Business & Finance
Wed, June 16, 2010Tue, June 15, 2010Mon, June 14, 2010Sun, June 13, 2010Fri, June 11, 2010Thu, June 10, 2010Wed, June 9, 2010Tue, June 8, 2010Montoro Options 75% Interest in Chuchinka Rare Earth Element Property to Electric Metals Inc.
Published in Business and Finance on Thursday, June 10th 2010 at 19:20 GMT by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2010) - InternationalMontoro Resources Inc. ("Montoro") (TSX VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T) is pleased to announce the signing of an Option Agreement (the "Agreement") with Electric Metals Inc. (TSX VENTURE:EMI.A) ("Electric Metals") whereby Electric Metals can earn a 75% interest in Montoro's Chuchinka property in north-central British Columbia. The Chuchinka property is contiguous with the Wicheeda claims of Spectrum Mining Corporation (a private company), who have recently reported high grade drill intercepts of 3.55% rare earth elements ("REE") over 48.64 metres.
The Agreement provides Electric Metals with the option to earn a 75% interest in the Chuchinka property by paying Montoro $240,000, issuing 700,000 common shares of Electric Metals to Montoro and incurring $425,000 in exploration expenditures over three years. The property is subject to a 2% Net Smelter Return royalty, 1% of which can be bought back for $1M. A finder's fee will be paid in accordance with regulatory policy.
"We look forward to working with Electric Metals and its technical team in this new REE district," said Gary Musil, Montoro's President and CEO. "This is in keeping with part of our strategy to develop prospective properties and bring in strategic partners to provide funding through the early exploration stages."
This REE district is developing quickly with numerous companies already mobilized exploration crews into the area, on adjoining claims. Bolero Resources Corp. (TSX.V: BRU) has retained Mackevoy Geosciences Ltd. to initiate an extensive field program which will include MAG and scintilometer surveys, silt sampling, prospecting, and outcrop drilling. A similar program is underway for Canadian International Minerals Inc. (CNSX: CIN) and Commerce Resources Corp. (TSX.V:CCE) partners on the Carbo claims. At the recent Kamloops Exploration Group Conference ("KEG 2010") Spectrum announced extensive work will be undertaken this year including continued drilling and mapping of the "Main Zone" as well as to further test two separate cerium-niobium anomalies within the carbonatite-syenite breccia complex north of the "Main Zone".
The Chuchinka and Wicheeda Properties – REE Target Locale
According to Spectrum Mining Corporation's paper presented at the 5th Annual Minerals South Conference & Trade Show in October 2009, Spectrum completed eleven diamond drill holes totaling 1,835 metres on the "Main Zone" at Wicheeda. All 11 drill holes intersected significant rare earth mineralization, of which the best drill intercepts were a 48.64 metre interval that returned 3.55% REE, a 72.0 metre interval that returned 2.92% REE, and a 144 metre interval that returned 2.20% REE in three separate holes. The 2009 drilling suggests that mineralization remains open in all directions, including to the north of Wicheeda where the Chuchinka property is located.
About International Montoro Resources Inc.
Montoro recently acquired 2268 ha (5 claims – the Chuchinka property) contiguous to an adjoining a recently reported Rare Earth discovery, northeast of Prince George, B.C. Montoro is also focused on advancing its 100% optioned Elliot Lake uranium/REE project in northern Ontario. In addition the Company will continue the 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 two claim blocks (50/50 with Belmont) in the Central Mineral Belt in Labrador.
For further information phone Bid Capital at 514-845-1101 or the Company at 604-683-6648. Also 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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Gary Musil, President, CEO/Director
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.
