January 17, 2006 02:38 pm
Stock Exchanges: TSX Venture Exchange (TSX VE - Tier Two)
Stock Symbol: PDO
Shares Outstanding: 17,289,943 (Jan 16, 2005)
Shares in Escrow 3,214,000
Net Shares Outstanding 14,075,943
Warrants: 05/05/06 @ $.90 348,471
Shares Fully Diluted: approx. 18,786,414
Closely Held (FD) : 7,000,000
CASH on Hand: approx. $3,450,000 C. million (Jan 16,2005)
Corporate Debt : None
Market Capitalization : $10,000,000
Twelve Month Share Price Range: $0.52C. / $1.02C.
Management : approx. 75%
Mr. Bruce Winfield President, CEO
Mr. Gary Nordin VP Exploration, Director
Mr. Mark T. Brown Director
Mr. David Hottman Director, Chairman
Mr. Frank Wheatley Director
Ms. Christine West CFO
Portal Resources Ltd. (TSX-V: PDO) an exploration company with two large mineral properties in Argentina (over 800 square miles): the Arroyo Verde project and the San Rafael project. The properties are at the discovery stage with ore grade both on the surface and in drill holes.
The Company has strong management including Directors David Hottman (Chairman of Nevada Pacific Gold Ltd. and former Director of Eldorado Gold Corporation); Dave Nordin, also a Director of Nevada Pacific; while Director Mark Brown was once Chief Financial Officer of Nevada Pacific. President Bruce Winfield has extensive experience in the exploration and development of precious metal deposits in Colombia, Panama, Nicaragua, Honduras, Bolivia, Brazil and Argentina.
Arroyo Verde Property, Argentina
The Arroyo Verde gold/silver project (currently drilling) in Chubut province, Argentina, has many similarities geologically to Castle Mountain (California) as it is a rhyolite dome complex with several different targets; 1) narrow high grade veins over an extensive strike length 2) a large geophysical target on the edge of the exposed dome under shallow gravel cover and 3) a “Navidad Type” geophysical target that is very intense and covers an area of 3 x 4 kilometers with both silver and lead in surface samples. 6 drill holes have been reported to date, with values ranging from 4.28 grams per tonne (g/t) gold equivalent over 0.80 metres in hole PO40 and up to 80.25 g/t gold equivalent over two metres in hole PO39.
San Rafael Property, Argentina
The San Rafael property has five copper/gold porphyries exposed on the surface with large tonnage potential and 40 prospecting targets. At Anchoris, the Tortura zone recently outlined 37.7 metres grading 1 per cent copper and 0.14 gram per tonne gold.
Both projects have numerous targets and exhibit the potential to host a large ore body. Portal Resources has approximately $3.5-million which should be enough to carry on exploration for some time yet. The shares of Portal are tightly held by management and a few associates, who control about 7 of 17 million shares. A significant discovery has the potential to cause a dramatic move in the share price.