VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2011) - 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.
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