SERIOUSLY WHO WROTE THIS PRESS RELEASE ?First and Foremost....I am against the sale of Portofino's 2 Hombre SALAR projects.
Far too cheap of a deal considering Galen just got big lithium ppm right - aside Portofino.
Secondly...we seem to have another SALAR, MIA. ( read on )
NOW WHO WROTE THIS PRESS RELEASE ?
TALK ABOUT CONFUSING...
Vancouver, British Columbia--(Newsfile Corp. - February 25, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to report it has executed a Binding Heads of Agreement ("Agreement") with Galan Lithium Limited ("Galan") for the purchase and assignment of Portofino's right to earn a 100% interest in the Del Condor and Pucara lithium brine salar projects in Argentina.
Should have read, ( purchase and assignment of ( GALENS ) right to earn 100%.
Not Portofino's...
Pending the completion of due diligence and any regulatory approvals, Galan will pay Portofino CDN$100,000 in cash (inclusive of a CDN$20,000 deposit) and issue 650,000 fully paid Galan common shares for Portofino's 100% interest in the Hombre Muerto West Agreement (HMW Agreement). The HMW Agreement gives Portofino the rights to earn a 100% interest in the Del Condor and Pucara lithium brine projects. Galan has a three-month exclusivity period (with an option to extend for another three months) with Portofino. Galan is listed on the Australian Stock Exchange (ASX: GLN)
IF PORTOFINO HAS THE CLAIMS IN IT'S OWN NAME...THEN,
Should read = HMW Agreement gives ( GALEN ) the right ( not Portofino )
If it's an earn in....and only the said monies stated along with shares...
And no other earn in cash mentioned...
Then....Portofino is going away it's SALARS.
HOLD UP A SECOND THERE TAFFEL...!
David Tafel, Portofino's CEO, comments: "The sale of our interest in the HMW project monetizes a portion of our lithium assets and allows us to focus on our Red lake, Canada gold/ base metal project as well as pursue other potential precious metal project acquisitions. Portofino will maintain an exposure to the lithium industry through both the share-holding in Galan and our Yergo, Argentina salar project."
That's quite the statement Taffel.
You'll maintain exposure in the lithium industry holding GALENS shares ?
What benifit does this do for shareholders ?
Whose names does the shares have on them...?
lol,lol,lol...
MORE IMPORTANTLY....
You only mentioned YERGO.
NOW....WHAT THE HELL HAPPENED TO PROJECT ll ?
IS HIS ANOTHER SALAR PORTOFINO = LET SLIP AWAY ?
HOLY FFFFFF SH.
MAP OF PROJECT ll,
www.streetwisereports.com/images/article_images/Epstein2-27-19/Epstein%201.png
Already...Portofino's website SALAR MAP shows PROJECT ll - MIA.
Kidding right ? I thought giving away the RIO was...BAD.
Turns out...Project ll, is also gone.
Portofino....moves rather quick...eh..?
No press on project ll,...
Question is....Who has Project ll,..?
Again...who wrote this press release ?
Right out of..it.
All in All...
I do not agree with ANY of the moves.
Surely...TSX won't agree to Portofino's wishes.
This entire press stinks the high - heaven.
PROJECT ll STATS
Project II is approximately 3,900 hectares in size and located between Neo Lithium Corp's 3Q project to the south-west and the Antofalla salar currently being advanced by lithium producer, Albermarle Corporation, to the northeast. Historical exploration sampling of surface waters and brines commissioned by the Project II concession owner in 2012, reported results that averaged *274 mg/l of lithium and 7,521 mg/l of potassium. The current proposed exploration program is intended to expand on the historical sampling work.
("Portofino" or the "Company") announces that it intends to amend a Letter Agreement announced on March 29, 2017 to acquire an 85% interest in two lithium brine salar projects in Catamarca, Argentina. Further to discussions with the concession owner and its due diligence, the Company is finalizing details to an amended agreement and intends to advance to a definitive agreement with one of the two projects originally announced. The Company will proceed with Project (#2) which is approximately 3,900 hectares in size. It is located 10 kilometres ("km") from the Chile border and situated between Neo Lithium Corp's 3Q project to the south-west and the Antofalla salar currently being developed by Albermarle Corporation to the northeast.
Historical exploration work commissioned by the concession owner in 2012, included geological mapping, sampling of surface waters, auger sampling of brines, and compilation of the distribution of lithium ("Li") and potassium ("K") grades within the basins. A number of surface water and auger brine samples were analyzed and results averaged 274 mg/l of Li and 7,521 mg/l K. Catamarca province, located within the prolific "Lithium Triangle" produces more lithium than any other province in Argentina.