Montero Mining and Exploration Ltd.

Montero Mining and Exploration Ltd.

November 15, 2011 09:00 ET

Montero Announces Infill Drilling Results of 11.7m at 7.35% TREO at the Wigu Hill Rare Earth Project in Tanzania

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has completed an infill drilling program at the Twiga Zone at the Wigu Hill Rare Earth Project in Tanzania. Infill drilling was completed to define the extent of the high-grade rare earth mineralization to upgrade the current resource of 3.3 million tonnes at 2.6% LREO5 (Light Rare Earth Oxide) with a higher-grade portion of 510,000 tonnes averaging 4.4% LREO5 from an Inferred to an Indicated category.

Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, "We have completed infill drilling in the Twiga Zone at 25m intervals to prove up a measured and indicated resource in order to carry out a feasibility study to fast track our mine to market strategy. This first drill hole returned 11.7m grading at 7.35% TREO and confirms the high-grade dike style of the mineralization. The results for 14 additional diamond drill holes completed at the Twiga Zone are pending and will be released as they become available. However, we believe that further drilling will confirm the high grade continuity of this part of the rare earth mineralization at Wigu Hill"

The Twiga Zone lies on the far eastern extent of Wigu Hill. Trenching and drilling on this target has returned high-grade TREO ("total rare earth oxide") values and graded average values, especially from the EW dike (See News Release, April 11, 2011: A program of infill drilling was undertaken at the Twiga Zone which involved drilling 15 core drill holes (656m) at approximately 25m intervals to establish the grade and continuity of the EW dike zone and closely associated dike structures. To date assay results from one drill hole BH TW016 has been returned, as follows:

True Width
BH TW016 16.75 28.40 11.65 7.35%
Including 16.75 20.75 4.00 11.08%
Including 20.75 23.45 2.70 0.37%
Including 23.45 28.40 4.95 8.15%

A Section Map of TW016 at the Twiga Target Section can be viewed on the Company's Website at:

This drill hole intersection is an indication of the higher grade results that are anticipated from the central portion of the EW dike at the Twiga Zone. The remainder of the assay results from the other 14 drill holes is anticipated in December. The results from these drill holes will be used to upgrade the resources defined at the Twiga Zone providing a high grade near surface tonnage of bastnaesite rich carbonatite mineralization.

QA/QC: Montero has used blanks, field duplicates and one analytical standard to monitor the sampling and analytical quality. Results to date for the blank and field duplicates show acceptable quality for the main REEs of interest. The standard used was prepared on behalf of Montero using material from Wigu Hill and has certified analytical values for Ce, La, Pr and Sm based on analyses from 16 different laboratories. A review of the results reported by ALS Chemex, indicates that these meet the required level of analytical quality.

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 engaged in the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada. Montero is focused on adding value for all shareholders through the acquisition and exploration on properties, which have the highest potential for future discoveries or development of existing mineral resources into mineable reserves. We remain engaged in the development of our flagship Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. The Company's current focus is on further exploration drilling to add to our initial NI 43-101 Mineral Resource Estimate. With the rising prices of REEs and 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's growth strategy is to develop the Wigu Hill Rare Earth Element project and to bring this to account through eventual rare earth production and cash flow, while operating in an environmentally and socially responsible manner. We will continue to add value through the development of our portfolio of properties. Montero has 54.7M shares outstanding and trades on the TSX Venture Exchange under the symbol MON.

Signed. Dr. Tony Harwood - President and CEO


This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company 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 the Company's mineral properties, and the Company'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 the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company 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.

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