November 08, 2006 10:48 ET

Antoro Resources Inc. Announces the Acquisition of the Carmen Lake "Uranerz" Project Next to Strateco's Matoush Project

MONTREAL, QUEBEC--(CCNMatthews - Nov. 8, 2006) - AntOro Resources Inc. (TSX VENTURE:ORE) announces the acquisition of a portfolio three (3) uranium properties located within the Otish Mountain region of Quebec., Referred to as the "Carmen Lake "Uranerz" project, the 3 properties cover approximately 4,700 hectares within 91 map designated claims ("CDC").

The first property (33 CDCs) is contiguous to the south-east to Strateco Resources' Matoush project, the second one (32 CDCs) is contiguous to the north-east of the Matoush project, while the third one (26 CDCs) is about 5 kilometres east-south east of the Matoush project.

The properties were acquired, in an arms length transaction from: Geotest Corporation, Ottawa, ON; Nathalie Hansen, Ashton, ON; and Bears Mining Resources Inc., Edmonton, AL.

The purchase calls for a cash payment of $7,500 not more 30 days following the signature of the agreement, and $6,500 on the 1st anniversary of the transaction. Also treasury shares of AntOro will be issued as follows: 237,500 shares to Geotest, 237,500 to Nathalie Hansen, and 475,000 shares to Bears Mining. In the event of a commercial production on any of the properties, AntOro would pay a production royalty of 1.5% to two vendors of which 1 % can be bought back at a cost of $500,000 to each Geotest and Mrs. Hansen.

The two south east properties were acquired for their proximity to the Matoush discovery. Furthemore the government airborne magnetic data suggests that the area is underlain by the same geological features as the Matoush property. Further a complete compilation of historical exploration data will be completed in the coming weeks. The proximity to the Eastmain Mine also indicates that there could be a potential for Gold and Base metals on the properties.

Mr. Francois Desrosiers, President of AntOro states that:

"The Company is actively exploring for uranium in 3 very interesting environments: Mont-Laurier (Andy Lake), James Bay area (Maro), and the Sibley basin area (GoodMorning-Innes Lake) in Western Ontario. The Company will soon be dispatching an exploration team to the Otish mountains to start exploration on the Carmen Lake project. The Management and the Board of Directors are very happy with this newest addition and look forward to completing exploration which should offer the potential of being crowned with success since all the properties host known uranium occurences. We feel this will handsomely add to our uranium portfolio."

The area surrounding the Carmen Lake "Uranerz" project was prospected for uranium during the 70's and early 80's by Uranerz Mining and Exploration. During that period numerous uranium occurrences were identified in the area.

The press release was reviewed by Benoit M Violette, geo., a qualified person under the terms of National Policy 43-101.

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this release.

Contact Information

  • AntOro Resources Inc.
    Francois C. Desrosiers
    514-982-6044 ext. 223