International Montoro Resources Inc. (TSX VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T) has received TSX Venture Exchange acceptance of the acquisition of a 100% interest in 12 mineral claims prospective for Rare Earth Elements, in 2 separate claim blocks covering approximately 11,500 acres, located northwest of the "Wicheeda" rare earth element discovery in the new Tacheeda Lake camp and the "Carbo" area of northeastern British Columbia.
IMT President and CEO, Gary Musil, stated, "We have strategically increased our land holdings in close proximity to recent significant rare earth elements discoveries. The 'Carbo' area of northeastern B.C. is currently undergoing a massive staking campaign and land acquisitions heavily concentrated in the recently named 'Rocky Mountain Rare Metals Belt', as a result of recent positive exploration work in the area including: soil, silt, and rock sampling, diamond drilling, and airborne surveying surrounding Spectrum Mining's 'Wicheeda' discovery. Montoro will continue to enhance shareholder value through strategic acquisitions and further work programs being planned."
IMT has issued the first tranche of 500,000 units (each unit comprised of one common share of IMT and one share purchase warrant entitling the holder to purchase one additional share of IMT for a period of one year from issuance at a price of $0.15 per share). The shares and warrants are subject to a hold period from trading until March 30, 2011. The total unit acquisition costs are 2,000,000 units over a period of one year. The Company has also made the first cash payments of $30,000 of a total $50,000 staged over one year.
The Chuchinka and Wicheeda Properties – High Grade REE Target Locale
IMT's Chuchinka claims are contiguous to Canadian International Minerals Inc. (TSX.V: CIN) Carbo Project and the rare earth element discoveries by Spectrum Mining Corporation ("Spectrum"). According to Spectrum'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.
Source: International Montoro Resources Inc.