Mr. Gary Musil reports

DRILL RIG ARRIVES AND MOBILIZING TO PECORS SITE

International Montoro Resources Inc. has been informed that Orbit Garant Drilling Services Inc. of Val d'Or, Que., arrived yesterday at Elliot Lake airport. The transporting by helicopter of the drill rig and materials about nine kilometres to the Pecors anomaly drill site is under way, and setup to commence drilling should be completed by tomorrow.

Financing

The company is continuing to receive subscriptions for a second tranche of the private placement for additional funds for the Pecors drilling program, and for working capital.

Each unit consists of one common share at a price of seven cents and one two-year transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of 10 cents for a period of 12 months from closing and at 14 cents in the second year. The company will pay a finder's fee of up to 7.5 per cent in cash or warrants. All of the securities issued pursuant to the private placement will be subject to a minimum four-month hold period and to TSX Venture Exchange acceptance.