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2ND PHASE DRILLING CONTINUES NEAR BATHURST, N.B.
Further to our news release of March 5, 2004 wherein Montoro reported
very encouraging cobalt/copper drill results on the 53 claim (938
hectare) Malachite property and a recommended phase II drill program,
we report the following additional progress.
The grid and subsequent Magnetic & VLF survey were extended
northeast along strike of the expanded 16 claims. A further 5 hole
drill program has been completed totalling approx. 675 metres to
follow-up the down dip and strike potential of the Main Zone, the
Smith Zone and to test a newly delineated VLF anomaly from the recent
survey. Drill hole detail, mineralization and alteration will be
reported as the information is released from our onsite independent
project supervisor Mr. Peter Banks, of Saint John, N.B.
OTHER
On March 22/04 Montoro reported having agreed to settle a long-term
debt of $56,740. On May 6/04 the TSX Venture Exchange accepted for
filing the debt proposal. Montoro has now completed this transaction
with the creditor and issued 472,833 treasury common shares to extinguish
this debt. The shares are subject to a four month hold period expiring
September 7, 2004.
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