Business
Portofino Resources Provides Further Update on the Drill-Ready Yergo Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company
About this update from Latam Lithium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) (\"Portofino\" or the \"Company\") is pleased to provide further information regarding the Company's agreement to buy-out the Yergo Lithium Project (the \"Project\") option agreement (see News Release August 14, 2023) (the \"Option Buy-Out\"). Since announcing the Option Buy-Out, the Company has received renewed interest from groups that had previously engaged with Portofino pursuant to possible project-level investment, joint venture, and outright acquisition of the Project. At present, the Company is engaged in active discussions with multiple parties, including post-NDA due diligence. While no transaction is guaranteed, the Company is encouraged by the renewed interest in the Project and external recognition of its potential value especially given its close proximity to the world-class Tres Quebradas Salar (the \"3Q Project\") (see Figure 1) owned by Zijin Mining Group Co., Ltd. (\"Zijin\"). Recent buy-side demand for lithium-brine properties in Argentina has provided the Company with insight into values of well-located pre-exploration lithium-brine concessions, where values ranging from US$1,800 to more than $2,300 per hectare are being offered. This information, combined with current active discussions, has provided the Company's management with increased confidence that the drill-ready, Yergo Project's valuation may exceed the value range upon completion of the Option Buy-Out. David Tafel, CEO of Portofino, commented: \"The external validation that immediate value can be unlocked is proof-positive that our team's perseverance and determination on behalf of shareholders will have been worth the effort. Additionally, the inbound interest from other companies continues to show, that despite challenging capital markets, the demand for upstream lithium assets remains exceptionally strong and competitive.\" Portofino's private placement financing (NR August 15-23) is progressing well and expected to close shortly. Proceeds from the financing are intended to be used towards finalizing the Option Buyout in September as well as drill permit finalization and associated initial drilling activities. Yergo Lithium Project, Catamarca Argentina: The Project is 2,932 hectares, controlling the entire Ap...