MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd. (TSX VENTURE:MON) has signed an
arm's-length, indicative, non-binding term sheet with a Strategic Investor
("Investor"), whereby the Investor has proposed to provide equity funding at
project level towards the development of Montero's Wigu Hill Rare Earth Element
mine and refinery ("Rare Earth Project"). The indicative non-binding term sheet
sets out the terms and conditions of a potential agreement. A due diligence is
still to be undertaken by the Investor, the results of which are subject to the
approval by the Executive Management and Board of Directors of the Investor.


Dr. Tony Harwood, President and CEO of Montero commented, "The potential
business case will be directed at developing an integrated Rare Earth Refining
company. Use of proceeds from the proposed funding shall include proving up
further Rare Earth Element resources at Montero's high-grade Wigu Hill Rare
Earth Element project in Tanzania in conjunction with the development of a rare
earth refinery subject to feasibility work". 


About Montero Mining & Exploration

Montero Mining and Exploration Ltd. is a mineral exploration and development
company focused on achieving production of fine rare earth chemicals and metals
primarily from at its flagship Wigu Hill project in Tanzania and the
establishment of a rare earth refinery. 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 has a highly experienced Board and Management team that
has built and operated mines and refineries which brings significant credibility
to our strategy of becoming a rare earth chemical producer. In addition to rare
earths, Montero has phosphate assets in South Africa and uranium assets in
Tanzania and Quebec, Canada.


Signed. Dr. Tony Harwood - President and CEO

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking
statements". This News Release includes certain "forward-looking statements".
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 that
Montero's future plans, objectives or goals, including words to the effect that
Montero 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 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: 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Montero Mining and Exploration Ltd.
+1 416 840 9197
+1 866 688 4671 (FAX)
ir@monteromining.com
www.monteromining.com


Montero Mining and Exploration Ltd.
Dr. Tony Harwood
President & CEO
+27 83 300 6934

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