Nunavik (Ungava) Properties, Quebec
The Company holds a 1% NSR on an 81 map-designated unit mineral block in an advanced nickel exploration area in Ungava, Raglan. This south trend prospect, encompassing approx. 33 square kilometers (3360 hectares) is in close proximity to the Falconbridge’s Delta – Oasis property containing approximately 800,000 tons grading 3.05% Nickel, 1.26% Copper and 2.25 grams/tonne platinum group minerals (PGM’s).
In December 2002, Montoro signed an option agreement with Canadian Royalties Inc., whereby Canadian Royalties can earn a 100% interest in the Overtime Property. The Overtime property covers the continuation of geological terrain that is considered part of a series of ultramafic bodies that extend throughout the 40 km long Expo-Ungava Joint Venture Property and other Canadian Royalties 100% owned ground along the South Raglan Trend. Canadian Royalties earned a 100% interest; interest in the Overtime Property by incurring exploration expenditures of $500,000 over the next four years. Canadian Royalties has paid Montoro Resources an option payment of $30,000 following approval of the transaction by the TSX Venture Exchange.
Montoro holds a 1% NSR on this property.