International Montoro Resources Inc.

International Montoro Resources Inc.

January 03, 2007 13:11 ET

Montoro Acquires Further Uranium Claims-Now in Ontario

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 3, 2006) - International Montoro Resources Inc. ("IMT") (TSX VENTURE:IMT) (FRANKFURT:O4T) is pleased to announce it has entered into a Property Acquisition Agreement that facilitates IMT's acquisition of 100% interest in ten mining claims (115 units-approx. 1,840 hectares) in the Sault Ste. Marie Mining Division, Elliot Lake area in Northern Ontario more commonly known as the Serpent River property.

The Serpent River property is located about 13 kilometres east of the town of Elliot Lake on the south limb of the Quirke syncline. Access is afforded by a bush road that crosses the property.

Uranium mineralization on the claims is typical of the setting found at the past producing mines in the Elliot Lake camp.; namely, uraniferous quartz pebble conglomerates of the Mississagi Formation. After completing a drill program in the general area Rio Algom Ltd. outlined a resource on the Serpent River property that they called the Pecors East Zone. They estimated (Ore Estimates Map, 1977) that the Pecors East Zone contains an indicated resource of 20,000,000 tons grading 0.037% (0.74 lbs./t) U308 or 14,800,000 lbs. U308. This resource estimated is based on limited drilling and there is potential to expand the Pecors East Zone on the property

The resource estimate 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. IMT has not yet done exploration work 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.

Rio Algom mined more than 100 million pounds of U308 from similar deposits in the Elliot Lake camp and its compilation is generally considered reliable according to local industry standards.

The terms of the Agreement provide that IMT has agreed to pay the vendors a total of $500,000 in cash and to issue 500,000 common shares in the capital of IMT over the next four years, in accordance with the following schedule:

- $20,000 upon signing of this Agreement (paid);

- $80,000 and 100,000 shares within 10 days following TSX Venture Exchange acceptance for filing of the Agreement;

- $100,000 on or before December 12,2007 and 100,000 shares;

- $100,000 on or before December 12,2008 and 100,000 shares;

- $100,000 on or before December 12,2009 and 100,000 shares; and

- $100,000 on or before December 12,2010 and 100,000 shares.

The vendors will also retain a 2% net smelter return royalty, of which IMT may buy back 1% for a one-time payment of $1.5 million.

IMT is excited about the potential of these claims, located in an area with past uranium production from twelve underground mines. IMT is closely monitoring the recent increase in exploration activity in the area with particular interest in Pele Mountain Resources Inc. ("GEM") recent additional acquisitions adjacent to the Serpent River property.

Qualified Person

This news release was reviewed and approved for technical disclosure by Donald Hawke, P.Geo who is designated as the qualified person with the ability and authority to verify the authenticity and validity of this data.

The Agreement is subject to TSX acceptance for filing.


Gary Musil, President, CFO/Director

For further information visit the Companies websites at or phone # 416-350-2794. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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