VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 3, 2006) - International Montoro Resources Inc. ("IMT") (TSX VENTURE:IMT)(FWB:O4T) reports that further to the TSX Venture Exchange notice dated June 28, 2006, the Company has completed the acquisition of 100% interest in two (2) mineral claims (Go Ballistic & Go Ballistic 2) approx. 230 hectares located in the Greenwood Mining Division in south-central British Columbia.
The Company has paid $75,000 cash and 300,000 units at a deemed price of $0.40 per unit. Each unit is comprised of one common treasury share and one warrant authorizing the Vendors to purchase a further 300,000 common shares for a two year period from June 28, 2006 at a price of $0.40 per share in the first year and $0.50 per share in the second year. A 1% NSR with a one-half percent buy-out for $500,000 is also attached. A finders fee was also paid on this transaction. All common shares and warrants issued will have a four month hold period expiring October 29, 2006.
The Ballistic claims are part of and includes an interest in the Cup Lake/Donen group (the "Property") that is host of a historic indicated uranium resource. The previous exploration programs outlined two mineralized areas; the northern part contains higher-grade results than the southern part, 2000 metres to the southeast. The deposit has been described as Miocene fluvial sediments underlying the basalts, unconsolidated, interbedded arkosic sandstones, siltstones, carbonaceous mudstones, and basal conglomerates. These sediments occur as structurally controlled 'paleochannels', which are host to uranium deposits.
(As reported in B.C. Government-Minfiles), the Property was originally staked in 1971 for Nissho-Iwai Canada ltd. following radiometric and water geochemical surveys. Work prior to 1980 consisted of 1045 metres of diamond drilling in 16 holes in 1972, 1292 metres of diamond drilling in 1973, geological mapping and a further 3149 metres of diamond drilling in 40 holes in 1979. This work was carried out for the Power Reactor and Nuclear Fuel Development Corporation of Japan.
The northern part of the mineralized zone measures about 1500 by 500 metres with an average reported grade of 0.042 percent Uranium over an average thickness of 1.8 metres; the southern part measures about 1500 by 150 metres with an average reported grade of 0.024 percent Uranium over a 0.7 metre thickness. (Reported in B.C. Government Assessment Report #8105), total drill indicated reserves were estimated to be 2.25 million tonnes grading 0.037 per cent Uranium to yield 839,620 kilograms of Uranium.
The resource estimates cited above predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. The Company has not done sufficient work yet to verify or classify the historical estimates as a current mineral resource and the Company is not treating the historical estimates as a current mineral reserve or resource. The Company believes that the historical estimates provide a favourable indication of the potential of the Property, and intends to embark on an extensive due diligence exploration program, and will be commissioning a NI 43-101 Report immediately.
The Cup Lake deposit occurs within a northwest trending paleochannel. The Company is completing negotiations on an interest in the remaining claims which make up the Cup Lake/Donen group. These claims adjoin to the northwest the recently announced $105 million acquisition by Boss Gold International Corp. ("BOG") of the Blizzard uranium deposit from Santoy Resources Ltd. ("SAN") and various private individuals. The Company is very excited about the potential of the area in light of the extensive amount of exploration that was completed prior to 1980, and look forward to further developing its Property along with others in this area.
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.
Gary Musil, President
(604) 683-1350 (FAX)