|
CROSSHAIR EXPLORATION & MINING TO ACQUIRE INTEREST
IN THE CENTRAL MINERAL BELT, LABRADOR PROPERTIES
Belmont Resources Inc. ((TSX.V-BEA) and International Montoro Resources
Inc. (TSX.V-IMT) are pleased to announce that they have entered
into a property option agreement (the “Agreement”) with
Crosshair Exploration and Mining Corp. (‘Crosshair ‘-
TSX.V-CXX, AMEX: CXZ) whereby Crosshair can acquire a 75% interest
in four mineral licenses (the “Property”) totalling
139 claims located in the Central Mineral Belt-Uranium District,
Labrador.
The Property comprises two separate blocks (Stormy Lake and Patridge
River) covering two highly prospective geological terrains. The
Stormy Lake claims are contiguous with the southern boundary of
Crosshair’s central mineral belt property, while the Patridge
River block is located approximately 95 km west of the Stormy Lake
claims. Both the Stormy Lake and Patridge River blocks will be worked
from the existing Crosshair base camp at Armstrong Lake.
An airborne radiometric and magnetic survey over the property in
2006 identified several high priority radiometric anomalies on both
blocks that will be targeted with ground follow-up exploration during
the 2007 summer program.
Under the terms of the Agreement Crosshair may earn a 75% interest
in the Property by carrying out $800,000 in exploration expenditures
and issuing to Belmont/Int.Montoro 175,000 common shares over a
three year period. The Agreement is subject to the approval of the
TSX Venture Exchange.
|