MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has filed its
NI 43-101 compliant Preliminary Economic Assessment ("PEA") report for the
Duyker Eiland Project in South Africa (see news release dated 28/02/2012) 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 PEA was conducted by Turgis Consulting (Pty) Ltd. ("Turgis"). 


The PEA is preliminary in nature as it includes Inferred Mineral Resources,
which are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
"Mineral Reserves". There is no certainty that the PEA will be realized as
Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability. 




    Dr. Tony Harwood, President and Chief Executive Officer of Montero      
    commented, "The results of the PEA on the initial Inferred NI 43-101    
    Mineral Resource at Duyker Eiland continue to present robust economics  
    with a NPV of CAD$126 million and an IRR of over 38% at a 10% discount  
    rate. Montero recently appointed AltaCorp Capital in Toronto as advisors
    as we continue to engage with a number of parties interested in         
    commercializing our phosphate assets. Montero remains committed to      
    demonstrating an economic route to early production of rare earths from 
    our flagship Wigu Hill Rare-Earth Project in Tanzania while seeking     
    partners to develop our phosphate assets."                              



Revision to PEA results 

In the process of finalising the NI43-101 report, Turgis have revised the
operating cost per tonne of product from CAD$99 to CAD$109.12 which has had an
impact on the previously reported figures. The reviewed figures of NPV, IRR and
Capital costs are affected and are presented below with all other factors
remaining the same. Capital costs are slightly increased from CAD$129 million to
CAD$132 million due to the impact of the revised operational cash costs to
on-going capital requirements.


Highlights of PEA:



--  A NPV of CAD$ 126.1 million (at a discount rate of 10%) and an IRR of
    38.14% 
--  Average 4.5 million tonnes per annum rock mined at low stripping ratios
    of 0.57:1 
--  Average production of 490,000 tonnes per annum of 33% P2O5 concentrate 
--  11 year Life of Mine (based on initial resource estimate)  
--  Operating cash costs CAD$ 109 per tonne concentrate Free alongside Ship
    ("FAS") Port of Saldanha, South Africa 
--  Capital costs of CAD$ 132 million 



Qualified Person's Statement 

Turgis is a Johannesburg based engineering consultancy, focused on the mining
industry, and has over 20 years of experience in engineering projects for mining
companies in Africa. The Turgis PEA team is headed by Sten Johansson (MSAIMM), a
Process Engineer and a qualified person for the purpose of National Instrument
43-101. Mr. Johansson has firsthand experience operating a phosphate
beneficiation plant at a phosphate mine that once operated 25 km from Duyker
Eiland. Andrew Pooley (FSAIMM) is a Mining Engineer and a qualified person for
the purpose of National Instrument 43-101 and will cover the mining aspects of
the PEA. 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 & Exploration 

Montero Mining and Exploration Ltd. Is a mineral exploration and development
company engaged in its flagship Rare Earth Elements (REE) Project Wigu Hill in
Tanzania and has phosphate assets in South Africa and uranium assets in Tanzania
and Quebec, Canada. Montero is focused on adding value through the exploration
on properties, which have the highest potential for future discoveries or
development of existing mineral resources into mineable reserves. The flagship
Wigu Hill REE Project is a high-grade, undeveloped Light Rare Earth Element
deposit where the current focus is on updating the initial NI 43-101 Mineral
Resource Estimate and advancing the hydro-metallurgical testwork with Mintek.
Montero has a fast-track strategy to advance a portion of the Wigu Hill deposit
to the mining and production stage in the short-term while further defining a
larger deposit. With 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 and de-risk 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.


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.

Montero Mining and Explo... (TSXV:MON)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Montero Mining and Explo... (TSXV:MON)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024