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BELMONT/MONTORO – NOTICE OF PROPERTY TRANSACTION
– RED LAKE CAMP AND SHARES FOR DEBT
Further to our news release of April 6, 2004 Belmont Resources
Inc. (“BEO”) and Montoro Resources Inc. (“MNQ”)
the Companies have received notification from their solicitor in
Red Lake that the Transfer/Deed of Land has been completed as to
50% each in the mineral claim rights covering an area of 21.5 hectares.
The properties are strategically located approximately 3 km south/southwest
of and along strike from the Wolfden/Placer Dome GAZ (Green Altered
Zone) discovery and north/northwest of claims being developed by
Rubicon Minerals Corp., Goldcorp and Rubicon/Goldcorp Joint Ventures.
The claims are located in Bateman Township, largely on land, not
covered by the waters of East Bay of Red Lake and readily accessible
by road.
The Companies have received a preliminary review conducted by John
B. Boniwell, Geophysical Consultant of Excalibur International Consultants
Ltd. who reports the following:
- “they fall in a sector of the camp where gold showings
are rather numerous, although no showing as such is embraced by
them so far as is known.”
- “aeromagnetics for the area suppose that the bedrock geology
for the claims and hereabouts are composed of mafic volcanics
interbedded with ultramafic flows. A major contact bearing NNE
passes through the western third of the property”.
- “structurally there is evidence for a fairly major fault
sub-parallel to the contact but lying some 500m to the east. So
located, it lips the SE corner of the claims. Locally there is
hint of an ENE-WSW lineament intersecting this break within the
confines of the property”.
- “the chance of such interaction being the focus for gold
mineralization is definitely worth pursuit, especially if it is
shown that an ultramafic contact is involved”.
- “detailed geophysics is called for, employing magnetics
and VLF on the ground occupying stations every 25m on traverses
50m apart”.
- “since the aerial extent of the claims is not large, a
cross-grid can be contemplated. On the face of it, this should
provide extra detail both of lithology and structure but also,
and most specifically, of alteration”.
The Companies are preparing a budget for the above recommended
work and expect to embark on the exploration as soon as possible.
For further information, review our website at www.montororesources.com
Projects – Red Lake Properties - map; for the location of
these recently acquired claims west of the two larger Belmont/Montoro
J.V. claim blocks.
OTHER
The Company has entered into agreements with certain creditors
to settle debts totaling $168,400 by issuing 1,684,000 shares at
$0.10 per share and 784,000 one year warrants. Of this amount 900,000
shares are being issued to Belmont Resources Inc., a related party
in payment for 50% of exploration and other expenditures incurred
by Belmont on the Red Lake joint venture properties.
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