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UPDATE ON BATHURST, N.B. - COBALT PROSPECT
The Company is pleased to announce that we have been approved for
a $20,000 exploration grant under the New Brunswick Junior Mining
Assistance Program (NBJMAP). If further money becomes available
in September the Company may apply for an additional $20,000.
This funding will allow the Company to complete a more comprehensive
property wide exploration program. The Company is expecting to secure
a small flow-through private placement in order to fund the balance
of the work program. The grant is issued as 50% of the program costs,
so it will be most beneficial for Montoro to complete a minimum
of $40,000 in exploration, during this year.
OTHER:
Further to our News Release of May 14, 2002. The Company has terminated
the Letter of Intent on the Peru gold prospect.
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