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MONTORO OPTIONS FURTHER GOLD PROSPECTS AND ARRANGES
FINANCING
Montoro Resources Inc. (MNQ – TSX Venture) is pleased to
announce it has entered into an option agreement with Lateegra Resources
Corp. (LEG – TSX Venture) whereby Montoro can acquire a 50%
interest in the Poly Property which Lateegra recently optioned from
Geofine Exploration Consultants (see Lateegra – October 23/03
new release). The exploration target on this property is polymetallic
(gold-silver-copper-zinc-lead) massive sulphides in an area of easy,
year-round access.
A finder’s fee will be paid in accordance with the policies
of the TSX Venture Exchange and both agreements are subject to the
approval of the TSX Venture Exchange.
Historical exploration
The Poly property is situated approximately 42 kilometres east
of the town of Stewart in the Skeena mining division of the Stewart
mining camp of northwestern British Columbia. Interest in the area
was generated in 1991 as a result of the application of the same
exploration rationale used by Geofine staff to discover the Red
Mountain deposit. Sulphidized boulders (Type 1 mineralization) with
metal contents of up to 1.83 ounce per ton Au, 16.77 ounce per ton
Ag and 15.2 per cent Zn were soon discovered near the shoulder of
Old Highway 37A, below the apparent target area.
Highway Zone Creek showing
Exploration during 1992 located the Highway Zone Creek showing
which is a quartz-ankerite vein system, situated about 900 metres
north of old Highway 37A in upper Highway Zone Creek. The prior
exploration included stream and soil surveys as well as detailed
geochemical and geological surveys. Samples from the 2002 exploration
program of Type 1 and 2 mineralization collected from angular boulders
in the Highway Zone Creek showing had an average uncut grade of
0.51 ounce per ton Au, 17.16 grams per tonne Ag, 0.29 per cent Cu,
0.11 per cent Pb and 0.74 per cent Zn. The samples were procured
along a strike length of over 800 metres.
Del Norte Exploration
The timing of the Company’s acquisition is further encouraged
by recent exploration results announced by Lateegra Resources Corp.
of the Horatio Zone from its Del Norte property situated adjacent
to the Poly Property.
FINANCING
Montoro also wishes to announce a non-brokered private placement
of up to $250,000. Montoro plans to raise $150,000 by the sale of
1,500,000 flow-through units at $0.10 per unit and an additional
$100,000 by the sale of 1,000,000 non-flow-through units at $0.10
per unit. Each unit will consist of one common share and one non-transferable
share purchase warrant. One warrant will entitle the holder to purchase
on additional non-flow-through common share of the Company for a
period of three months at a price of $0.12 per share. After three
months it will take two warrants to purchase one additional common
shares of the Company at a price of $0.12 per share until the expiration
of two years from the original issue date of the warrants. The private
placement is subject to the approval of the TSX Venture Exchange.
The proceeds from the private placement will be used for initial
exploration at the Poly property which will include grid restoration
and infill line-cutting in preparation for future drilling, other
exploration and working capital.
The Company will pay a finder’s fee or commission in accordance
with the policies of the TSX Venture Exchange.
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