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FURTHER ADDITIONS TO THE RED LAKE CLAIMS ACQUIRED
Montoro Resources Inc. (TSX-V: MNQ) and Belmont Resources Inc.
(TSX-V: BEO) have signed further agreements to acquire 100% interest
in two additional claim blocks (14 units) in the Red Lake Mining
Camp. - Bateman Township adjacent to the northeast claims acquired
earlier this year.
These claims comprise approx. 224 hectares and are adjacent to
the 16 unit claim block which Belmont/Montoro acquired in April/03.
Immediately north/west to these claim blocks are Rubicon/Anglo Gold
joint venture properties and to the northeast is the Black Bear
Property of MetalCORP Limited. MetalCORP recently announced the
signing of a letter of intent with Goldcorp whereby Goldcorp will
earn an interest in the Black Bear Property by spending in excess
of $3 million in exploration (see our October 17/03 News Release
for further details).
Terms of the Montoro/Belmont Option Agreements are $10,000 cash
($5,000 each from Montoro & Belmont), 50,000 treasury common
shares each as well as an initial $5,000 exploration program. Should
Montoro/Belmont arrange an assignment/sale of its earned interest
to a major mining exploration or mineral producing company within
the option term of this agreement, each of Montoro/Belmont will
issue additional shares to the vendor. The property is also subject
to a 2% NSR.
Montoro is a Canadian exploration company with projects in Bathurst,
New Brunswick (Malachite - cobalt/copper prospect); northern Quebec
- Ungava Raglan Camp (Gamache and Overtime/South Trend property
joint ventures with Canadian Royalties Inc. - nickel/copper/PGM
prospects); and northwestern Ontario (Red Lake - gold prospects).
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