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RED LAKE CAMP – FURTHER ACQUISITIONS
Montoro Resources Inc. (“MNQ”) and Belmont Resources
Inc. (“BEO”) have acquired further mineral prospects
in the Red Lake Mining Division northwestern Ontario.
The patented claim mineral rights cover an area of 21.5 hectares
and are strategically located approximately 3 km south/southwest
of and along strike from the Wolfden/Placer Dome GAZ (Green Altered
Zone) discovery, a horizon similar to that of the Campbell (Placer
Dome) and Red Lake (GoldCorp) gold mines in Red Lake. The Forsythe
gold occurrence also lies just south of these mineral claims. The
geology underlying the claims is mafic and ultramafic volcanics
with interrelated tuffs and sediments. Possible structural features,
evident from an area magnetic map, appear to cross the claims.
The results of the 26 hole drill program on the adjacent East Bay
Property (50/50 J.V. of Wolfden/Placer Dome) have confirmed a mineralized
horizon over a strike length of 500 metres. Drilling has intersected
multiple lenses hosting potentially economic gold mineralization
over a minimum strike length of 250 metres, which remains open for
expansion. A further $3 million exploration program is currently
underway on the East Bay Property with six drill rigs expected to
complete approximately 19,000 metres of drilling.
Montoro/Belmont are awaiting results of the above J.V. drilling
prior to commissioning a report and work program.
Terms of the Belmont/Montoro acquisition agreement are $10,000
cash ($5,000 each) and 200,000 treasury common shares (100,000 shares
each), subject to TSX Venture Exchange approval. The property is
also subject to a 3% NSR.
OTHER
Montoro has agreed to settle a long-term debt of $56,740 with
a related party by the issuance of 472,000 shares at a price of
$0.12/share, subject to regulatory approval.
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