Portage Minerals S.A. signed a definitive agreement to acquire 55% stake in Rocas #1 Concession from Nilam Resources Inc. (OTCPK:NILA) for $1.4 million on September 26, 2011. Nilam Resources will receive a onetime payment of 7 million shares of Portage Resources Inc. as consideration. The terms of the acquisitions include a minimum investment of $0.1 million or 800 meters drilling within 24 months of all permits and registry. Further, the additional 45% of the project can be acquired at any time for $0.675 per each ounce of silver on the total silver resource. Portage Minerals S.A. completed the acquisition of 55% stake in Rocas #1 Concession from Nilam Resources Inc. (OTCPK:NILA) during the year ended April 30, 2012.