Gold Port Resources Announces Guyana Property Acquisitions



    Symbol: GPO  TSX-V

    VANCOUVER, July 8 /CNW/ - Gold Port Resources Ltd. (The
"Company")(TSX-V:GPO) is pleased to announce that it has entered into Two New
Property Option Agreements and re-negotiated the Five Stars Property
Agreement.

    C-59 Project Optioned
    ---------------------

    The Company is pleased to announce it has entered into an Option to
Purchase the C-59 Project, located in Mining District Number Four, Cuyuni,
Guyana, South America. The C-59 Project adjoins the Aurora Claim Group and is
strategically located approximately 10 kilometers southwest from the main
discovery at Aurora by Guyana Goldfields Ltd. It is also located 10 kilometers
northwest of the main camp established by the Company at its wholly owned
Akaiwong Project. The project comprises 12,620 acres.
    The Correia Mining Company is the owner of the project, with the Guyana
Diamond Trading Company holding an underlying purchase option on the property.
Guyana Diamond Trading Company is assigning its rights to acquire the project
to the Company for the following consideration: A cash payment to Correia
Mining Company of $ U.S. 25,000, and a cash payment to Guyana Diamond Trading
Company of $ U.S. 5,000, and the issuance of one million surplus securities to
Guyana Diamond Trading Company which will be subject to a 5 year escrow
agreement and a cancellation provision. No shares will be issued out of escrow
until 6 months after closing, at which time 50,000 shares will be released. A
further 5% of the escrowed shares will be released every six months, until
such time as all are released or the project is discontinued. A cash payment
to Correia Mining Company will be made one year after closing, totaling $ U.S.
45,000 at which time title to the C-59 Project will be transferred to the
Company. Further payments will be due to Guyana Diamond Trading Company of
$ 35,000 one year after closing, $ U.S. 150,000 two years after closing, and a
final payment of $ U.S. 250,000 three years after closing. Guyana Diamond
Trading Company will maintain a 2% Net Smelter Royalty which may be purchased
for $ U.S. 2,000,000. Terms of the agreement are subject to the approval of
the TSX Venture Exchange.

    C-60 Project Optioned
    ---------------------

    The Company is pleased to announce it has also entered into an Option to
Purchase the C-60 Project, located in Mining District Number Four, Cuyuni,
Guyana South America. The C-60 Project adjoins the Aurora Claim Group and is
located approximately 30 kilometers northwest of the Company owned Akaiwong
Project. The project comprises 12,350 acres.
    The Correia Mining Company is the owner of the project, with the Guyana
Diamond Trading Company holding an underlying purchase option on the property.
Exploration of the project will be conducted along with ongoing exploration
efforts at the Akaiwong Project, which is located nearby. Guyana Diamond
Trading Company is assigning its rights to acquire the project to the Company
for the following consideration: A cash payment to Correia Mining Company of $
U.S. 25,000, and a cash payment to Guyana Diamond Trading Company of $ U.S.
5,000, and the issuance of one million surplus securities to Guyana Diamond
Trading Company which will be subject to a 5 year escrow agreement and a
cancellation provision. No shares will be issued out of escrow until 6 months
after closing, at which time 50,000 shares will be released. A further 5% of
the escrowed shares will be released every six months, until such time as all
are released or the project is discontinued. A further cash payment will be
made to Correia Mining Company one year after closing, totaling $ U.S. 45,000
at which time title to the C-60 Project will be transferred to the Company.
Further payments will be due to Guyana Diamond Trading Company of $ 35,000 one
year after closing, $ U.S. 150,000 two years after closing, and a final
payment of $ U.S. 250,000 three years after closing. Guyana Diamond Trading
Company will maintain a 2% Net Smelter Royalty which may be purchased for
$ U.S. 2,000,000. Terms of the agreement are subject to the approval of the
TSX Venture Exchange.

    Exploration Program for C-59 and C-60
    -------------------------------------

    Exploration of the C-59 and C-60 Project areas will be conducted along
with ongoing exploration efforts at the Akaiwong Project, which is located
nearby. Given the close proximity of the present camp facilities located at
Akaiwong, staff can be utilized for the additional project areas. Heavy
equipment and a drill rig is located at the Akaiwong camp, with further
equipment in transit. Initial efforts will involve basic geological
reconnaissance and sampling.

