Montoro to Advance Its Claim With the B.C. Government
October 21 2011 - 7:00AM
Marketwired
International Montoro Resources Inc. ("Montoro") (TSX
VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T). Boss Power Corp.
has announced the material terms of a settlement with the Province
of British Columbia in the amount of $30 million plus costs and
disbursements in return for the surrender or transfer of the
Blizzard mineral claims to the province. Montoro is now advancing
its claim against the government for the expropriation of its Cup
Lake/Donen uranium claims immediately adjacent to Boss Power's
Blizzard uranium property.
In July, 2009, Montoro filed a Statement of Claim in the Supreme
Court of British Columbia seeking compensation for the
"expropriation" of the Cup Lake/Donen property. Montoro has
incurred and paid in excess of $1.93 million in mineral property
acquisition costs and expenditures to date on the Cup Lake/Donen
project.
The Cup Lake/Donen uranium deposit occurs within a northwest
trending paleochannel adjacent to the Blizzard uranium deposit. The
Blizzard deposit was reported to host a historical indicated
resource of 1.9 mil tonnes grading 0.247% U3O8 (approx. 10.4 mil
lbs.) Montoro's Cup Lake/Donen deposit was estimated to contain a
historical resource of 2.25 million tons grading 0.0373% U3O8
(approx. 1.68 mil lbs.- as reported in B.C. Government-Minfiles
& Assessment Report #8105). The historical resource cited above
predates and therefore does not conform to the more stringent
reporting requirements of National Instrument 43-101. A work and
evaluation program for further testing of the uranium
mineralization was planned prior to the Province of B.C. ban.
Montoro remains committed to the exploration for uranium as an
alternative energy source to promote the reduction of greenhouse
gases. Montoro has been advancing its uranium projects in two other
uranium friendly Provinces of Saskatchewan and Ontario. Montoro is
also exploring the future of rare earth elements in British
Columbia and Ontario.
About International Montoro Resources Inc.
Rocky Mountain Rare Metal Belt:
Montoro recently acquired an additional 11 claims - 4,278.52
hectares (the "Rocky" group) adjoining and surrounding its Tacheeda
Lake claims. Montoro owns a 100% interest in 12 mineral claims
prospective for Rare Earth Elements, in 2 separate claim blocks
covering 11,500 acres (4,654 ha), in the new Tacheeda Lake camp and
Carbo area. Montoro also holds a 100% interest in 5,604 acres
(2,268 ha, 5 claims - the Chuchinka property) contiguous to and
adjoining the Wicheeda, a recently reported Rare Earth Element
discovery, northeast of Prince George, B.C.
Elliot Lake, Ontario:
Montoro is also focused on advancing its 100% owned Elliot Lake
uranium/REE project in northern Ontario. The Company is also
further investigating a very positive interpretation of a large
airborne anomaly, near Pecors Lake in the northwest corner of our
Serpent River property.
Saskatchewan & Labrador:
Montoro will continue the development with Belmont Resources
Inc. (50/50) of its Crackingstone - 2,427 acres (982 ha) and Orbit
- 27,450 acres (11,109 ha) uranium properties in the Uranium City
District - Northern Saskatchewan. The Company also holds two claim
blocks (50/50 with Belmont) in the Central Mineral Belt in
Labrador, one of which is located in the historical Letitia
Lake-Red Wine rare earth metals camp of west-central Labrador.
Visit the Company website at www.MontoroResources.com and watch
the Smartstox interview with President Gary Musil
(www.smartstox.com/interviews/imt).
ON BEHALF OF THE BOARD OF DIRECTORS,
Gary Musil, President, CEO/Director
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Ethos Consulting Ltd. Investor Relations
1-888-818-1365 International Montoro Resources Inc. Gary Musil
President, CEO/Director 604-683-6648 (604) 683-1350
(FAX)www.MontoroResources.com
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