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Portage Minerals Options Golden Mile Property (Nevada) From Columbus Gold

Monday, November 5th, 2007

Portage Minerals is pleased to announce that it has entered into an agreement with Columbus Gold to earn a 70% interest in Columbus Gold’s 100% controlled Golden Mile property, located in Mineral County, Nevada.
Portage may earn an initial 60% interest in the Golden Mile property by incurring US$2.5 million in exploration expenditures plus 500,000 common shares of Portage over a five year period. Portage may earn an additional 10% interest (for a total of 70%) by completing a positive feasibility study on the property.
The Golden Mile Property consists of 24 mineral claims which are, in part, subject to underlying annual lease payments and net smelter return royalties. The claims cover approximately 154 hectares (380 acres), along the Walker Lane Gold Trend in Southwest Nevada. During the 1930’s the property produced approximately ten thousand tonnes grading 12 g/t (0.42 oz/t) gold. Geophysical surveys and drilling carried out in the 1970’s, 1980’s and by Columbus Gold in 2006, defined skarn, breccia and disseminated gold mineralization. The drilling includes several high grade gold intercepts, including one intercept of 16 g/t (0.56 oz/t) gold along 29.5 m (96.8 ft), which occur within a broad area of lower grade gold mineralization. Portage is in the process of updating the 43-101 technical report which was completed in early 2006.
For further information visit: www.portageminerals.com

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