Mr. David Tafel reports

PORTOFINO ANNOUNCES FULLY SUBSCRIBED $508,000 FINANCING

Portofino Resources Inc. has arranged a fully subscribed non-brokered private placement financing for $508,000 priced at four cents per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant has a term of 36 months commencing on the closing date and entitles the holder to purchase one common share at a price of six cents. Management is subscribing for a minimum of $30,000 of this financing.

David Tafel, chief executive officer, comments: "We appreciate the support from our all our investors during a challenging financing environment. In addition, and including this most recent subscription, Management has directly invested close to $600,000 into Portofino over the last few years."

The majority of the proceeds from the financing shall be used for exploration related activities on Portofino's lithium projects with approximately 10 per cent for non-arm's-length payments and 10 per cent for investor relations and corporate communications and the balance for working capital and general corporate activities. Closing will be subject to TSX Venture Exchange approval, and any shares issued will be subject to a four-month hold period.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina, and up to 100 per cent of the Yergo lithium property in Catamarca. The properties are situated in the heart of the world-renowned Argentine lithium triangle and in close proximity to multiple world-class lithium projects. The company also has the right to earn a 100-per-cent interest in three Northwestern Ontario lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake. Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ont., proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other Northwestern Ontario gold projects -- the Gold Creek property, located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties, located in the rapidly developing Atikokan gold mining camp.

We seek Safe Harbor.