TORONTO, ONTARIO--(Marketwired - March 23, 2015) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has been granted a Retention License securing the mining rights to the Wigu Hill rare earth project in Tanzania for an additional 5 years.
||Dr. Tony Harwood, President and Chief Executive Officer of Montero commented: "The Tanzanian Ministry of Energy and Minerals has granted Montero a Retention License securing the mining rights to the Wigu Hill Rare Earth project for an additional 5 year period. Metallurgical testwork continues to establish efficient processing and leaching methods for the high grade REE mineralization at Wigu Hill. Montero continues to seek a strategic investor or joint venture partner to advance Wigu Hill to a mining stage, in a similar manner to our phosphate project which is funded to pre-feasibility and bankable feasibility study."
Montero applied for the Retention License in May of 2014 prior to the expiry of the Exploration License previously held. As part of the application, Montero compiled a comprehensive report on the mineral potential of the Wigu Hill Project which outlined exploration and metallurgical results and a program to advance the Wigu Hill project. The delay in issuance of the Retention License was due primarily to a request by the Ministry of Energy and Minerals for additional information on the proposed work program outlined in the application. The Retention license was granted on the 13th February, 2015, and the license was received on the 20th March 2015.
Montero continues to conduct geological and metallurgical work at the Wigu Hill project while seeking strategic investors or a joint venture partner to advance the project to a mining stage.
Qualified Person's Statement
The technical information contained in this press release has been reviewed by Mr. Mike Evans, M.Sc. Pr.Sci.Nat., who is a qualified person for the purpose of National Instrument 43-101 and a consulting geologist to Montero.
About Montero Mining and Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company focused on bringing in a strategic investor or a joint venture partner for the further development of the Wigu Hill Rare Earth Element Project in Tanzania. Montero's phosphate projects in South Africa are funded to pre-feasibility and bankable feasibility study stage by a strategic investor. The phosphate studies are for an integrated rock phosphate mine and fertilizer operation. Montero trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood - President and CEO
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. This News Release includes certain "forward-looking statements, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan" . These statements are based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Montero's future plans, objectives or goals, to the effect that Montero or management expects a stated condition or result to occur, including Montero's estimates with respect to mineral resource quantities, grades and economic potential. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of Montero's mineral properties, and Montero's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: the ability to negotiate an investment with a strategic investor on acceptable terms; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero's activities; the ability to complete a feasibility study which recommends a production decision; delays in the development of projects; capital and operating costs vary significantly from estimates; and other matters discussed in this News Release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Montero's forward-looking statements. Montero does not undertake to update any forward-looking statement that may be made from time to time by Montero or on its behalf, except in accordance with applicable securities laws.