Lac-Yvonne Claim Area, Quebec

The Lac Yvonne claim area is located in the Bressani Township in south-western Quebec. Historic data indicate uranium and gold showings along granite/pegmatite-greywacke/iron formation sheared contacts.

Location

The Lac Yvonne claim area is located approximately 100 km south of Chibougamau in the Bressani Township, in south-west Quebec province.

History

On March 14, 2008, Montero entered into a purchase and sale agreement to acquire a 100% interest in twelve of the Lac Yvonne claims for consideration of 100,000 Shares at a deemed price of $0.40 per Share, which were issued on April 10, 2008 (at a re-calculated deemed price of $0.35 per share). A further six claims were transferred subsequent to the initial acquisition. The claims are subject to a 2.0% NSR. Montero has the right to purchase, at any time, either one-half or all of the royalty for a purchase price of $1,000,000 or $2,000,000 respectively.

Geology

The 1957 exploration results include mapping, sampling and 6 short (Winky -BQ) holes with maximum depth of 25 metres. Drillholes results: DH#2 0.08% U3O8 and 3 g/t gold over 4 feet, and DH#4 0.08% U3O8 and 3 g/t gold over 4 feet.

Recent Exploration Programs

In February 2010, exploration work included 12.6 kms of line-cutting followed by a magnetic geophysical survey. Subsequent exploration work includes a radiometric survey on the area not previously surveyed and mapping on the dikes as outlined in the magnetic geophysical survey from earlier in the year.