MONTORO ACQUIRES FURTHER URANIUM CLAIMS –NOW IN ONTARIO
International Montoro Resources Inc. (“IMT”) is pleased
to announce it has entered into a Property Acquisition Agreement
that facilitates IMT's acquisition of 100% interest in ten mining
claims (115 units-approx. 1,840 hectares) in the
Sault Ste. Marie Mining Division, Elliot Lake area
in Northern Ontario more commonly known as the Serpent River property.
The Serpent River property is located about 13 kilometres east
of the town of Elliot Lake on the south limb of the Quirke syncline.
Access is afforded by a bush road that crosses the property.
Uranium mineralization on the claims is typical of the setting
found at the past producing mines in the Elliot Lake camp.; namely,
uraniferous quartz pebble conglomerates of the Mississagi Formation.
After completing a drill program in the general area Rio Algom Ltd.
outlined a resource on the Serpent River property that they called
the Pecors East Zone. They estimated (Ore Estimates Map, 1977) that
the Pecors East Zone contains an indicated resource of 20,000,000
tons grading 0.037% (0.74 lbs./t) U308 or 14,800,000 lbs. U308.
This resource estimated is based on limited drilling and there is
potential to expand the Pecors East Zone on the property
The resource estimate 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. IMT has not yet done exploration work 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.
Rio Algom mined more than 100 million pounds of U308 from similar
deposits in the Elliot Lake camp and its compilation is generally
considered reliable according to local industry standards.
The terms of the Agreement provide that IMT has agreed to pay
the vendors a total of $500,000 in cash and to issue 500,000 common
shares in the capital of IMT over the next four years, in accordance
with the following schedule:
- $20,000 upon signing of this Agreement (paid);
- $80,000 and 100,000 shares within 10 days following TSX Venture
Exchange acceptance for filing of the Agreement;
- $100,000 on or before December 12, 2007 and 100,000 shares;
- $100,000 on or before December 12, 2008 and 100,000 shares;
- $100,000 on or before December 12, 2009 and 100,000 shares ;
and
- $100,000 on or before December 12, 2010 and 100,000 shares.
The vendors will also retain a 2% net smelter return royalty,
of which IMT may buy back 1% for a one-time payment of $1.5 million.
IMT is excited about the potential of these claims, located in an
area with past uranium production from twelve underground mines.
IMT is closely monitoring the recent increase in exploration activity
in the area with particular interest in Pele Mountain Resources
Inc. (“GEM”) recent additional acquisitions adjacent
to the Serpent River property.
Qualified Person
This news release was reviewed and approved for technical disclosure
by Donald Hawke, P.Geo who is designated as the qualified person
with the ability and authority to verify the authenticity and validity
of this data.
|