PZ

Portola Resources Inc. (TSX VENTURE:PZ) (the "Corporation" or "Portola")
announces 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.


In connection with its Change of Business, the Corporation will be submitting an
application to the TSXV and will be seeking shareholder approval.


As at October 31, 2013, the Corporation had current assets of $576,000
(unaudited) and current liabilities of $15,000 (unaudited) for working capital
of approximately $551,000. As such, the Corporation has sufficient working
capital to fund its current business activities. However, the Corporation
intends to raise additional funds, by way of a credit facility and/or equity
raisings, to finance its proposed new operations.


Description of New Business 

Portola has proposed to become an investor in mainly private companies in return
for a preferred distribution, based on a top-line financial metric, such as
revenues. Investments will be structured to achieve an attractive target return,
largely derived from current yield. Our capital will offer companies an
attractive alternative to the traditional means of raising capital through debt,
private equity, or public offerings.


Portola will target to payout a substantial portion of its free cash flow to its
shareholders in order to create yield rich common shares that will provide
investors with significant, secure and growing dividends.


Proposed New Directors

Portola's proposed new board of directors will include Philip Armstrong, to be
appointed Chairman, and Mark Wayne.


Philip Armstrong was the founder and CEO of Jovian Capital Corporation which was
sold to Industrial Alliance Insurance and Financial Services Inc. in October
2013. Prior to Jovian Capital, Mr. Armstrong was a founding partner of Altamira
Investment Services Inc. and was Altamira's CEO. Altarmira was sold to National
Bank in 2002. He has served as Chairman of the Investment Funds Institute of
Canada and The Mutual Fund Dealer's Association. In addition, he serves on the
board of the Ireland Fund of Canada. Mr. Armstrong holds a Bachelor of Arts
degree in Law, with honors, from the School of Law at Manchester Metropolitan
University.


Mark Wayne has over 20 years of experience in corporate finance and the
investment industry. Mr. Wayne has played an instrumental role in raising funds
for a broad array of junior and start-up companies operating in various
industries including oil and gas, mining and technology. Based in Calgary, he is
currently Vice President of MGI Securities Inc., Chair of Alamos Gold Inc. and
is a director of several other public companies. Prior to entering the
investment industry, Mr. Wayne practised securities and corporate law with
Bennett Jones in Calgary. He holds an LL.B. from the University of Toronto and
is a Chartered Financial Analyst.


Management Team

Portola's proposed initial management team will consist of Michael Denny,
President and CEO and Duriya Patel, General Counsel and Secretary.


Mr. Denny has over 20 years of experience as an investment banker to growth
companies advising them on equity and debt placements, and strategic
acquisitions and divestitures. Prior to joining Portola he was a senior
investment banker with Mackie Research Capital Corporation, Westwind Partners,
and Yorkton Securities Inc. Mr. Denny holds an MBA from the Richard Ivey School
of Business at the University of Western Ontario and a Bachelor of Arts degree
from York University.


Ms. Patel will be responsible for all the legal and regulatory affairs of the
company. Ms. Patel has 23 years of legal experience and comes to Portola from
Jovian Capital Corporation, a TSX listed company which created, acquired and
grew financial services companies, and which was recently acquired by Industrial
Alliance. Prior to joining Jovian, Ms. Patel was in private practice, where she
gained extensive experience as corporate counsel to a wide variety of companies.
Ms. Patel holds a Bachelor of Science and a Bachelor of Law, both from the
University of Toronto and is called to the bars in Ontario and New York.


Sponsorship

The Corporation intends to apply to the TSXV for an exemption from sponsorship
requirements. There is no assurance that such exemption will be granted.


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. After completion of the proposed Change of Business,
the Corporation will be classified as an Investment Issuer under the policies of
the TSXV. 


READER ADVISORY 

Completion of the transaction is subject to a number of conditions, including
but not limited to, Exchange acceptance, and, disinterested shareholder
approval. The transaction cannot proceed until the required shareholder approval
is obtained. There can be no assurance that the transaction will be completed as
proposed or at all. 


Investors are cautioned that, except as disclosed in the information circular or
filing statement to be prepared by the Corporation in connection with the
proposed change of business (the "transaction"), 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 Corporation should
be considered highly speculative. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


The forward-looking statements contained in this press release are made as of
the date of this press release, and the Corporation does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as expressly required by securities law. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Portola Resources Inc.
Michael Denny
President and CEO
416-864-7111


Portola Resources Inc.
Scotia Plaza
40 King Street West
Toronto, ON M5H 3Y2

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