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MONTORO ACQUIRES PORTION OF CUP LAKE URANIUM PROPERTIES
AND COMPLETING NEGOTIATIONS ON FURTHER ADJOINING CLAIMS
International Montoro Resources Inc.(“IMT”) reports
that further to the TSX Venture Exchange notice dated June 28,2006,
the Company has completed the acquisition of 100% interest in two
(2) mineral claims (Go Ballistic & Go Ballistic 2) approx. 230
hectares located in the Greenwood Mining Division in south-central
British Columbia.
The Company has paid $75,000 cash and 300,000 units at a deemed
price of $0.40 per unit. Each unit is comprised of one common treasury
share and one warrant authorizing the Vendors to purchase a further
300,000 common shares for a two year period from June 28,2006 at
a price of $0.40 per share in the first year and $0.50 per share
in the second year. A 1% NSR with a one-half percent buy-out for
$500,000 is also attached. A finders fee was also paid on this transaction.
All common shares and warrants issued will have a four month hold
period expiring October 29,2006.
The Ballistic claims are part of and includes an interest in the
Cup Lake/Donen group (the “Property”) that is host of
a historic indicated uranium resource. The previous exploration
programs outlined two mineralized areas; the northern part contains
higher-grade results than the southern part, 2000 metres to the
southeast. The deposit has been described as Miocene fluvial sediments
underlying the basalts, unconsolidated, interbedded arkosic sandstones,
siltstones, carbonaceous mudstones, and basal conglomerates. These
sediments occur as structurally controlled ‘paleochannels’,
which are host to uranium deposits.
(As reported in B.C. Government—Minfiles), the Property was
originally staked in 1971 for Nissho-Iwai Canada ltd. following
radiometric and water geochemical surveys. Work prior to 1980 consisted
of 1045 metres of diamond drilling in 16 holes in 1972, 1292 metres
of diamond drilling in 1973, geological mapping and a further 3149
metres of diamond drilling in 40 holes in 1979. This work was carried
out for the Power Reactor and Nuclear Fuel Development Corporation
of Japan.
The northern part of the mineralized zone measures about 1500 by
500 metres with an average reported grade of 0.042 per cent Uraniium
over an average thickness of 1.8 metres; the southern part measures
about 1500 by 150 metres with an average reported grade of 0.024
percent Uranium over a 0.7 metre thickness. (Reported in B.C. Government
Assessment Report #8105), total drill indicated reserves were estimated
to be 2.25 million tonnes grading 0.037 per cent Uranium to yield
839,620 kilograms of Uranium.
The resource estimates cited above predates and therefore does
not conform to the more stringent reporting requirements of National
Instrument 43-101 and should not be relied upon according to those
standards. The Company has not done sufficient work yet to verify
or classify the historical estimates as a current mineral resource
and the Company is not treating the historical estimates as a current
mineral reserve or resource. The Company believes that the historical
estimates provide a favourable indication of the potential of the
Property, and intends to embark on an extensive due diligence exploration
program, and will be commissioning a NI 43-101 Report immediately.
OTHER
The Cup Lake deposit occurs within a northwest trending paleochannel.
The Company is completing negotiations on an interest in the remaining
claims which make up the Cup Lake/Donen group. These claims adjoin
to the northwest the recently announced $105 million acquisition
by Boss Gold International Corp. (“BOG”) of the Blizzard
uranium deposit from Santoy Resources Ltd. (“SAN”) and
various private individuals. The Company is very excited about the
potential of the area in light of the extensive amount of exploration
that was completed prior to 1980, and look forward to further developing
its Property along with others in this area.
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