Portola Resources Inc. Announces Update to Proposed Change of Business to an Investment Company

TORONTO, ONTARIO--(Marketwired - Dec 27, 2013) - Portola Resources Inc. (TSX-VENTURE:PZ) (the "Corporation" or "Portola") announced in its press release of November 27, 2013, that the Board of Directors of the Corporation has agreed to a Change of Business from that of a Mining Issuer to an Investment Issuer, subject to TSXV policy requirements and all requisite shareholder and other approvals.

The Corporation is working on completing its foundation investments on which to base its proposed new operations. It is also working on submitting an application to the TSXV and in that regard, will also seek shareholder approval.

Reinstatement to Trading

The common shares of the Corporation will remain halted pending receipt by the TSXV of certain required materials from the Corporation.

About the Corporation

The Corporation is incorporated under the Business Corporations Act (B.C.) and has relocated its business office to Toronto, Ontario. The Corporation currently operates as a junior mining exploration company, whose common shares are listed for trading on the TSXV under the symbol PZ. After completion of the proposed Change of Business, the Corporation will be classified as an Investment Issuer under the policies of the TSXV.

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.

Portola Resources Inc.Michael DennyPresident and CEO416-864-7111