Montero Adopts Gold Focus Following COVID-19 Pandemic
06 June 2020 - 2:13AM
Montero Mining and Exploration Ltd. (TSX-V: MON or “Montero”) has
seen a decline in battery metal prices over the last 12 months
which has been exacerbated by the COVID-19 pandemic and its effect
on global economics. For these reasons the board has decided to
change the Company focus to that of exploration for gold deposits
in Latin America. Montero’s board of directors and management have
an impressive track record of successfully discovering and
advancing precious metal projects.
Montero’s Board of Directors also continues to
monitor and assess the health and safety risks to Company
employees, partners, contractors and local communities in countries
where Montero holds assets. Although the Covid 19 pandemic is an
evolving crisis, national governments are attempting to provide
clear policies and guidelines to mitigate health and safety risk
associated with the spread of the COVID-19 virus. Montero
believes its best course of action given the global shut down is to
relinquish its early stage battery metal projects in Africa and
reduce its corporate structure. Montero will retain its Tanzanian
corporation and defend its rights to the Wigu Hill rare earth
project in Tanzania where it has made a substantial investment.
Montero filed a Notice of Intent to Submit a Claim to Arbitration
to the Attorney General of Tanzania on 17th January, 2020 to
protect its investment. Montero will now adopt a one country
gold exploration focus on Latin America and will provide regular
updates.
About MonteroMontero is a
junior exploration company focused on finding, exploring and
advancing globally significant gold deposits in Latin America. The
Company is in the process of relinquishing its portfolio of battery
metal projects in Africa to focus on gold opportunities in Latin
America. Montero’s board of directors and management have an
impressive track record of successfully discovering and advancing
precious metal projects. Montero trades on the TSX Venture Exchange
under the symbol MON and has 21,880,818 shares
outstanding.For more information,
contact:Montero Mining and Exploration
Ltd. Dr. Tony Harwood, President and
Chief Executive OfficerE-mail: ir@monteromining.com Tel: +1 416 840
9197 www.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. 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, 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: 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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