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Montoro Resources Inc. ("MNQ.TSX") is pleased to have
signed an option agreement with Canadian
Royalties Inc. ("CZZ.TSX") whereby Canadian Royalties
can earn a 100-per-cent interest in a block of 81 map designated
units in the Nunavik (Ungava) region of Northern Quebec. The claims
are bounded by Canadian Royalties' 100-per-cent-owned properties
to the east and west, and situated approximately 40 kilometres west
of the Expo-Ungava and Phoenix properties.
The property covers the continuation of geological terrain that
is considered part of a series of ultramafic bodies that extend
throughout the 40-km-long Expo-Ungava joint venture property and
other Canadian Royalties 100-per-cent-owned ground on the South
Raglan trend.
Canadian Royalties can earn the 100-per-cent interest in the Montoro
property through exploration expenditures of $500,000 over the next
four years, at which time Canadian Royalties will grant Montoro
Resources a 1-per-cent net smelter return royalty. The property
is subject to an NSR royalty held by 862539 Alberta Ltd., a private
company controlled by a director of Canadian Royalties.
Canadian Royalties will give Montoro Resources an option payment
of $30,000 upon approval of the transaction by the TSX Venture Exchange.
The addition of this property gives Canadian Royalties property
interests in land extending almost continuously along the favourable
South Raglan trend for 90 km.
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