February 18, 2010
International Montoro Resources Inc. (“IMT”) has acquired a further 449 ha adjoining the previously announced 1,818.6 ha. Chuchinka Property (see our previous news release dated January 25, 2010), bringing our total land package to 2,268 ha. The Chuchinka claims are contiguous to and adjoining Spectrum Mining Corp’s recently reported rare earth discovery, located 80 km northeast of Prince George.
In late October, Spectrum Mining reported significant rare earth element mineralization on its Wicheeda carbonatite-syenite breccia intrusive complex rare earth discovery. Highlights included a 48.64 metre interval which averaged 3.55% rare earth elements (“REE”), a 72.0 metre interval that averaged 2.92% REE, and a 144 metre interval which averaged 2.20% REE in three separate drill holes. (5th Annual Minerals South Conference). In 2009, eleven NTW diamond drill holes totalling 1835 m were drilled in the “Main Zone” from 2 new drilling platforms on Wicheeda. All eleven drill holes intersected significant rare earth mineralization and the Wicheeda deposit remains open in all directions.
Early tests indicate that the Wicheeda rare earth mineralization is simple and easy to produce a marketable concentrate, compared to most other world rare earth deposits including the dormant world class rare earth mine at Mountain Pass in California. By also applying a flotation circuit it should be easy to extract a 60% LREE concentrate from Wicheeda which would exceed the concentrate grade from Mountain Pass which for over 40 years was the main North American supplier of rare earth products to the world.
Although demand for REE’s is growing rapidly, over 90 percent of global production is controlled by China, which has recently imposed restrictions on their exports. The market for REE’s in the U.S.A. alone exceeds $1 billion annually. With insatiable consumer demand for high tech electronics, clean energy mandates from countries around the globe and out-of-control military spending, it seems likely that demand will only increase as supplies are threatened. This is the recipe for much higher prices in rare earths and the companies that develop them.
The terms of the agreement are as follows:
REE’s are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, high-power magnets, consumable electronics (Blackberries, iPods, DVDs, cellular phones), green energy technology, fibre optics, super alloys for the aerospace and building industries, medical and dental lasers. But even more critical as far as Western governments are concerned is their use in high-tech strategic military and defense weaponry. Guided missiles and other precision weapons, for example, rely on rare earth metals and magnets to help direct their course.
ON BEHALF OF THE BOARD OF DIRECTORS,
”Gary Musil”
Gary Musil, President
CEO/Director
About International Montoro Resources Inc.
International Montoro Resources Inc. is focused on advancing its 100% optioned Elliot Lake uranium project in northern Ontario. In addition the Company is continuing development with Belmont Resources Inc. (50/50) of its Crackingstone –982 ha and Orbit –11,109 ha uranium properties in the Uranium City District – Northern Saskatchewan. The Company also holds 100% interest in the Cup Lake/Donen uranium project in south-central British Columbia and two claim blocks (50/50 with Belmont) in the Central Mineral Belt in Labrador.
For further information phone 604-683-6648, visit the Company website at www.MontoroResources.com and watch the Smartstox interview with President Gary Musil (www.smartstox.com/interviews/imt.php ).
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.
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