Mar 24 2015
Montero Mining and Exploration Ltd. ("Montero") has been granted a Retention License securing the mining rights to the Wigu Hill rare earth project in Tanzania for an additional 5 years.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented: "The Tanzanian Ministry of Energy and Minerals has granted Montero a Retention License securing the mining rights to the Wigu Hill Rare Earth project for an additional 5 year period. Metallurgical testwork continues to establish efficient processing and leaching methods for the high grade REE mineralization at Wigu Hill. Montero continues to seek a strategic investor or joint venture partner to advance Wigu Hill to a mining stage, in a similar manner to our phosphate project which is funded to pre-feasibility and bankable feasibility study."
Montero applied for the Retention License in May of 2014 prior to the expiry of the Exploration License previously held. As part of the application, Montero compiled a comprehensive report on the mineral potential of the Wigu Hill Project which outlined exploration and metallurgical results and a program to advance the Wigu Hill project. The delay in issuance of the Retention License was due primarily to a request by the Ministry of Energy and Minerals for additional information on the proposed work program outlined in the application. The Retention license was granted on the 13th February, 2015, and the license was received on the 20th March 2015.
Montero continues to conduct geological and metallurgical work at the Wigu Hill project while seeking strategic investors or a joint venture partner to advance the project to a mining stage.
Qualified Person's Statement
The 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 and Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company focused on bringing in a strategic investor or a joint venture partner for the further development of the Wigu Hill Rare Earth Element Project in Tanzania. Montero's phosphate projects in South Africa are funded to pre-feasibility and bankable feasibility study stage by a strategic investor. The phosphate studies are for an integrated rock phosphate mine and fertilizer operation. Montero trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood - President and CEO
Source: http://www.monteromining.com/