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SYS-CON UK Authors: Salvatore Genovese, Jamie Matusow

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Portage Announces Updated Capital Structure

TORONTO, ONTARIO -- (Marketwire) -- 12/27/12 -- Portage Minerals Inc. ("Portage") (CNSX:RKX) today announced that 51,976,609 share purchase warrants, 1,254,400 unit purchase warrants and 3,292,800 stock options have recent expired. Portage also announced that it has granted an aggregate of 7,160,000 options to purchase common shares of the Company - exercisable at a price of $0.05 per share and expiring on December 24, 2017 - to certain directors, officers, employees and consultants of the Company. The common shares issuable upon exercise of the options are subject to a four month hold period form the original date of grant.

Portage Minerals Inc. is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the Company's website at www.portagemineralsinc.com and on the SEDAR website at www.sedar.com. The common shares of Portage trade on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".

To receive Company news releases via e-mail, please advise robin@chfir.com and specify "Portage News" in the subject line.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Portage undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The CNSX has not approved and does not accept responsibility for the adequacy or accuracy of this news release.

Contacts:
Portage Minerals Inc.
Ken Hight
President and CEO
(506) 529-8206
(506) 529-8595 (FAX)
www.portagemineralsinc.com

CHF Investor Relations
Robin Cook
Senior Account Manager
(416) 868-1079 x228
(416) 868-6198 (FAX)
robin@chfir.com

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