Montoro Terminates Option with Five Nines Ventures on Serpent River, Elliot Lake, Ontario Claims
24.07.2013 | vom Unternehmen
July 23, 2013 - Vancouver, B.C., Canada - International Montoro Resources Inc. (“Montoro”) (TSX-V: IMT) Further to our news release of September 12, 202, Montoro has given a Notice of Termination of the Letter of Intent (“LOI”) with Five Nines Ventures Ltd. (C:FIV) for option on the southern portion of its Serpent River, Elliot Lake, Ontario claims. The claims consist of 7 mining claims (87 units) covering approximately 1,392 hectares located in Gaiashk Township.Due to current market conditions and pursuant to the general terms of the LOI, Five Nines was unable to raise the financing in order to obtain regulatory approval of a formal Definitive Agreement to proceed with the terms of the LOI.
Neighboring explorer, Pele Mountain Resources (TSX.V: GEM), has provided a strong indication of the potential of the area, exemplified by its recent news release dated June 10, 2013, wherein Pele Mountain announces a major increase in the Uranium and Rare Earth Resources at its Eco Ridge Mine Project in Elliot Lake, Ontario. Pele has completed a positive Preliminary Economic Assessment (“PEA”) for Eco Ridge that demonstrates its potential to become a profitable producer of rare earth oxides (“REO”) and uranium oxide (“U3O8”). Highlights of the updated resource estimate can be viewed in the Pele news release.
The Company is seeking other interested parties in continuing the development of Montoro’ s Serpent River property adjoining Pele Mountain’s claims to the east.
About International Montoro Resources Inc.
Montoro has acquired a 100% interest in 23 mineral claims prospective for Rare Earth Elements, in 2 separate claim blocks covering 18,743 acres (7,585 ha) in the new Tacheeda Lake camp; and 3,330 acres (1,348 ha) 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 previously 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 – 2,.427 acres (982 ha) and Orbit –27,450 acres (11,109 ha) uranium properties in the Uranium City District – Northern Saskatchewan.
For further information contact 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).
ON BEHALF OF THE BOARD OF DIRECTORS,
“Gary Musil” 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. 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.