TORONTO, ONTARIO--(Marketwire - June 23, 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 announce the appointment of Mr. Will Thompson to the role of Sustainability Manager at the Wigu Hill Rare Earth Element Project in Tanzania.
Mr. Will Thompson has over 25 years of experience servicing the mining and exploration industry in terms of feasibility studies, community development and impact assessments in Africa. He holds a degree in Geology from the Universities of Victoria and Saskatchewan and has experience working as a geologist and miner. Mr. Thompson's previous work experience includes Community Projects Coordinator with both Moto Gold Mines and Placer Dome and more recently as the Security Projects Construction Manager with African Barrick Gold in Tanzania.
Mr. Thompson's unique combination of years of involvement in exploration and mining in Africa, fluency in Swahili and extensive experience in Sustainable Development, makes him a valuable addition to the Montero team.
Mr. Thompson will be responsible for all aspects of sustainable development relative to advancing the Wigu Hill flagship project to a production decision. The current exploration program is progressing and targeting a NI 43-101 compliant resource to be released this quarter, while further mapping and sampling of new targets indicate the potential for a sizeable rare earth deposit.
Montero Mining and Exploration's President and CEO, Dr. Tony Harwood, commented, "I am delighted to announce the appointment of Will Thompson as Sustainability Manager of the Wigu Hill REE Project in Tanzania. Will's many years of experience in Tanzania and his understanding of the people and language will play a crucial role in advancing the development of the Wigu Hill REE project and eventually help fulfill our goal of becoming a producer of rare earth elements."
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 currently focused on producing a NI 43-101 compliant resource from two of its current 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 REE 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.
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.
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