MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has signed a
non-binding Memorandum of Understanding ("MoU") with Star Earth Minerals (Pvt)
Limited ("Star"), a rare earth chemical company based in Mumbai, India. Star is
seeking to secure a consistent supply of Light Rare Earths from Montero's Wigu
Hill REE Project in order to supply its customers in the glass, ceramic and
catalyst industries.


The main objective of the MoU is to outline the basis of cooperation between
Star and Montero with the objective of signing an off-take agreement for Star to
purchase mixed rare earth and cerium carbonate from Montero. It also
contemplates to share technical information related to rare earth process
technology for the development of a rare earth refinery to further beneficiate
material from the Wigu Hill Rare Earth Element Project in Tanzania. Through
hydro-metallurgical testwork with Mintek, Montero has produced samples of
saleable rare earth products (see news release dated 05/03/2012) which were
instrumental in concluding discussions with Star.




      Dr. Tony Harwood, President and CEO of Montero commented, "The signing
      of an MoU off-take agreement between Montero and Star is the first    
      step in de-risking the Wigu Hill Project while securing end user      
      distribution channels ultimately designed to generate REE sales       
      revenue for Montero. Star is a producer of rare earth chemicals to the
      Asian market with considerable expertise in rare earth refining which 
      also compliments Montero's fast-track to market strategy."            



The cooperation between the Parties under this MoU may take the following forms:



1.  Within three months of signing this MoU, Star and Montero will sign an
    off-take agreement for between 1,000 to 3,000 tonnes per year of mixed
    rare earth and cerium subject to agreement on price and product
    specifications. 
2.  Star and Montero will cooperate to share technical data and technology
    information developed by Star and Montero for the development of the
    Refinery Project; and, 
3.  Should Star and Montero confirm their interest in the development of a
    Refinery Project, they will discuss future funding options.



The MoU remains in effect for twelve months from now and is not intended to
create any legally binding rights or obligations. Either Party may terminate
this MoU at any time by mutual consent or by submitting a written notification
to the other party. 


Montero is of the view that the mineralized material at the Wigu Hill Rare Earth
Element Project will have sufficient mineralization and grade to support the
proposed off-take agreement with Star. The potential quantity and grade is
conceptual in nature and the current NI 43-101 resource estimate consists of
inferred mineral resources that are considered too speculative geologically to
have the economic considerations applied to them that would enable them to be
categorized as mineral reserves. Any conclusion that the Wigu Hill Rare Earth
Element Project can be placed into production is preliminary in nature and there
can be no certainty that it can be placed into production on an economic basis
until such time as the resources thereon may be categorized as mineral reserves
in accordance with the standards of NI 43-101 and that, furthermore, a
production decision is supported by a positive feasibility study prepared in
accordance with NI 43-101. Results from the in-fill drilling completed at the
Twiga Zone will be used to update the existing NI 43-101 resource estimate,
which is expected during Q2 2012.


A high-level scoping study is underway at Wigu Hill which will lead into a
Preliminary Economic Assessment which is expected to be completed during Q2
2012.


About Star Earth Minerals (Pvt) Ltd.

Star Earth Minerals (Pvt) Ltd. is a manufacturer of light rare earth compounds
for commercial and R&D applications and has an operating plant in Maharashra,
India. Star has a team of experienced chemists with a background in
manufacturing and processing and has a strong R&D facility which can produce
materials as per desired specifications. Star has an extensive customer base in
South East Asia and Japan.


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 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 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. 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. Montero
trades on the TSX Venture Exchange under the symbol MON.


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.


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.

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