TORONTO, ONTARIO--(Marketwire - July 5, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES.
Montero Mining and Exploration Ltd. (TSX VENTURE:MON) is pleased to advise that the Company has signed a Memorandum of Understanding (MOU) with the Korea Resources Corporation (Kores) on joint cooperation in rare earth exploration at Montero's Wigu Hill project in Tanzania.
Montero Mining and Exploration's President and CEO, Tony Harwood, commented that this is an exciting development for Montero. "As a vehicle of the Korean government, Kores' focus on accessing a stable base of energy and industrial mineral resources to develop its economy is an ideal fit with Montero's intention of becoming a rare earth element producer."
Montero Mining and Exploration recently announced good progress with the drilling program at Wigu Hill with the results confirming the continuity of the significant mineralization in the bastnaesite bearing carbonatite dikes. The current exploration program is targeting a NI43-101 compliant resource, while further mapping and sampling of new targets indicate the potential for a sizeable REE deposit.
The MOU with Kores is non-binding and involves ongoing discussions and technical investigations by an expert Montero and Kores team.
About Montero Mining & Exploration
Montero Mining and Exploration Limited is a mineral exploration and development company focused on the development of our flagship Wigu Hill Rare Earth Element Project in Tanzania. The Wigu Hill project is a high grade undeveloped Light Rare Earth Element deposit that the company is focussed on producing a NI43-101 compliant resource on two of ten drill targets.
Rare Earth Elements (a group of 15 metals) are critical in the advancement and development of emerging "green" technologies and high-tech applications such as electric and hybrid vehicles, wind and hydro power turbines, energy efficient lighting, LCD screens, MRI, X-ray machines and neodymium-based magnets crucial to ear-buds, MP3 Players, microphones, mobile devices and other computing equipment. Currently China produces 97% of world supply of REE's and these are becoming increasingly critical to both 21st Century technological progress and environmentally sustainable development. With the rising prices of REE's and China's control over export quotas, it is becoming imperative that the rest of the world develops new rare earth resources to meet the increasing demand from "green" technology.
Montero's growth strategy is to develop the Wigu Hill Rare Earth Element project and to bring this to account by eventual rare earth production and cash flow. Montero plans to operate in an environmentally and socially responsible manner, adding value to all stakeholders. Montero has 42,365,730 shares outstanding and trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood - President and CEO
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Montero's objectives, goals or future plans, and the estimated timing and cost of the exploration of the Wigu Hill Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in Montero's public documents filed on SEDAR. Although Montero believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Montero disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.