Portex Minerals Inc. Update on Northern Ireland Exploration Licenses

TORONTO, Oct 30, 2014 - Portex Minerals Inc. ("Portex" or the "Company") (CSE:PAX) announces that, after many discussions with the Minerals & Petroleum Branch of the Department of Enterprise, Trade and Investment (the "Department") of Northern Ireland, the Department has caused all existing mineral exploration licenses held by its wholly-owned subsidiary, Metallum Resources Ltd. ("Metallum") to terminate effective October 31, 2014. In addition, it has rejected Metallum's applications for renewal of certain licenses. Metallum no longer has any mineral exploration licenses in Northern Ireland.

Peter Chodos, President and Chief Executive Officer of Portex, commented: "We are extremely disappointed that our subsidiary, Metallum Exploration Ltd., no longer has exploration licenses in Northern Ireland. Metallum has been unable to complete required exploration work and reporting to the Department as a result of extreme liquidity constraints due to poor market conditions for junior exploration companies."


About Portex

Portex is a Toronto-based mineral development company focused on the acquisition and development of base and precious metal properties in Europe. In addition, Portex has lead/zinc properties in Spain, Portugal and Ireland.


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Certain information contained in this news release, including all information relating to the proposed transactions and the Company's future plans and/or future financial or operating performance is "forward-looking". These statements relate to future events or future performance and reflect the Company's expectations regarding the transaction and the future growth, results of exploration, business prospects and opportunities of the Company. These forward-looking statements also reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company, respectively. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements contained herein are subject to a variety of risks and uncertainties including those identified and disclosed in the respective Annual Financial Statements of the Company for the year ended September 30, 2012. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "would", "could", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information regarding completion of the transaction is based include that the Company will enter into a definitive agreement regarding the transaction, that the Company will be able to satisfy the conditions to the transaction, that the required approvals will be obtained from the shareholders of the Company, that all regulatory and governmental approvals to the transactions will be obtained and all other conditions to completion of the transaction will be satisfied or waived. Although the Company believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Investors are cautioned that any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

Shares outstanding: 204,984,302



Contact

Portex Minerals Inc.
Peter F. Chodos
416.479.5417
pchodos@portexminerals.com