re: ann out signs additional agmt for tenements... Announcement...

re: ann out signs additional agmt for tenements...
Announcement just out: Sounds very good and looks to be the start of much better things to come!

11th January 2007

Summary

Cortona Signs Agreement to Purchase Additional North Monger Tenements

Cortona Resources (CRC) informs the Australian Stock Exchange that it has today signed an Agreement with Duketon Consolidated NL for the purchase of 7 Prospecting Licenses (PLs) in the North Monger area (Figure 1).

The tenements bridge the gap between the northern and southern portions of the North Monger Project, and offer considerable exploration upside to the Company.
CRC Managing Director Peter van der Borgh said “It’s the first time in the modern era that these tenements will form part of the North Monger Project. As a result, several gold anomalies that cross existing tenement boundaries will be tested for the first time. Furthermore, the Black Hill Nickel laterite resource may extend southwards into this area, but remains untested by drilling”.

Tenement Purchase

The Agreement with Duketon Consolidated NL is for the purchase of 90% of seven live PLs in the North Monger Region. The tenements cover a combined area of 10.8km2. The consideration is $10,000 cash, and 100,000 CRC shares. Duketon will retain a 10% free carried interest to BFS, and then contribute accordingly.

Exploration Potential

Previous soil geochemistry surveys in CRC’s existing ground indicate that there are at least 3 gold-in-soils anomalies that run up to the boundary between Cortona’s existing tenure and the newly acquired ground (Figure 1). Each of these is worthy of follow-up work, particularly as they appear to coincide with a zone of structural complexity known as the Mt Monger Fault. A second significant aspect of the new area is that the Black Hill Ni-laterite could potentially extend southwards into it, where it remains untested despite the continuation of the ultramafic unit being observed
both in outcrop and on aeromagnetic images (Figure 2).
Cortona will now assimilate the new area into the North Monger Project, where it will form an integral part of the Company’s exploration strategy.

Yours Faithfully
Peter van der Borgh
Managing Director