Drill Permit Application For The Pecors Massive Sulphide Project

VANCOUVER - International Montoro Resources Inc. has initiated an exploration permit application and consultation process with the Ministry of Energy, Northern Development, and Mines (ENDM) and local First Nations communities to continue drilling on its 1,840-hectare Pecors - Ni, Cu, PGE project near Elliot Lake, Ontario. The exploration permit will allow the company to delineate the extent of nickel, copper, and PGM mineralization discovered in 2015 diamond drilling and VTEM survey on the Pecors anomaly. Past exploration and geophysical interpretation by the company has outlined a significant 5.7 km long and 4.2 km wide anomaly to be tested by drilling under the new exploration permit application. Sampling of diamond drill core in 2015 (DDH P-15-23) intersected a mineralized zone near the anomaly over 12-meters averaging 0.33 g/t TPM, 0.11% Cu, and 0.04% Ni. The textures observed near the anomaly suggest a massive sulphide deposit may be hosted in the base of the gabbro intrusion and further work on the anomaly could lead to the discovery of a new deposit type (Ni-Cu-PGE) in the Elliot Lake Mining Camp only 130-kilometers from Sudbury, ON.

The company also has entered into a financing facility for up to C$2 million with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners LLC. The investment agreement provides the Company with an at-will financing facility over a period of 24 months during which the Company can draw down, at its sole discretion, equity private placement tranches of up to C$250,000.00 Each tranche will be composed of units with each unit consisting of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant, at discounts between 15 and 25 percent of the closing price of the Common Shares on the day prior to Montoro drawdown notice to Alumina. The exercise price of the warrants will be at a 25 per cent premium over market at the time of the issuance and the warrants will have a term of 60 months. Each draw down from the Facility may be subject to approval of the Toronto Venture Exchange. All securities issued pursuant to a financing under the Facility will be subject to a statutory hold period that expires four months and one day from issuance.

The Company intends to use the net proceeds of financings under the Facility, if any, for the advancement of its portfolio of projects in both Ontario and Newfoundland, working capital for the ramp-up and development of our operations at the Pecors Nickel Project at Elliott Lake and general corporate purposes. No finder's fees will be paid in connection with a financing under the Facility.

Karim Rayani, Chief Executive Officer, said, "The Facility provides us with the necessary capital to advance our projects should and when we need it, the company is in the process of permitting the Serpent River-Pecors Project in Ontario and continues to develop our prospective gold projects in Ontario and Newfoundland. The capital will be especially useful on the Pecors project as we see Nickel continue to trade higher and as the EV conversation gets louder with more emphasis being placed on nickel intensive battery cell chemistries. The Pecors project is a great focus point for the company as nickel once again booms particularly with Europe predicted to rival China in terms of EV market share by the end of 2020."