Vancouver, B.C., October 20, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) reports that pursuant to the Company’s filing and request, an injunction has been granted by the Mining Court for the Province of Catamarca (the “Court”) against Mr. Fabian Bertetto, the Optionor (“Bertetto”) of the Yergo Project in Catamarca, Argentina (the “Yergo Project”). The Court ordered injunction (the “Injunction”) has also been filed with the Provincial Ministry of Mining.

The granting of this Injunction by the Court is a positive step for the Company as the Injunction means:

prima facie, the Court’s Judge considers that Portofino's arguments and claim have reasonable grounds under Argentine Law; and
it legally prohibits Bertetto from entering into any form of alternative transaction regarding the Yergo Project.
David Tafel, the Company’s CEO commented: “The granting of this Injunction is a recognition by the provincial court that Portofino’s stance regarding its adherence to terms of the Yergo Agreements has merit, Bertetto’s Notice may be invalid, and he may have breached the terms of the Yergo Agreements. Our legal counsel in Buenos Aires and Catamarca, presented extensive evidence in the Injunction filing that Portofino worked diligently and in good faith to explore, finance and advance the Yergo Project with Bertetto’s full support. We anticipate additional Court rulings in the near term and will continue to defend the interests of the Company and the significant investment of our shareholders.”

Background

Pursuant to the news release September 22, 2022, the Company received a Notice of Termination (the “Notice”) from Mr. Fabian Bertetto, regarding the April 2019 Binding Letter Option Agreement and the May 2021 Binding Letter Agreement Addendum (collectively the “Agreements”).

The Notice purports to terminate the Agreements, however, Portofino has not breached the Agreements and as evidenced by the Injunction grant, is defending its legal rights vigorously. Bertetto is contractually and legally prohibited to initiate, solicit or entertain any expressions of interest or proposals from any person (or company) or take any action to facilitate the purchase or sale or option of all or any interest in the Yergo Project. In the event that such provision has been breached, the Company reserves the right to additionally pursue Bertetto and the counterparty, or counterparties, causing the contractual breach and will seek damages and cost recovery from Bertetto and all parties that induced, or attempted to induce, Bertetto to breach the Agreements.

Yergo Project Activity to Continue

In collaboration with our local civil works and drilling services teams in Catamarca, the Company is currently finalizing revisions to the drill permit application as requested recently by the Ministry. Assuming these revisions meet the requirements of the Ministry, and a drill permit is approved, the Company will proceed with site preparation for the planned drill program.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.

Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.

ON BEHALF OF THE BOARD

“David G. Tafel”

Chief Executive Officer