Portage Resources Inc. (PINK:POTG) Cooled After the New High As the Acquisitions Continue
03 Jul 2011

Portgage Resources offers a lot of news to investors these days. The corporation (PINK:POTG) seems to know no stopping. It continues with its property acquisitions, mostly through its Peruvian subsidiary Portage Minerals S.A.

Yesterday, the company announced signing a letter of intent to purchase the Linderos#5 deposit located close to the border with Ecuador. Only two days before this, on Tuesday, Portage informed to have entered into a definitive agreement with Nilam Resources S.A. for the acquisition of the Linderos#4 property.

Just another week before that, the corporation announced its new fully owned Peruvian subsidiary, Portage Resources SA. Additionally, on June 27, the company signed another contract with the purpose to acquire the Wukakuy Property in southeastern Peru.

Not surprisingly, all these developments led to a great stir in the stock too. On Wednesday, POTG noted a 52-week high of $1.24 on a tremendous volume of almost 50.5M shares which is also a record for the company. Since then however, the stock has cooled off – yesterday, it closed at $0.68. This is still much, much higher than its level in mid-June, when POTG was traded at $0.29.

The future performance of the shares arises great interest. At the start of today’s session, the stock was up again, climbing to $0.74. We shall also see whether Portage will come up with other major acquisition news.

What is maybe of greater significance, is whether the new properties are worth their while. Having many possessions does not always guarantee you success. Only the future will show if the new deposits really contain the resources that Portage claims they possess.

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