Portage Resources, Inc.

First Article:
Give the mining concession to Mining "CORDILLERA NEGRA EC". with the number code 01-02499-03 on
behalf of CLAVER ALBERT HUERTA MORALES, having 1,000 acres of extension and with the following
coordinates UTM located in the zone 18 which are as follow:

VERTICES	EAST	NORTH
1.	277000	8933000
2.	277000	8931000
3.	276000	8931000
4.	276000	8929000
5.	275000	8929000
6.	275000	8928000
7.	273000	8928000
8.	273000	8929000
9.	274000	8929000
10.	274000	8931000
11.	275000	8931000
12.	275000	8933000

Second Article:
The holder of the concession must respect the norms of the mining rights formulated under the
legislation number 708 that acquire coordinate UTM definitive are under the procedure of the law
number 26615 - Law of the National Cadastral Mining , result to be priority of the current concession
mining.

Third Article:
The holder of the mining concession granted is obliged to respect the integrity of the archaeological
monuments or historic, national road network, pipelines, quarters, harbours or works of national
defence or institutions of the government with the goals of doing a scientific research - technological
that are within the area granted on behalf of the mining concession according to the established by the
article 1st. of the supreme decree number 008-97-EM, that modify the article 22nd. of the rules of
mining procedures approved by the supreme decree number 018-92-EM. replaced by the article 1st. of
the supreme decree number 22-94-EM.

Fourth Article:
The exercise of the rights conferred by the present title of mining concession is subject under the
described in the law number 26505, law of private investment in the development of economical
activities in the land of the national territories and of the farm communities and aboriginal its law
modifying number is 26570 and its rule approved by supreme descreet number 017-96-AG.
Location: PERU