NUNAVIK (UNGAVA) QUEBEC PROPERTIES

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Overtime Property

Montoro Resources Inc. has acquired an 81 map - designated unit mineral block; known as the "Overtime" property, in the Nunavik (Ungava) region of Northern Quebec. This south trend prospect, encompassing approx. 33 square kilometers (3360 hectares) is in close proximity to the Falconbridge's Delta - Oasis property containing approximately 800,000 tons grading 3.05% Nickel, 1.26% Copper and 2.25 grams/tonne platinum group minerals (PGM's).

In December 2002, Montoro signed an option agreement with Canadian Royalties Inc., whereby Canadian Royalties can earn a 100% interest in the Overtime Property. The Overtime property covers the continuation of geological terrain that is considered part of a series of ultramafic bodies that extend throughout the 40 km long Expo-Ungava Joint Venture Property and other Canadian Royalties 100% owned ground along the South Raglan Trend. Canadian Royalties can earn the 100% interest in the Overtime Property by incurring exploration expenditures of $500,000 over the next four years. Canadian Royalties has paid Montoro Resources an option payment of $30,000 following approval of the transaction by the TSX Venture Exchange.

Gamache Property

In March 2003, Montoro signed a Property Option Agreement with Canadian Royalties to acquire a 30% interest in a recently staked claim block (the "Gamache Property").

The Gamache Property comprises approximately 2,700 hectares and is located east of Canadian Royalties' Mesamax nickel-copper - PGM discovery. Canadian Royalties has discovered what appears to be a number of potential orebodies in a geological setting parallel to and south of the location of the Falconbridge nickel copper PGM deposits. The platinum group metal (PGM) assays which have been reported by Canadian Royalties, indicate that the PGM content of the Raglan camp may be anomalous to world nickel camps.

The terms of the property option provide for Montoro to earn up to a 30% interest in the Gamache Property through staged payments of up to $140,000 by April 30, 2004. It is anticipated that certain work programs will take place over the ensuing years, commencing with an airborne geophysical survey.

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