Monterey Minerals Announces Transformative Letter of Intent to Acquire Seven Namibian Uranium Prospecting Licenses
Monterey Minerals Announces Transformative Letter of Intent to
Acquire Seven Namibian Uranium Prospecting Licenses
For Immediate Release
TORONTO, ON - January 18, 2022 - Monterey Minerals Inc. (the “Company” or “ Monterey”) (CSE :
MREY and FSE : 2DK) is pleased to announce that it has signed a letter of intent (the “LOI”) to purchase
a uranium exploration land package consisting of seven properties from a group of private prospectors
in Namibia (the “Vendors”).
Monterey will acquire an 85% interest in seven prospecting licenses (the “Estate Uranium Properties”)
totalling 93,514 h ectares located in the Erongo Province, Namibia. A number of the properties are
proximal to significant Namibian uranium assets such as the Husab Mine, the Rössing Mine, the Langer
Heinrich Mine as well as the Etango and Marencia deposit s. One of the Estate Uranium Properties ,
consisting of 4,690 hectares, is located between Forsys Metal Corp. ’s (TSX:FSY) Valencia and
Namibplaas uranium deposits, known as the Norasa Project.
“We are excited to complete due diligence and mo ve this proposed transaction forward given the
proximity to a number of well-known uranium projects in the world’s 4 th ranked uranium producing
country. As is custom in Namibia, we welcome the opportunity to explore with our 15% Namibian
partners,” commented newly appointed President and CEO, Jason Bagg.
As o utlined in the LOI, Monterey will pay US$175,000 cash and 8,000,000 common shares of the
Company as consideration to the Vendors for the acquisition of the Estate Uranium Properties.
Qualified Person
Bruce Durham, P.Geo, is a Qualified Person, as that term is defined by Canadian regulatory guidelines
under NI 43-101, and has read and approved the technical information contained in this press release.
On behalf of the Board,
Jason Bagg, President & CEO, Director
About Monterey Minerals Inc.
The Company owns the Cobalt Mountain poly -metallic project near the town of Smithers in British Columbia.
The Company also has an option to purchase a 100% interest in 35 mineral claims in Ontario.
For more information, please contact investor relations at [email protected].
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for
the adequacy or accuracy of this press release
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business
of the Company. Forward- looking information is based on certain key expectations and assumptions made by the management of the
Company. Although the Company believes that the expectati ons and assumptions on which such forward- looking information is based
on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance
that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release.
The Company disclaims any intent or obligation to update publicly any forward- looking information, whether as a result of new
information, future events or results or otherwise, other than as required by applicable securities laws.