Montero Mining and Exploration Ltd.

Montero Mining and Exploration Ltd.

February 26, 2015 10:00 ET

Montero Declines Participation in Moyale Graphite Project in Ethiopia

TORONTO, ONTARIO--(Marketwired - Feb. 26, 2015) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has declined participation in the Moyale graphite project in Ethiopia. Montero entered into a binding agreement on the 25th August, 2014, with Hulager General Import and Export plc (Hulager), an Ethiopian company, to acquire up to an 80% interest in its wholly owned Moyale Graphite Project in Ethiopia (the "Property"). The agreement provided Montero six months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval.

Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, "The Moyale Graphite Project is a property that merits exploration with good geological and metallurgical characteristics but did not meet our due diligence criteria. We continue to focus on our high quality REE and phosphate assets and advance these via strategic partners."

Montero wishes Hulager success in its endeavour to develop Moyale.

About Montero Mining & Exploration

Montero Mining and Exploration Ltd. is a mineral exploration and development company focused on bringing in a strategic investors or joint venture partner to further development of the Wigu Hill are Earth Element Project in Tanzania and our phosphate properties in South Africa. Montero trades on the TSX Venture Exchange under the symbol MON.

Signed. Dr. Tony Harwood - President and CEO

CAUTIONARY STATEMENT: 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. 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 with respect to 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; the ability to complete financings to fund the necessary expenditures, technological and operational difficulties encountered in connection with Montero's activities; the ability to complete a resource estimation and to complete a feasibility study which recommends a production decision; capital and operating costs vary significantly from estimates, 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.

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