JANUARY 26, 2018 - International Montoro Resources Inc. (TSX-V: IMT) (the "Company"), is pleased to announce that it has entered into a Purchase Agreement (the “Agreement”) to acquire a 100% interest in the Duhamel Property 200 km northwest of the city of Saguenay, Quebec in the Saquenay-Lac-Sain-Jean region.
The Duhamel Property consists of nine (9) mineral claims comprising 500 ha located 14 km west of Arianne Phosphate Inc. – Lac a Paul open-pit phosphate mine.
Geology/ Deposit type: Sulphide mineralization associated to mafic magmatic intrusion.
Historical Exploration: Previous exploration on the property carried by Virginia Gold Mines consisted of high definition airborne mag/EM survey, geological mapping, prospecting and drilling. Some preliminary results retrieved from the Quebec Mineral Assessment files indicated drill intersections as follows:
(GM 58807)
-DDH 1279-00-05: 1.27% Ni, 0.24% Cu and 0.12% Co over 3 meters at 17.9 meters depth; 1.27% Ni, 0.33% Cu, and 900 ppm Co over 0.9 meter at 91.2 meters depth.
-DDH 1279-00-06: 0.86% Ni, 0.13% Cu and 800 ppm Co over 1.5 meters at 30.7 meters depth.
(GM 59143)
-DDH 1279-01-31: 1237 ppm Ni, 930 ppm Cu and 240 ppm Co over 0.5 meters
-DDH 1279-01-34: 0.27% Ni, 0.82% Cu and 0.19% Co over 0.3 meters.
All previous work is of a historical nature. The work was conducted prior to implementation of NI 43-101 standards and assay results cannot necessarily be relied upon. International Montoro intends to confirm the reported mineralization with the Company’s own sampling program.
Conclusions:
The Company is arranging the staking of additional mineral claims adjoining the original Duhamel property.
Acquisition Terms:
In consideration for a 100% interest in the Duhamel Property, the Company will make the following payments:
- Paying to the Vendor’s the sum of $10,000 Cdn upon signing (paid);
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Issuing to the Vendor’s an aggregate of 1,000,000 common shares of the Company, at a deemed value of $0.05 per share;
- Paying to the Vendor’s an additional $50,000 or at the discretion of the Company additional shares at 12 months from Exchange approval;
- Paying to the Vendor’s an additional $50,000 or at the discretion of the Company additional shares at 24 months from Exchange approval;
- Incurring or funding $150,000 in Exploration on the Duhamel Property:
- $25,000 on or before 12 months from Exchange approval;
- An additional $50,000 on or before 24 months from Exchange approval; and
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An additional $75,000 on or before 36 months from Exchange approval. All common shares issued herein will be issued as fully paid and subject to such resale restrictions and hold periods as may be imposed by applicable securities legislation and the Exchange.
The Company is acquiring the Duhamel Property as a secondary property and will continue to focus near term exploration and development efforts on its wholly owned Serpent River –Pecors Ni-Cu-PGE discovery. The Company anticipates conducting a field exploration program on the Duhamel Property as soon as weather conditions permit. In the coming weeks, the Company with the Vendors will complete a review of all historic information in advance of the proposed Duhamel Property exploration program.
NI 43-101 Disclosure
Yves Caron, P.Geo., M.Sc., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release as is reference to the Duhamel Property.
Finder’s Fee:
The Company will pay a finder’s fee of 10% in cash to 360 Aviation Services Inc. of Vancouver, B.C. in connections with the Duhamel, Quebec property acquisition agreement. They would be paid in stages as follows: $1,000 upon signing; $5,000 upon Exchange acceptance of the agreement; and a further $5,000 in 12 and 24 months; if the Company proceeds with 100% acquisition of the Duhamel property. All fees are subject to TSX Venture Exchange approval.
About International Montoro Resources Inc.
Montoro is focused on advancing its 100%-owned Serpent River - Elliot Lake, Northern Ontario, Pecors magnetic anomaly - a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located Uranium/REE mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units), or approximately 1,840 ha
In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 acres) and Orbit (11,109 ha, 27,450 acres) Uranium properties in the Uranium City District, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.
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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.
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