Vancouver, British Columbia CANADA, February 25, 2009 /FSC/ - International Montoro Resources Inc. (IMT - TSX Venture), "Montoro" or the "Company"). Montoro held its Annual General Meeting on February 19, 2009 and approx. 30% of the issued and outstanding shares were voted, with 86.0 - 93.0% votes cast in favour of all resolutions put forward in the proxy.
Re-elected to the board were directors Gary Musil, Roger Agyagos, Bruce E. Bried and Brent Griffin. Following the AGM the directors appointed Gary Musil (President and Chief Executive Officer), Roger Agyagos (Corporate Secretary), and Brent Griffin (Chief Financial Officer).
As per the proxy, and subject to regulatory approvals, the Company has also amended the exercise price of 1.84 million options granted to various directors, officers and consultants from $0.20 - $0.50 to $0.10. In addition, the shareholders adopted the resolution approving the Company's issuance of six (6) million common shares (the "Shares") at a deemed price of $0.04 per share to Belmont Resources Inc. ("Belmont"), a related party. Gary Musil and Roger Agyagos, directors and/or officers of the Company, are also directors of Belmont. The Shares are being issued to satisfy $240,000 of debt. The shares for debt transaction is subject to regulatory approval. The shares for debt transaction will result in Belmont becoming an insider and owning 6,284,566 common shares, representing 21.03% of the Company's issued and outstanding share capital.
Management would like to thank the Company's shareholders for their continued support.
The Company is granting, subject to regulatory approval and the Company's stock option plan, 100,000 incentive stock options to purchase 100,000 common shares at a price of $0.10 per share, exercisable for a period of two years.
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. In addition the Company (50/50) with Belmont Resources Inc. is developing two significant uranium properties located in the Uranium City District in Northern Saskatchewan (Crackingstone-982 ha) & (Orbit Lake-11,109 ha). Montoro and Belmont recently optioned 50% interest in the Crackingstone property to Merrex Gold Inc. (TSX.V -MXI). Montoro and Belmont also holds (50/50) two properties in the Central Mineral Belt Uranium District in Labrador.
ON BEHALF OF THE BOARD OF DIRECTORS,
Gary Musil, President
For further information visit the Company's website at www.montororesources.com and watch the Smartstox interview
(www.smartstox.com/interviews/imt.php) with President Gary Musil, or contact:
International Montoro Resources Inc.
T 604.683.6648, E email@example.com
CHF Investor Relations
Chris Haldane, Associate Account Manager, ext. 237, firstname.lastname@example.org
Cathy Hume, CEO, ext. 231, email@example.com
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 Company's forward-looking statements and expectations. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Source: International Montoro Resources Inc. (TSX-V IMT) www.montororesources.com
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