Portofino Receives Cash, Shares for Sale of HMW Lithium Interest; Amends Yergo Agreement

Vancouver, British Columbia--(Newsfile Corp. - September 24, 2020) - PORTOFINO
RESOURCES INC. (TSXV: POR)  (FSE: POTA) ("Portofino" or the "Company") is
pleased to report that it has now received full consideration, for the sale
and assignment of Portofino's right to earn a 100% interest in the Del Condor
and Pucara lithium brine salar properties ("HMW Lithium Project") in
Argentina. The consideration totaled C$100,000 in cash and 650,000 Galan
Lithium Limited ordinary shares, pursuant to its previously announced
transaction (NR February 25, 2020). GLN shares as traded on the Australian
Stock Exchange closed at a price of $0.14 AUD.

Yergo Lithium project, Argentina

Portofino also announces it has reached an agreement with the Yergo lithium
project Claim owner to amend the terms of its Option Agreement that enables
Portofino to earn 100% interest in the project. The original Agreement
required Portofino to make escalating payments totaling US$370,000 over a
48-month period with the next payment of US$70,000 due by February 2021. The
Claim owner has agreed to extend the payments such that the next payment is
not required until August 14, 2022. The amended total payments to the Claim
owner remain US$370,000 and are detailed as follows:

 1. US$10,000 on signing agreement-(paid February 2019)
 2. By August 30, 2020- US$20,000 (paid)
 3. By August 14^th, 2022- US$70,000
 4. By August 14^th, 2023- US$120,000
 5. By August 14^th, 2024- US$150,000

David Tafel, Portofino's CEO comments: "The sale of our interest in the HMW
project monetizes a portion of our lithium assets and allows us to focus on
our gold and base metals projects. Portofino will maintain a low-cost exposure
to the lithium industry through both the share-holding in Galan and our Yergo,
Argentina project."

About Portofino

Portofino is a Vancouver-based Canadian company focused on exploring and
developing mineral resource projects in the Americas. Its South of Otter and
Bruce Lake projects are in the historic gold mining district of Red Lake,
Ontario proximal to the high-grade Dixie gold project owned by Great Bear
Resources Ltd. Portofino holds three other northwestern Ontario gold projects;
the Gold Creek property located immediately south of the historic Shebandowan
Nickel-Copper mine, as well as the Sapawe West and Melema West properties
located near Atikokan. The Company also maintains an interest in a prospective
lithium salar property located within the world-renowned "Lithium Triangle" in
Argentina. For further information on the Company, please visit:
https://www.portofinoresources.com/.

On Behalf of the Board,

"David G. Tafel"
Chief Executive Officer

For Further Information Contact:
David Tafel
CEO, Director
604-683-1991

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

This news release may contain forward looking statements concerning future
operations of Portofino Resources Inc. (the "Company"). All forward- looking
statements concerning the Company's future plans and operations, including
management's assessment of the Company's project expectations or beliefs may
be subject to certain assumptions, risks and uncertainties beyond the
Company's control. Investors are cautioned that any such statements are not
guarantees of future performance and that actual performance and exploration
and financial results may differ materially from any estimates or projections.

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