    Five Stars Project Re-Negotiated
    --------------------------------

    The Company is pleased to announce it has negotiated more favorable terms
for the Option to Purchase the Five Stars Project, located in the northwest
portion of Guyana near the Venezuelan border. The project is comprised of
12 Medium Scale Mining Permits and covers an area of 12,350 acres or
approximately 20 square miles.
    The Five Stars Project is located within the Barama-Mazaruni Supergroup
assemblage of rocks which form part of the Guiana Precambrian Shield. The
regional distribution of both primary (lode) and secondary (alluvial, eluvial
and colluvial) gold deposits correlates well with the distribution of
greenstone belts which are found within the stable Precambrian craton known as
the Guiana Shield. The Guiana Shield is similar to other stable cratons such
as the Precambrian shield areas of West Africa and Canada.
    Dennison Mines (1989) and Golden Star Resources (1994) conducted
reconnaissance exploration programs in the area of the Five Stars Project. A
landsat radar imagery survey and an airborne magnetic-radiometric geophysical
survey of the Five Stars area was completed by Geonex Aerodat Inc on behalf of
Golden Star Resources. Based upon interpretation of the data, regional
structures and greenstone boundaries were identified prior to ground work.
Trenching, sampling and pit sampling was conducted at the Five Stars Project
by HGB Ventures between 1995 and 1996, with assay work completed by Loring
Laboratories of Georgetown. Results of this program identified three greater
than 50 ppb in soil gold anomalies within the project area. Anomaly 1 trends
030 degrees and is approximately 15,000 feet long and 1,000 feet wide. Anomaly
2 trends 000 degrees and is approximately 11,000 feet long and 1,000 feet
wide. Anomaly 3 trends 090 degrees and is approximately 10,000 feet long and
1,000 feet wide. (Source: Report No. 789, A.C.A. Howe International Limited,
Toronto Ontario) Sampling by HGB Ventures from within a pit located at an area
of mining activity on the project returned 4.05 grams per tonne gold over
10 feet, and a second trench returned a nine foot interval of 1.5 grams per
tonne gold. Chip samples from dump rock material returned gold values of 1.57,
18.80 and 5.90 grams per tonne gold respectively (Source: Report No. 789,
A.C.A. Howe International Limited, Toronto Ontario). Caution: The Issuer did
not perform work necessary to verify the foregoing results, is treating them
as historical, and as such, should not be relied upon.

    Five Stars Project New Terms
    ----------------------------

    New terms for the Option to Purchase include a $ U.S. 5,000 payment to
the owner, Case Development Corp., and the maintenance of the project. Further
payments of $ U.S. 25,000 will be due at the end of year one, two and three,
with a cash payment of $ U.S. 50,000 due at the end of year four and a final
cash payment of $ U.S. 100,000 due at the end of year five. Case Development
Corp. will maintain a 2% Net Smelter Royalty on the project, which may be
purchased for $ 2,000,000. The Company will issue to Case Development Corp.,
one million surplus securities which will be subject to a five year escrow
agreement. If the project option is terminated prior to conclusion, any shares
not issued out of escrow during the course of the agreement will be cancelled.
Terms of the agreement are subject to the approval of the TSX Venture
Exchange.
    Work at Five Stars will likely involve the improvement of current access,
which is poor due to road conditions. Geological reconnaissance and sampling
will then be considered.
    The contents of the Press Release were reviewed by Allen V. Ambrose, a
Registered Geologist in Washington State and a Qualified Person under National
Instrument 43-101 and a director of the Company.

    On Behalf of the Board of Directors of Gold Port Resources Ltd.


    Adrian F.C. Hobkirk
    President and C.E.O.


    The TSX Venture Exchange has not reviewed the contents of this press
    release and assumes no responsibility for the adequacy or accuracy.

    This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such
statements include, without limitation, statements regarding future
anticipated exploration program results, the discovery and delineation of
mineral deposits/resources/reserves, business and financing plans, potential
mining scenarios, the success of mineral processing procedures, business
trends and future operating costs and revenues. Although the Company believes
that such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements are
typically identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which, by their
nature, refer to future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of future results
or performance, and that actual results may differ materially from those in
forward looking statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any mineral
deposits that may be located, the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities, the Company's
ability to produce minerals from its properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to be fully
able to implement its business strategies.





For further information:

For further information: Adrian Hobkirk, President and C.E.O. at (604)
684-1782

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GOLD PORT RESOURCES LTD.

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