Portage has agreed to sell to Wolfden its 30% in the Clarence Stream Gold Project in exchange for $3,075,000 in cash and equity. Wolfden has paid $75,000 as a non-refundable deposit and will pay upon the close of the transaction $2.5 million in cash and $500,000 in the equity of Wolfden. The number of shares that Portage will receive will depend on the issue price of Wolfden's public offering. Portage will no longer have an interest in Clarence Stream. The closing of the transaction is conditional on Wolfden completing its public offering by April 30, 2012; receipt of all applicable regulatory and stock exchange approvals; and other customary closing considerations.

I believe Don Hoy is President of Wolfden Resources. It looks like wolfden is going public this spring.