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MALACHITE PROPERTY - BATHURST, NB UPDATE
On April 7/04 Montoro Resources Inc. (“MNQ”) previously
reported having reached a Letter of Extension to acquire the remaining
50% in the 53 claim block, approx. 938 hectares ‘Malachite’
cobalt/copper mineral claims near Bathurst, New Brunswick. On April
14, 2004 the TSX Venture Exchange accepted for expedited filing
this agreement.
Montoro has now completed this transaction with the vendor Log
House Construction Ltd. (Rufus Smith). In consideration the company
has reimbursed the additional staking costs and issued 150,000 treasury
common shares. The shares are subject to a four-month hold period
expiring August 15, 2004.
Exploration Update
Montoro has completed the staking of an additional 16 claims to
the northeast along strike. The grid line cutting and subsequent
10.56 km of magnetic & VLF surveys have also been extended northeast.
Montoro has secured a contractor who is expected to commence drilling
this week. As a follow-up to the successful drill program completed
in February/04 and results announced in our March 5/04 news release,
Montoro is expecting to drill 5 holes totalling 700 metres to follow-up
the down dip and strike potential of the Main Zone, the Smith Zone
and to test newly delineated VLF anomalies from the recent survey.
Other Business
Montoro reports it has decided not to proceed with its option
to acquire a 50% interest in the Poly property (Stewart Camp) from
Lateegra Resources Corp.
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