International Montoro Resources Inc.: Electric Metals Receives Complete Airborne Survey Results on Chuchinka Ree Property
VANCOUVER, BRITISH COLUMBIA, Nov. 17, 2010 (Marketwire) -- International Montoro Resources Inc. ("Montoro") (TSX VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T) is pleased to announce the receipt from Electric Metals Inc. (TSX VENTURE:EMI) ("Electric Metals") of complete airborne geophysical survey data provided by Aeroquest Surveys Ltd. flown over the Chuchinka rare earth element property. The Chuchinka property is contiguous with the Wicheeda claims of Spectrum Mining Corporation (a private company), who have previously reported high grade drill intercepts of 3.55% rare earth elements ("REE") over 48.64 metres.
The airborne geophysical program consisted of 654 line kilometers of AeroTEM helicopter-borne, time domain electromagnetic plus radiometric surveying flown at high resolution 50 metre line spacing. The survey covered a 29.4 square kilometre area and was successful in mapping the magnetic and conductive properties of the geology. Several magnetic and electromagnetic anomalies were identified within the northwest extension of the structural belt that contains the Wicheeda REE mineralization. This data will be interpreted by an independent geophysical expert in order to prioritize exploration work on these targets, and define geochemical sampling areas and prospective sites for drilling.
Bolero Resources Corp. (TSX VENTURE:BRU), and the Canadian International Minerals Inc. (TSX VENTURE:CIN)-Commerce Resources Inc. (TSX VENTURE:CCE) joint venture have completed AeroTEM surveys on adjoining properties, exploring for rare earth element mineralization in the vicinity of the Wicheeda project. Bolero has received drill permits and expects drilling to follow upon completion of the interpretation of the airborne data (see Bolero September 16, 2010 news release). CIN's airborne survey has confirmed the apparent continuity of lithology and depositional environment (see CIN August 19, 2010 news release) from the adjacent Wicheeda discovery. CIN is currently drilling the Carbo property, executing an initial 1200 + metre program (currently on the eighth drill hole - see CIN November 8, 2010 news release) and will continue until weather dictates the end of safe and cost effective working conditions.
Electric Metals has an option to earn a 75% interest in the Chuchinka property from Int. Montoro by paying $240,000, issuing 700,000 common shares of Electric Metals and incurring $425,000 in exploration expenditures over three years.
The Chuchinka and Wicheeda Properties -High Grade REE Target Locale
According to Spectrum Mining Corporation's paper presented at the 5th Annual Minerals South Conference & Trade Show in October 2009, Spectrum completed eleven diamond drill holes totaling 1,835 metres on the "Main Zone" at Wicheeda. All 11 drill holes intersected significant rare earth mineralization, of which the best drill intercepts were a 48.64 metre interval that returned 3.55% REE, a 72.0 metre interval that returned 2.92% REE, and a 144 metre interval that returned 2.20% REE in three separate holes. The 2009 drilling suggests that mineralization remains open in all directions, including to the north of Wicheeda where the Chuchinka property is located.
Mr. Chris Taylor, M.Sc. P.Geo., is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.
Other:
The Company has granted 2,000,000 incentive stock options to directors, officers and consultants under its Stock Option Plan for a period of three years at a price of $0.10. All securities issued are subject to regulatory approvals and the Company's Stock Option Plan.
About International Montoro Resources Inc.
Montoro recently acquired 2268 ha (5 claims - the Chuchinka property) contiguous to and adjoining a recently 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 -982 ha and Orbit -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. The Companies have recently optioned one claim block to Rare Earth Metals Inc. (TSX VENTURE:RA) in the historical Letitia Lake-Red Wine rare earth metals camp of west-central Labrador.
For further information phone 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).
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.
ON BEHALF OF THE BOARD OF DIRECTORS,
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.
International Montoro Resources Inc. President, CEO/Director (604) 683-6648 (604) 683-1350 (FAX) www.montororesources.com
Source: Marketwire Canada (November 17, 2010 - 9:01 AM EST)
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