TORONTO, ONTARIO--(Marketwire - Dec. 14, 2011) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has filed its NI 43-101 mineral resource estimate for the Duyker Eiland Project in South Africa (see news release dated 16/11/2011: http://newsroom.monteromining.com/press-releases/montero-identifies-an-inferred-mineral-resource-of-tsx-venture-mon-201111160745461001) on SEDAR and posted to the Company's website. The project is located in the Western Cape Province in South Africa, approximately 30km north of the Port of Saldanha. The independent estimate was prepared by AMEC Earth & Environmental Services Limited (AMEC).
A total Inferred Mineral Resource of 32.8 million tonnes at a grade of 7.15% P2O5 has been outlined from the preliminary drilling program of 26 boreholes (613 metres). Preliminary metallurgical test work has indicated that a potentially saleable acid-grade phosphate concentrate of 33% P2O5 to 35% P2O5 (72.1% BPL to 76.5% BPL*) can be produced by washing and flotation.
||Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, "We are pleased with the initial Inferred Mineral Resource of 32.8 M tonnes at 7.15% P2O5 at Duyker Eiland, however more importantly that metallurgical testwork indicates that an acid-grade concentrate can be produced by flotation. The Duyker Eiland and other phosphate assets provide excellent value-add to Montero's portfolio. Montero remains focused on developing our flagship Wigu Hill Rare-Earth Project in Tanzania and advancing the hydrometallurgical testwork as we target early mining and production."
The report details the following Inferred resources:
|Inferred Phosphate Mineral Resources, Effective Date 27 September 2011,
|María-Angélica González, Senior Mining Engineer, Resource Modeller, R.M. (CMC)
|Notes to accompany the Inferred Phosphate Mineral Resource tabulation:
- Blocks of the Middle zone are classified as Mineral Resources if the blocks of the Lower zone, located below in the column, qualify as mineral resources
- Mineral resources are defined as blocks for which there is sufficient phosphate to pay for the stripping of the material column over them and reported at a 3.00% P2O5 cut-off grade
- Mineral resources are reported using concentrate prices of USD$140/t of phosphate concentrate; a mining recovery of 90%; a metallurgical recovery of 85%; a mining cost of USD$5/t and a processing cost of USD$10/t
- Tonnages are rounded to the nearest 100,000t; grades are rounded to two decimal places and accumulations are rounded to one decimal place
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnages, grades and accumulations
- Tonnage, grade and accumulation measurements are in metric units.
- Accumulation (m%), or Grade Thickness, is the product of the grade (%) and thickness (m)
A copy of the full resource estimate report is available on the SEDAR website and on Montero's Website:
*The phosphate content of concentrate is often expressed as Tricalcium Phosphate and traditionally referred to as BPL or bone phosphate of lime (BPL = P2O5 x 2.1853).
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. The independent resource estimate was prepared by AMEC and is reported according to CIM Definition Standards (2010). The Qualified Persons responsible for the preparation of the NI 43-101 technical report were Armando Simón, Ph.D. P.Geo. (AIG), R.P.Geo. (APGO) and María-Angélica González, (R.M. Commission Calficadora de Competencias en Recursos y Reservas Mineras), both employees of AMEC International Ingeniería y Construcción Limitada (Chile) and based in Santiago de Chile. Mrs. González is the Qualified Person responsible for the preparation of the Mineral Resource estimate.
About Montero Mining & 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
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". 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 the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: 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 the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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.