Vancouver, British Columbia--(Newsfile Corp. - September 26, 2023) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that further to its August 14-2023 news, it has closed the buyout of the original Yergo Project Option agreements (Yergo Binding Letter Agreement - February 15, 2019, and the Binding Letter Agreement Addendum May 12, 2021).

Portofino now controls 100% of the mineral rights and concession ownership for the 2,932-hectare Yergo Lithium Project (the "Project") (see Figure 1 and 2). 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: "We are very happy to finalize this transaction, as it secures 100% ownership of the Yergo Lithium Project concessions. Our team is looking forward to working with the Ministry of Mining in Catamarca to expedite the drill permit application with a goal of initiating a drill program this fall. Additionally, I would like to thank all involved in completing this transaction."

MARKET CAP C$16M

Figure 1: Yergo Lithium Project Strategic Location

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Portofino's exploration team believes the formation of lithium-bearing brines of both the Yergo Lithium Project and Zijin's 3Q Project may be related. Historic volcanic activity located between the projects may have been responsible for the generation of the Lithium-bearing solutions that are deposited in the salar basins.