Vancouver, B.C., August 14, 2023. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) announces that it has executed a Binding Letter of Intent (the “Binding LOI”) to buyout the original Option agreements (Yergo Binding Letter Agreement - February 15, 2019, and the Binding Letter Agreement Addendum May 12, 2021).

The Binding LOI ensures all rights and concession ownership for the 2,932 hectare Yergo Lithium Project (the “Project”) (see Figure 1 and 2) are transferred directly to Portofino. This enables Portofino to advance its previously submitted drill permit application and proceed thereafter with an initial, planned 4-hole drill program.

David Tafel, CEO of Portofino, commented: “This agreement is a very positive development for Portofino as it overcomes a legal hurdle created by the previous concession owner, and secures 100% direct concession ownership. Our previously planned exploration activity can now recommence after an approximate one-year delay.”

see & read more on
https://portofinoresources.com/news/2023/portofino-executes-agreement-to-acquire-the-drill-ready-2-932ha-yergo-lithium-project-by-way-of-option-buyout/