Montero Stakes Potential New Lithium Discovery in Chile
11 October 2018 - 3:45AM
NOT FOR DISSEMINATION IN THE UNITED STATES OR
OVER UNITED STATES NEWSWIRE SERVICES
Montero Mining and Exploration Ltd. (TSX-V: MON)
(“
Montero” or the “
Corporation”)
has entered into a binding agreement with a private geological
consortium (“the Founders”) that has developed certain specialized
concepts, ideas, plans and techniques for the exploration of unique
lithium deposits over certain target areas in the Atacama region of
Chile. Montero has 15 months to make application for the
prospective target areas, and once awarded, complete a due
diligence sampling program. The terms of the agreement provide that
upon successful granting of exploration licenses and satisfactory
due diligence the Founders shall be granted a 1.5% net smelter
royalty and $100,000 shares in Montero at the market value at the
time, subject to regulatory approval. The agreement also provides
that once Montero has sufficient confidence that ore grade material
can be mined and processed economically the Founders shall be
granted a further $600,000 of Montero shares, subject to regulatory
approval.
Montero has made application for more than
13,800 hectares of contiguous ground in the Atacama covering one of
the target areas defined by preliminary reconnaissance sampling.
The exploration licenses are expected to be awarded in November and
once these have been granted Montero shall provide further target
location and reconnaissance sampling information.
Dr. Tony Harwood, President and Chief Executive
Officer of Montero commented, “Montero is pleased to announce an
agreement that targets a potentially new discovery for lithium
mineralization located in the Atacama of Chile. Chile is one of the
foremost mining jurisdictions and a major source of global lithium
supply. Montero has made application over 13,800 hectares in the
Atacama and is waiting for the award of the licenses when further
updates will be provided.”
Qualified Person's
Statement This press release was reviewed and
approved 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. A review was also undertaken by
Marcial Vergara B.Sc. Geology is a qualified person for the purpose
of National Instrument 43-101 and is based in Chile with more than
30 years’ experience. He has experience in lithium exploration in
Chile, Argentina and Bolivia.
About MonteroMontero is a
mineral exploration and development company engaged in the
identification, acquisition, evaluation and exploration of mineral
properties in Africa. Currently these include lithium in Namibia,
phosphates in South Africa and rare earth elements (REE) in
Tanzania. Montero is reviewing and evaluating other opportunities
from its operating base in South Africa. Montero trades on the TSX
Venture Exchange under the symbol MON.
For more information, contact:
Montero Mining and Exploration Ltd. Dr.
Tony Harwood, President and Chief Executive OfficerE-mail:
ir@monteromining.comTel: +1 416 840 9197 | Fax: +1 866 688
4671www.monteromining.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain "forward-looking
information" within the meaning of applicable Canadian securities
laws. Forward looking information includes, but is not limited to,
statements, projections and estimates with respect to the Share
Consolidation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Such information is based on information currently
available to Montero and Montero provides no assurance that actual
results will meet management's expectations. Forward-looking
information by its very nature involves inherent risks and
uncertainties that may cause the actual results, level of activity,
performance, or achievements of Montero to be materially different
from those expressed or implied by such forward-looking
information. Actual results relating to, among other things,
completion of the HOA, results of exploration, project development,
reclamation and capital costs of Montero’s mineral properties, and
financial condition and prospects, could differ materially from
those currently anticipated in such statements for many reasons
such as: an inability to complete the HOA on the terms as announced
or at all; 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 accordingly, readers should not place
undue reliance on forward-looking information. Montero does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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