VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2007) - International Montoro Resources Inc. ("IMT") (TSX VENTURE:IMT)(FRANKFURT:O4T) is pleased to announce that it has received and will file on SEDAR a NI 43-101 compliant Technical Report (the "Report") on its Elliot Lake uranium properties, more commonly known as the Serpent River property ("Serpent") in northern Ontario, authored by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") dated March 20, 2007.
The Serpent River property is located about 13 kilometres east of the town of Elliot Lake on the south limb of the Quirke syncline and covers approximately 4,000 m of the contact between the Matinenda Formation and the underlying basement rocks. The Elliot Lake mining camp was once known as "the Uranium Capital of the World" and has produced more than 270 million pounds of U308 from stratigraphically-bound deposits that demonstrate remarkable consistency over extensive areas. Highlights of the Report include:
- The major assets associated with the Project are two zones containing Uranium mineralization with a bed of quartz-pebble conglomerate. These zones are referred to as the "Pecors Channel" and the "Whiskey Channel".
- The presence of Uranium is indicated by the "ore estimate" prepared by Rio Algom Mines Ltd., government reports and assay data plotted on historic cross-sections.
- The Pecors Channel is defined by surface exposures of quartz-pebble conglomerates and intersections of quartz pebble conglomerate beds in the exploration drilling. The mapping and drilling have defined a favourable zone with a strike length of approximately 600 m at surface. The channel has been drilled extensively along strike to a depth of approximately 50 m to 100 m; however, the limited amount of drilling carried out down-dip has not adequately tested the potential for Uranium mineralization within this channel at depth.
- Near surface, the Whiskey Channel is also characterized by a thickening of the Matinenda Formation and extends over a strike length of approximately 1800 m. The review of the results from the historic drilling within the channel indicates that the boreholes intersected a mineralized conglomerate bed, located 4 m to 40 m above the contact between the Matinenda Formation and the basement, and this bed is correlated with the Main Conglomerate Bed in the Pecors Channel, and is open down-plunge over a length of approximately 1,700 m.
Scott Wilson RPA has included in the Report recommendations for a two-stage program to advance the Serpent River Project as follows:
- The $450,000 first stage of exploration is to verify the extent of the channels, the presence of the favourable conglomerate beds, and the presence of uranium mineralization within the conglomerate beds. Sufficient reconnaissance mapping and drilling should be conducted to identify potential mineral deposits on the property that warrant further exploration.
- Conduct a search for previous borehole collars on the Serpent to confirm their location and assess the potential to re-enter the holes to conduct radiometric surveys.
- Drill five twin holes (three on Pecors Channel & two on Whiskey Channel) to confirm the presence of the Upper Conglomerate Bed and the mineralization, and sample the basal conglomerate beds. These beds should be analyzed for uranium, thorium, rare earth elements, gold and major silicates.
- Drill nine exploration holes down-dip from the historic surface drilling along the plunge of the Pecors Channel. Three holes across the channel at 100 m, 200 m, and 300 m intervals northwest of the previous drilling.
- Drill three exploration holes to intersect the projection of the Whiskey Channel at a depth of 150 m in a line across the channel between previous boreholes.
The Qualified Persons under NI 43-101 for the Technical Report are Lawrence B. Cochrane, Ph.D., P.Eng. and William E. Roscoe, Ph.D., P.Eng. This press release has been reviewed and approved by Messrs Cochrane and Roscoe.
About International Montoro Resources Inc.
International Montoro Resources is focused on the advancement of its 100-percent optioned Elliot Lake uranium project in northern Ontario and Cup Lake/Donen uranium project in south-central British Columbia. In addition the Company (50/50) with Belmont Resources Inc. has acquired significant uranium properties located in the Central Mineral Belt Uranium District in Labrador and the Uranium City District in Northern Saskatchewan. The properties are positioned such that, in addition to successful exploration by Montoro, successful exploration by Montoro's neighbours will likely raise Montoro's value by association. The uranium market continues to experience a strong upward price trend due to uncertain supply and increasing global demand. Through project generation and additional discoveries, Montoro will provide shareholders with exposure and leverage to this increasing global demand for uranium.
"The price of uranium is jumping again! This week, the white-hot metal went from $91 to $95 a pound, according to TradeTech's Nuclear Market Review. Remember, this metal was trading at just $75 per pound in January...$55 in October...and $45 last July. That's a ferocious uptrend!"
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ON BEHALF OF THE BOARD OF DIRECTORS,
Gary Musil, President, CFO/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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Montoro Resources Inc.