PORTOFINO RESOURCES INC - PFFOF STOCK NEWS

Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) has provided an update on its priority projects and corporate activities. The company is re-activating a drill permit for its South of Otter Gold Project in Red Lake, Ontario, following Kinross Gold Corp.'s positive PEA announcement for the nearby Great Bear project. Portofino is also preparing a new work program and budget for South of Otter.

For the Gold Creek Property in Thunder Bay, Ontario, Delta Resources has applied for an exploration and drilling permit. Portofino continues discussions with potential partners to advance its Yergo Lithium Project in Argentina to the drilling stage. The company also announced the resignation of director Kenneth Cawkell and the termination of the Greenheart Lake, Ontario lithium property agreement.

Portofino Resources has initiated discussions with multiple international groups regarding lithium supply from its Argentine projects, Yergo and Arizaro. The company is exploring strategic financing options to advance these projects. Yergo, located in Catamarca Province, has shown high lithium brine quality with values up to 373 mg/L Lithium and 8,001 mg/L Potassium. Arizaro, in Salta Province, also exhibits significant lithium potential with aquifer depths up to 1000m. Despite public market interest, international groups are actively conducting due diligence on these projects. However, there is no assurance that these discussions will lead to material transactions.

Portofino Resources has finalized an Option Agreement with Delta Resources, allowing Delta to acquire a 100% interest in Portofino's Gold Creek property in Ontario. The deal includes $300,000 in cash and 2,000,001 Delta shares, staggered over three years, with 50% of shares locked for 12 months post-issuance. Portofino retains a 2% Net Smelter Return (NSR) royalty, with Delta having buyback options. Additionally, Portofino closed a claim purchase agreement for 700 acres adjacent to Gold Creek, entailing a $2,200 cash payment and 250,000 Portofino shares. The private vendor retains a 1.25% NSR, with a buyback option for $200,000.

Portofino Resources has signed an agreement with Delta Resources to option its Gold Creek property, which spans 4,324 hectares near Thunder Bay, Ontario. The terms include $300,000 cash and 2,000,001 Delta shares, distributed over three years upon TSX approval. The deal also grants Portofino a 2% Net Smelter Return (NSR) royalty, with Delta having buyback options. Additionally, Portofino executed a claim purchase agreement for a contiguous 700-acre property, costing $2,200 and 250,000 Portofino shares, with a 1.25% NSR for the vendor. These agreements aim to enhance Portofino's financial position and expand its resource portfolio.

Portofino Resources Inc. has granted stock options to consultants, allowing them to purchase 360,000 common shares at an exercise price of $0.05 per share. The options are subject to vesting conditions and expire five years from the grant date.

Portofino Resources Inc. provides updates on its lithium brine projects in Argentina, including progress on securing funding for the Yergo Project and a partnership agreement for the Arizaro Project. The Company also highlights advancements in the lithium industry in Argentina and its participation in the upcoming PDAC convention.

Portofino Resources Inc. announces an amending agreement with EMX Royalty Corp. for the South of Otter, Red Lake, Ontario gold project, allowing the company to exercise its right to earn a 100% interest in the project by making the final cash payment of $25,000. The agreement involves issuing 176,056 shares at a value of $.071 per share and making a cash payment by February 28th. The South of Otter project is located near the Great Bear Resources project, which was acquired for $1.8 Billion by Kinross Gold, and contains promising targets for gold mineralization and gold-bearing base metal prospects. The amended terms and share issuance are subject to approval of the TSX Venture Exchange.

Portofino Resources Inc. (POR) and Lithium Chile Inc. (LITH) have announced a 50:50 net equity Partnership Agreement for an 8,445 hectare concession within the lithium-bearing Arizaro Salar in Argentina. The partnership aims to swiftly advance the project through drilling, leveraging the expertise and infrastructure of both companies.

Portofino Resources Inc. has received confirmation that 100% of the Yergo lithium concessions have been registered in its name. The company's geological team will file a technical response to an information request from the Ministry of Mining. Portofino plans to expand its geological surface and subsurface targets through a pre-drilling program. The program will utilize geophysical surveying equipment capable of identifying potential lithium-bearing aquifers to depths of 500-600 meters. Pre-drilling exploration programs are set to begin in November.