Vancouver, British Columbia--(Newsfile Corp. - October 8, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to provide an update on current activities and status of priority projects.

South of Otter Gold Project, Red Lake, Ontario:

Portofino's South of Otter project (the "SOO") is located eight kilometers east of the Great Bear gold project owned by Kinross Gold Corp. It is believed that the SOO shares many geological characteristics with the Great Bear. In addition, Portofino has advanced the SOO with its previous rounds of exploration which demonstrated the presence of gold mineralization, and outlined several priority targets. In particular, the Cliffs zone, returned a sample assaying 16 grams per tonne gold from a trenching program completed by Portofino in 2021.

Additionally, Kinross recently announced a positive PEA and upgrade of estimated resources regarding the Great Bear gold project (see Kinross' news release of September 10, 2024). The updated resources comprise an impressive Measured & Indicated resource estimate of 2.738 million ounces of gold ("Moz") and an inferred resource estimate 3.884 Moz. The PEA indicated strong potential economics with an All-In-Sustaining-Cost of approximately $800 per ounce during the first 8 years utilizing a conventional 10,000 tonne per day mill. The resulting after-tax IRR was quoted to be in the order of 35.5% and with an NPV of $3.3 billion. see & read more on https://www.newsfilecorp.com/release/225926/