NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) has entered into a binding agreement with a private geological consortium (“the Founders”) that has developed certain specialized concepts, ideas, plans and techniques for the exploration of unique lithium deposits over certain target areas in the Atacama region of Chile. Montero has 15 months to make application for the prospective target areas, and once awarded, complete a due diligence sampling program. The terms of the agreement provide that upon successful granting of exploration licenses and satisfactory due diligence the Founders shall be granted a 1.5% net smelter royalty and $100,000 shares in Montero at the market value at the time, subject to regulatory approval. The agreement also provides that once Montero has sufficient confidence that ore grade material can be mined and processed economically the Founders shall be granted a further $600,000 of Montero shares, subject to regulatory approval.
Montero has made application for more than 13,800 hectares of contiguous ground in the Atacama covering one of the target areas defined by preliminary reconnaissance sampling. The exploration licenses are expected to be awarded in November and once these have been granted Montero shall provide further target location and reconnaissance sampling information.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero is pleased to announce an agreement that targets a potentially new discovery for lithium mineralization located in the Atacama of Chile. Chile is one of the foremost mining jurisdictions and a major source of global lithium supply. Montero has made application over 13,800 hectares in the Atacama and is waiting for the award of the licenses when further updates will be provided.”
Qualified Person’s Statement
This press release was reviewed and approved 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. A review was also undertaken by Marcial Vergara B.Sc. Geology is a qualified person for the purpose of National Instrument 43-101 and is based in Chile with more than 30 years’ experience. He has experience in lithium exploration in Chile, Argentina and Bolivia.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently these include lithium in Namibia, phosphates in South Africa and rare earth elements (REE) in Tanzania. Montero is reviewing and evaluating other opportunities from its operating base in South Africa. Montero trades on the TSX Venture Exchange under the symbol MON.
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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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the Share Consolidation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management’s expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, completion of the HOA, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to complete the HOA on the terms as announced or at all; 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; 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 accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.