity factor of 2.69 grams per cubic centimeter was assigned to all
blocks and is based on averaged results of 79 specific gravity
determinations for the dominant host dacite volcanic lithology. All
resources are designated as being in the Inferred category. The
resource statement cutoff grade of 0.35 g/t gold reflects reasonable
potential for open pit development based on a 3 year trailing average
gold price of $US 1,494/ounce gold. 
A complete technical report on the Golden Ridge Property describing
in detail, among other things, the updated resource estimate, QA/QC
results, database validation and geologic model, will be filed on
SEDAR within 45 days of this news release. 
Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of
Portage, is designated as the Qualified Person under National
Instrument 43-101 who has reviewed and approved the contents of this
press release for Portage. Andrew Hilchey, P.Geo., Resource Geologist
at Mercator, has reviewed and approved the portion of this news
release pertaining to the resource estimate. 
Portage Minerals Inc. is a mineral exploration corporation exploring
for gold in Eastern Canada. Further information about Portage can be
accessed on the Company's website at www.portagemineralsinc.com and
on the SEDAR website at www.sedar.com. The common shares of Portage
trade on the Canadian National Stock Exchange ("CNSX") as a mining
issuer under the trading symbol "RKX".  
To receive Company news releases via e-mail, please advise
aman@chfir.com and specify "Portage News" in the subject line.  
Except for historical information contained herein, this news release
contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from those
currently anticipated due to a number of factors and risks. The
forward-looking statements contained in this news release are made as
of the date hereof and Portage undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws. 
The CNSX has not approved and does not accept responsibility for the
adequacy or accuracy of this news release. 
Contacts:
Portage Minerals Inc.
Ken Hight
President and CEO
(506) 529-8206
(506) 529-8595 (FAX)
www.portagemineralsinc.com 
CHF Investor Relations
Robin Cook
Senior Account Manager
(416) 868-1079 x228
(416) 868-6198 (FAX)
robin@chfir.com