RARE EARTH METALS INC. NOT PROCEEDING FURTHER WITH ITS OPTION ON THE PATRIDGE RIVER, LABRADOR CLAIMS
October 25, 2011, Vancouver, BC, Canada - International Montoro Resources Inc. (“Montoro”) (TSX-V: IMT) has received TSX Venture Exchange acceptance of the acquisition of a 100% interest in an additional 11 claims – 4,278.52 hectares (the “Rocky” group) adjoining and surrounding its Tacheeda Lake claims in ‘The Rocky Mountain Rare Metal Belt’ of northern British Columbia, and contiguous to claims held by Spectrum Mining Corp. This acquisition more than doubles its holdings in the area to over 7,580 hectares (18,730 acres) and contains a 93.41 hectare (231 acre) claim called “Quite the Little Pit” that previously produced limestone.
The southwest portion of Montoro’s newly acquired Rocky group was historically explored by Teck Corporation to cover a sedimentary exhalative target based on results of a regional program carried out in the area. The 1992 regional program outlined Zn and Pb soil anomalies. A 1993 program was subsequently carried out to further define the 1992 program, confirm the anomalies by geophysics and geologically map the property.
The soil survey outlined a 1.6 km long northwest trending multi-element Pb, Zn, Ag and Ba anomaly open in both directions. Values ranged up to 94 ppm Pb, 2498 ppm Zn, 11.1 ppm Ag and 2400 ppm Ba, significantly anomalous in this till covered environment.
IMT has issued a total 400,000 units (each unit comprised of one common share of IMT and one share purchase warrant entitling the holder to purchase one additional common share of IMT for a period of two years from issuance at a price of $0.10 per share in year one, and $0.15 per share in year two. The shares and warrants are subject to a hold period from trading until February 19, 2012.
The Company and j.v. partner Belmont Resources Inc. (TSX.V: BEA) (the “Companies”) have received notice from Rare Earth Metals Inc. (“RA”) that RA will not be proceeding further with its option on the Partridge River, Labrador claim. The property is located in the Letitia Lake/Red Wine complex located approximately 110 km northeast of Churchill Falls in west-central Labrador, surrounded by RA properties. Upon receipt of the sampling and exploration report from RA, the Companies will decide future programs for its property. RA has discovered numerous REE zones in the Red Wine Complex that are reported to host a number of REE deposits with variable rare metal distributions.
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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.