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- Portofino Resources Inc. (POR)has received a notice of termination from the claim owner of the Yergo Project in Argentina regarding an amended binding letter option agreement
- The company stated the notice proposes to terminate the agreement
- Claims made in the notice appear to be false and unfounded
- As such, Portofino has promptly responded with rejection to the notice
- Portofino Resources Inc. (POR) is down 40.00 per cent trading at $0.04 per share as of 3:40 p.m. ET.
Portofino Resources (POR) has received a notice of termination from the claim owner of the Yergo Project in Argentina regarding an amended binding letter option agreement.
The company stated the notice proposes to terminate the agreement but is has immediately responded to claims made in the notice, which is commented are completely unsubstantiated, inaccurate, false, and malicious, and rejects the termination.
David Tafel, CEO of Portofino, commented,
“This is a very surprising and unfortunate development and seemingly timed to coincide with the near-term commencement of our next phase of exploration. Based on the facts and discussions with our legal consultants, we believe we have an extremely strong position, and we will aggressively work towards a quick resolution.”
Portofino has shared it has not breached the agreement and has spent over 15 months working closely with the Catamarca Ministry of Environment and Mining related to the development of an environmentally and socially responsible exploration plan for inclusion in the drill permit application.
Likewise, it has not breached any payments required to keep the agreement in good standing and has further completed all required work on the property to advance the Yergo property.
The agreement required that the operator, Fabian Bertetto, cannot initiate or solicit or entertain any expressions of interest or proposals from any person or take any action to facilitate the purchase or sale or option of all or any interest in the Yergo Project. The company shared it will pursue Bertetto and the counterparty if this clause is breached.
Portofino Resources Inc. (POR) is down 40.00 per cent trading at $0.04 per share as of 3:40 p.m. ET.