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BATHURST – COBALT/COPPER PROSPECT – LETTER
OF EXTENSION SIGNED
Montoro Resources Inc. (“MNQ”) is pleased to announce
they have reached a Letter of Extension to acquire the remaining
50% interest in the 53 claim block, approx. 938 hectares ‘Malachite’
mineral claims, Restigouche County, Bathurst, New Brunswick.
Terms of agreement are for the issue of 150,000 common treasury
shares, upon TSX Venture Exchange approval, which shares shall be
subject to a four month hold period from date of issuance at a deemed
price of $0.12/share (upon payment Montoro will have earned an additional
25% interest – cumulative 75%); and payment of $10,000 by
December 31, 2004 and reimbursement of $1,280 in additional staking
costs (upon payment of $10,000 Montoro will have earned an additional
25% interest – cumulative 100%). Should Montoro sell, transfer
or otherwise dispose of all or any portion of its interest in and
to a major producing mining company (i.e. Noranda/Falconbridge,
Anglo Gold, Placer Dome) on or before December 31, 2005 an additional
$40,000 cash payment will be paid. A cash finder’s fee will
be paid as per regulatory guidelines as a result of the Letter of
Extension.
EXPLORATION UPDATE
Further to our March 5/04 news release whereby Montoro reported
the Malachite property had been expanded by 16 claims to the northeast
along strike of the Smith Zone, Montoro has now completed the grid
extension and subsequent Magnetic & VLF survey through the new
claims. Montoro is completing an agreement with a drilling contractor
and is expecting to drill a further 5 holes totalling approx. 750
metres to follow-up the down dip and strike potential of the Main
Zone, the Smith Zone and to test any newly delineated VLF anomalies.
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