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MONTORO RESOURCES INC. (“MNQ”) ENTERS OPTION AGREEMENT
WITH CANADIAN ROYALTIES INC. (“CZZ”) ON NEWLY STAKED
RAGLAN – UNGAVA CLAIMS
Montoro Resources Inc. (“MNQ”) has signed a Property
Option Agreement with Canadian Royalties Inc. (“CZZ”)
to acquire a 30% interest in a recently staked claim block (the
“Gamache Property”) located in Ungava, Quebec.
The Gamache Property comprises approximately 2,700 hectares) and
is located east of Canadian Royalties’ Mesamax nickel-copper
– PGM discovery. Canadian Royalties has discovered what appears
to be a number of potential orebodies in a geological setting parallel
to and south of the location of the Falconbridge nickel copper PGM
deposits. The platinum group metal (PGM) assays which have been
reported by Canadian Royalties, indicate that the PGM content of
the Raglan camp may be anomalous to world nickel camps.
The terms of the property option are subject to regulatory approvals,
and provide for Montoro to earn up to a 30% interest in the Gamache
Property through staged payments of up to $140,000 by April 30,
2004. It is anticipated that certain work programs will take place
over the ensuing years, commencing with an airborne geophysical
survey, that is to be completed during the upcoming 2003 exploration
season.
OTHER
Montoro is currently negotiating with investor relations groups
and hopes to announce an agreement soon.
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