Portofino Resources Inc. announced that it has executed an amending agreement with EMX Royalty Corp., the underlying claim owner of the South of Otter, Red Lake, Ontario gold project. The Agreement allows the Company to exercise its right to earn a 100% interest in the project by making the final cash payment of $25,000 based on 50% in shares (by Feb. 05th) and 50% in cash (by Feb.

28th). Based on the previous 30-day volume weighted average price for Portofino shares, 176,056 shares are to be issued at a value of $0.071 per share. Following this final payment, the Company will own 100% interest in the South of Otter claims, subject to a 1.5% NSR. Background: In November 2019, Portofino entered into an option agreement that provided the Company with the right to earn a 100%interest in the project by making cash payments totaling $70,000 and issuing 500,000 shares over four years.

All payments, other than the final $25,000 have previously been completed. The South of Otter project is located approximately 40 kilometres southeast of the town of Red Lake, Ontario and only 8 kilometers from the Great Bear Resources project which was acquired for $1.8 Billion by Kinross Gold. The Property contains excellent targets for both Red Lake-style gold mineralization as well as gold-bearing base metal prospects.

Previous work completed by Portofino includes mapping, geochemical soil sampling, trench sampling and airborne geophysical surveying. In addition, drill targets have been identified. The amended terms and share issuance are subject To Approve the TSX Venture Exchange.