TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) - Montero Mining & Exploration Ltd. (TSX VENTURE:MON) announces it has engaged T2W Market Liquidity Inc. ("T2W") effective January 1, 2012, to provide market liquidity services for its common shares listed on the TSX Venture Exchange. The term of the engagement is for a minimum of 12 months and is renewable thereafter on a month to month basis. T2W is a Dundas, Ontario based private company, which is in the business of providing market liquidity services to listed issuers. Harold Hoff, the principal of T2W, has more than 10 years experience as a pro trader and market maker for a major bank owned investment dealer.
In consideration of the services to be provided, the Company will pay T2W a monthly flat fee of $2,500 (plus applicable HST taxes) for a minimum of one year. T2W's remuneration is in no way contingent upon the market price or trading volume of the common shares of Montero on the TSXV.
|The market liquidity services to be provided include:
- Maintaining a consistent and reasonable bid and offer spread for the common shares of Montero;
- Maintaining a reasonable board lot size for the bid and offer; and
- Maintaining reasonable open orders at depth behind the best bid and offer.
T2W is entirely independent of the Company and will at all times be trading as principal for its own account and using its own capital. T2W's experienced trading staff will use their knowledge and discretion in providing these services and no assurance has been made as to any particular effect or result regarding the market for the Company's common shares. T2W has covenanted to operate in accordance with best trading practices at all times.
About Montero Mining and Exploration
Montero Mining and Exploration Ltd. Is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada respectively. Montero is focused on adding value for all shareholders through the acquisition and exploration on properties, which have the highest potential for future discoveries or development of existing mineral resources into mineable reserves. We remain engaged in the development of our flagship Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. The Company's current focus is on updating the initial NI 43-101 Mineral Resource Estimate and advancing the hydro-metallurgical testwork with Mintek. With the rising prices of REEs 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 and high-tech applications.
Montero's growth strategy is to develop the Wigu Hill Rare Earth Element project and to bring this to account through eventual rare earth production and cash flow, while operating in an environmentally and socially responsible manner. We will continue to add value through the development of our portfolio of properties. Montero trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood - President and CEO
This News Release includes certain "forward-looking statements".
CAUTIONARY STATEMENT: Neither 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.
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