Portage Resources Inc. (OTCPK: POTG) signed a definitive agreement to acquire cordillera negra mining concessions for $1.6 million on July 20, 2011. As Per the agreement, Portage made a payment of $0.01 million on signing of the agreement, a further $0.01 million on September 15, 2011, leaving total additional outstanding payments of US$1.54 million over the next 42 months. Following the initial payments, the Company will pay $35,000 to obtain a 43-101 geological report within five months of receiving the public deed, and thereafter, if the report is determined to be favorable, the Company will remit payments, $0.25 million after thirty (30) months of receipt of the public deed, $0.25 million after thirty six (36) months of receipt of the public deed and $1 million after forty two (42) months of receipt of the public deed. Financial Insights acted as the public relations advisor on the transaction. Portage Resources Inc. (OTCPK: POTG) cancelled the acquisition of cordillera negra mining concessions on July 20, 2012.