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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (28818)	1/3/2007 12:46:24 PM
From: Rocket Red	Read Replies (1) \| Respond to of 78419

MONTORO ACQUIRES FURTHER URANIUM CLAIMS -NOW IN ONTARIO International Montoro Resources Inc. (IMT) has entered into a property acquisition agreement that facilitates IMT's acquisition of 100-per-cent interest in 10 mining claims (115 units -- approximately 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 it called the Pecors East zone. It estimated (ore estimates map, 1977) that the Pecors East zone contains an indicated resource of 20 million tons grading 0.037 per cent (0.74 pound per ton) U308 or 14.8 million pounds of 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 Dec. 12, 2007, and 100,000 shares; $100,000 on or before Dec. 12, 2008, and 100,000 shares; $100,000 on or before Dec. 12, 2009, and 100,000 shares; and $100,000 on or before Dec. 12, 2010, and 100,000 shares. The vendors will also retain a 2-per-cent net smelter return royalty, of which IMT may buy back 1 per cent 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 12 underground mines. IMT is closely monitoring the recent increase in exploration activity in the area with particular interest in Pele Mountain Resources Inc.'s recent additional acquisitions adjacent to the Serpent River property. Qualified person This news release was reviewed and approved for technical disclosure by Donald Hawke, PGeo, who is designated as the qualified person with the ability and authority to verify the authenticity and validity of these data. The agreement is subject to TSX acceptance for filing. We seek Safe Harbor.