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MONTORO RECEIVES APPROVAL FOR ACQUISITION OF DUHAMEL – NICKEL, COPPER, COBALT PROSPECT – QUEBEC, CANADA
February 6, 2018 - International Montoro Resources Inc. (TSX-V: IMT) (the "Company"), is pleased to announce that the TSX Venture Exchange has accepted for filing the Property Purchase Agreement (the “Agreement”) to acquire a 100% interest in the Duhamel Property (the “Property”) located 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. The Company is currently arranging the staking of additional mineral claims adjoining the original Duhamel property.
Acquisition Terms:
The Company has paid the Vendor’s the sum of $10,000 Cdn., upon signing and have issued the following International Montoro Resources Inc. common shares at a deemed value of $0.05 per share:
- 500,000 common shares to Frederic Bergeron, President of Magnor Exploration Inc. (“Magnor”);
- 500,000 common shares to Christian Tremblay of Quebec.
All common shares issued herein are issued as fully paid and subject to such resale restrictions and hold periods as imposed by applicable securities legislation and the Exchange policy until June 7, 2018.
Further terms of the acquisition are as follows:
- The Company 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 in stages as follows:
- $25,000 on or before 12 months from Exchange approval;
- An additional $50,000 on or before 24 months from Exchange approval; and
- An additional $75,000 on or before 36 months from Exchange approval.
Finder’s Fee:
The Company will pay finder’s fees of 10% in cash to 360 Aviation Services Inc. of Vancouver, B.C. in connection 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.
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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