ANTORO RESOURCES INC.
TSX VENTURE : ORE

ANTORO RESOURCES INC.

October 11, 2006 09:00 ET

AntOro Signs an Option to Acquire the Goodmorning - Innes Lakes Uranium Property, Thunder Bay District Ontario

MONTREAL, QUEBEC--(CCNMatthews - Oct. 11, 2006) - ANTORO RESOURCES INC. (TSX VENTURE:ORE) is pleased to announce the signature of an arms-length option agreement for the acquisition of the GOODMORNING-INNES LAKES property, located in DORION TOWNSHIP, approximately 55 km NE of Thunder Bay, Ontario, in the Thunder Bay Mining Division. The property is located in the area of the Sibley Basin, well known for its numerous uranium occurrences. The property is composed of three (3) claims, consisting of 48 claims units and covers an area of 768 hectares.

The property was optioned from Kenneth Fenwick and associates of Thunder Bay, ON. The transaction calls for work commitments of $140,000 over four years: $20,000 in years 1 & 2, $40,000 in year 3 and $60,000 in year 4. Upon signing of the agreement, the Corporation will pay $10,000 and once it has received regulatory approval must issue 50,000 treasury shares. On the first and second anniversaries, it must pay $20,000 and issue 50,000 shares respectively, on the 3rd anniversary, it must pay $40,000 and issue 50,000 treasury shares, and starting on the 4th anniversary, pay in cash or treasury shares the equivalent of $5,000 per year as an advance on royalty payments. A 2% N.S.R. is payable upon production, half of which may be bought back for the sum of $1 million.

The property is accessible via a gravel road that branches off the Trans Canada Highway (Hwy. 11/17) 63.4 km East of Thunder Bay. Exploration and mining services of all kinds are available in Thunder Bay, enabling AntOro to conduct exploration on the property in a very cost effective manner.

The geology of the area consists of northeasterly-trending Archean complex of metasediments, migmatites and granitic rocks unconformably overlain by Sibley Group sediments and cut by diabase sills. The Sibley Group sediments are interpreted to be similar in age and setting as the uranium-rich Athabaska Basin in Northern Saskatchewan.

There are two types of uranium occurrences on the property - a radioactive fault breccia and uranium-bearing pegmatites. The Goodmorning Lake Radioactive Fault Breccia strikes 330 degrees across our two southern claims. This brecciated zone measures some 40 m in width at the southeast edge of the outcrop area and pinches to 20 m in the northwest corner.

In 1978, G. R. Yule, in his Bachelor thesis on the Goodmorning Lakes Radioactive Fault Breccia, concluded that the Goodmorning Lakes fault represents the major structural control for uranium mineralization; it is where hydrothermal solutions moved through the fault systems and caused uranium mineralization to occur within late fractures within the hematitic quartz breccia.

Scott (O.G.S., 1987) stated that the Ontario Geological Survey obtained assays of 0.57%, 0.13% and 0.034% U308 from the Hematite Breccia Goodmorning Lakes Fault Zone. The migmatite rocks present on the northern claims contain uranium-bearing pegmatites dikes that are irregular in shape and elongated in an east-west direction. Some pegmatite pods are up to 200 m long and perhaps up to 120 m wide. Approximately 30 trenches were blasted in the pegmatite zones in 1968 and grab samples ranged up to 0.18% uranium. Franklin (G.S.C., 1978) stated that the pegmatites in the Sibley Basin represent by far the best uranium source and with their distinctive mineralogy (accessory apatite) they can be readily recognized.

This press release was reviewed by Benoit M. Violette, a Qualified Person under National Instrument 43-101, and is a Director of AntOro Resources Inc..

Contact Information

  • On behalf of the Board of Directors,
    AntOro Resources Inc.
    Francois C. Desrosiers
    514-982-6044, ext. 223