MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero" or the
"Company") is pleased to announce that it intends to complete a best efforts
non-brokered private placement financing of up to 8,000,000 units ("Units") at a
price of $0.125 per Unit for gross proceeds of up to $1,000,000 (the
"Offering"). 


Each Unit will be comprised of one common share ("Common Share") and one common
share purchase warrant ("Warrant"). Each Warrant will entitle the holder to
acquire one common share for $0.25 for a period of 24 months following the
closing date of the financing. Where the closing price of the common shares
equals or exceeds $0.30 for 20 consecutive trading days following the date that
is four months and one day after the date of issuance of the Warrants, the
Corporation shall have the right to require conversion of the Warrants at the
exercise price therefore upon 30 days' notice. 


The proceeds of the Offering will be used for exploration and general working
capital purposes. The securities issued pursuant to the Offering will be subject
to a statutory four month and one day hold period. The Offering is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange and applicable
securities regulatory authorities. 


The Company announces that it has reached an agreement to settle up to $700,000
in debt with arm's length and non-arm's length parties subject to regulatory
approval. The indebtedness relates to the provision of services and consulting.
The creditors will be issued Common shares on the same terms as the Offering but
with no warrant attached being a total of up to 5,600,000 shares in settlement
of up to $700,000 of debt.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons as defined under
applicable securities laws unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is
available.


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 for sale or joint venture.


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

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