TORONTO, ONTARIO--(Marketwire - Nov. 16, 2012) - 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.
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.