Boxey Point 
Location:
The Boxey Point property is located in the Fortune Bay area along the southern coast of Newfoundland, between and a little south of the Coomb's Cove and English Harbour West settlements. The property is about 600 km by road from St John's.
Size:
Thirty-six claims and approximately 900 hectares.
Ownership:
Monroe may earn a 60% interest in the Boxey Point property over four years by spending $1,000,000 on exploration, including a minimum first year commitment of $100,000, and making share payments to Altius Minerals Inc. of 2,000,000 Monroe shares, including 400,000 shares on signing and 1,600,000 shares divided equally over four years to be paid on each anniversary of the agreement.
Upon Monroe fulfilling its earn-in obligations, Monroe and Altius will form a 60: 40 joint venture, with each partner contributing its pro-rata share of future expenditures. If either party dilutes its interest to less than 10% in the joint venture, its interest shall be converted to a royalty of 1% of gross uranium sales.
Expenditures:
| To date: | Nil |
| 2008 budget: | C$365,000 |
Overview:
The Boxey Point claims cover almost the entire Boxey Point peninsula and are largely underlain by the Great Bay L'Eau formation: to the south of the peninsula are slates and a rhyolite dike. On the east are a set of four basalt flows or sills. The area contains a uranium occurrence along the west side of the peninsula.
The Great Bay L'Eau formation was described by Taylor in a 1940 BSc dissertation where he referred to it as 'Smith's Hole Conglomerate'. Brian Green of the Newfoundland Geological Survey published a map of the area in 1974. In 1976 Green conducted a scintillometer survey and examined the sills on the eastern side of the promontory. He found radioactive zones in the conglomerate with 1,500 cps (10x background) and assays yielded 312ppm U3O8.
A recent soil sampling program at Boxey Point yielded elevated uranium results and two rock samples tested 738 ppm and 1,498 ppm uranium (0.09 to 0.18% U3O8) respectively. There is also remarkable alteration of the sedimentary strata on the property. The expected deposit type could be similar to the conglomerate-hosted uranium prospects that exist at the Beaverdell deposits in southern B.C. or the former Midnite/Blackhawk Mine near Spokane, Washington. For example, from 1955 to 1981 the Midnite mine produced about 11.6 million pounds of U3O8 from 2.63 million tonnes of ore with an average grade of about 0.2% U3O8.
The 2008 exploration program will consist of soil sampling, prospecting and mapping. Assuming that the results from sampling analysis are encouraging and a rig is available, up to 5,000' may be drilled at the end of the 2008 season.
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