70 Page 68 Br Gregory Reynolds Uranium and Rare Earth Elements are being hunted by International Mon toro Resources Inc in several areas of Canada Montoro is an emer ging resource company engaged in the acquisition exploration and development of Rare Earth Elements REE and uranium mineral properties in Ontario Sas katchewan and British Columbia as well as other resource properties in New Brunswick and Ontario The company is led by an experienced and diverse board of directors and management team with proven suc management engineering and explo ration project management Their combined experience and com mitment provides Montoro with the tools to capitalize on the growing de mands of nickel copper cobalt ura nium and REE The company has entered into prop erty Acquisition Agreement to facili tate an acquisition of 100 interest in ten mining claims 1 15 unitsapprox 1840 hectares in the Sault Ste Marie Northern Ontario more commonly known as the Serpent River Property Uranium mineralization on the claims is typical of the setting found at the past producing mines in the Elliot erous quartz pebble conglomerates of the Misssissagi Formation After completing a drill program in lined a resource on the Serpent River property that it called the Pecors East Zone It estimated Ore Estimates Map 1977 that the Pecors contains an in dicated resource of 20000000 tons grading 0037 074lbst U308 or 14800000lbs U308 This resource estimated is based on limited drilling and there is potential to expand the Pecors on the property The resource estimate cited above predates and therefore does not con form to the more stringent reporting Montor o requirements of National Instrument 4301 and should not be relied upon according to those standards Monto ro has not yet done exploration work to verify or classify the historical esti mates as a current mineral reserve or resource found uranium values in mineralized quartz pebble conglomerates consis tent with historic results Montoro also intersected mineral ized aplite dykes and sills below the conglomerate beds as well as highly altered mineralized breccia along the unconformity between the Archean basement rocks and overlying Pro terozoic sediments pany the uranium mineralization yttrium as a byproduct of the urani um production Immediately west of the Serpent Riv er Project neighbor Pele Mountain Resources is advancing its Eco Ridge uraniumREE project In July 201 1 it announced the positive results of a Preliminary Economic Assessment good recoverability of REE and simi lar results could be expected from the Serpent River mineralization But the uranium and rare earths at Serpent River may prove to be a side show to another deposit type In a 2009 summary of Ontario Geo geophysical anomaly on the claims that was previously thought to be caused by an iron formation was re examined The new interpretation of the Pecors anomaly concludes it may be the re sult of contact style nickelcopper PGE mineralization similar to that found to the east at Sudbury has shown high levels of nickel and chromium lending further weight to the new analysis Montoro commissioned a geophysi cal specialist to further interpret the hunts uranium REE in Contd on pg 69