International Montoro Resources Inc. (TSX.V: IMT), (“Montoro”) reports that the British Columbia Government has issued a public notice dated April 24, 2008 imposing a ban on uranium exploration and development in the Province of British Columbia. The B.C. Minister of State for Mining, Kevin Krueger, is quoted as saying that the B.C. Government “will also ensure that all uranium deposits will remain undeveloped. These changes support the BC Energy Plan commitment of no nuclear power”
Commenting on the announcement, International Montoro Resources Inc. CEO and President Gary Musil states “We are extremely disappointed that the government has taken such a position without due process or any consultation with the mining industry, and without any scientific evidence that modern uranium exploration is harmful to the environment. Safe, environmentally sound uranium exploration is ongoing in six provinces and three territories by professionally managed, well-respected mining companies.”
The Association for Mineral Exploration BC (“AME BC”) has further responded by asking the government for “clarification” on the issue. “Uranium mining and mine development in Canada is highly regulated by the Canadian Nuclear Safety Commission, AME BC said, noting that Canada is the world’s largest uranium producer, and is responsible for approximately 30 per cent of total global uranium production. “Uranium mining is one of the most regulated industries in the world,” noted AME BC president Dan Jepsen. “Uranium is a key solution in the greening of energy, and is increasingly seen as one of the only robust and sustainable solutions in greening of global energy production.” He added that hydroelectric and nuclear power is the only current large-scale energy sources that generate minimal carbon dioxide emissions.
Montoro was in the process of developing the Cup Lake/Donen uranium deposit in the Greenwood Mining Division of south-central B.C. adjacent to the Boss Power Corp. (TSX.V: BPU) Blizzard Uranium Deposit, one of the best undeveloped projects in Canada, and the most advanced uranium resource in British Columbia.
The Company is working with its advisors to assess the impact of the governments
announcement, and its effect on Montoro’s equity investment in the Cup
Lake/Donen uranium deposit, in regards to compensation for damages caused. At
this time the Company has not decided what action it may take.
ON BEHALF OF THE BOARD
Gary Musil, CFO/President/Director
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