Montero Acquires a Lithium Exploration License in Namibia
Montero Acquires a Lithium Exploration License in Namibia
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
Toronto, Ontario – March 5, 201 8 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the
“Corporation”) has entered into a Letter of Intent ( “LOI”) with Mr Esegiel Xamseb, a Namibian national, to acquire
an 80% interest in the wholly-owned Exclusive Prospecting License 6162 (“EPL 6162” or the “Property”) for
exploration of lithium, base, rare and prec ious metals in the Omaruru lineament hosted Lithium-Cesium-Tantalum
Type (“ LCT-Type”) pegmatites. The agreement provides Montero three months to complete legal and technical
due diligence to its satisfaction and is also subject to regulatory approval.
Under the terms of the LOI, Montero immediately earns an 80% interest in the Property by committing to spend
C$1 million in 3 years.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “ The acquisition of a lithium
exclusive prospecting license, located on the Omaruru Lineament, has favourable geology to host L ithium-Caesium-
Tantalum mineralization. The license has not previously been explored for lithium and is located in close proximity
to existing lithium producers. The demand for lithium is being driven by the need for clean energy storage devices in
the auto and technology sectors and a focus for Montero.”
The Project is located in central Namibia , 20 km north of the town of Karibib, which is 211 km from Walvis Bay,
Namibia’s largest commercial deep-water port and is connected by dirt and asphalt roads to the port.
EPL6162 hosts metasedimentary units of the Damara Mobile Belt, the northeast -trending branch of the Neo -
Proterozoic, Pan African Damara Orogen in Namibia . It is located in one of the four belts of LCT -Type pegmatite
fields previously mined for lithium-tantalum-tin. The area has never been investigated for lithium and has good
potential for LCT-Type pegmatites in favorable Karibib marbles . There is known petalite mineral ization in the area
and the EPL is located 40 km north of a major lithium producer.
The target lithium mineral is petalite and spodumene and the initial phases of exploration will involve
reconnaissance geological mapping and sampling to identify the size and extent of the pegmatite intrusions. More
detailed work will follow to delineate and quantify any possible lithium, tantalum and tin mineralization and also
any gold or copper mineralization on the license.
Nico Scholtz is currently reviewing availab le geological information on EPL6162. Recent field investigations
revealed the license has lithium , gold and copper potential. The Navachab gold mine located 20km south of
EPL6162 was the first gold producer in Namibia . As of 31 December 2012 (AGA, 2012), the Navachab gold mine
quoted a total inclusive Mineral Resource of 4.41Moz and a total Ore Reserve of 2.01Moz. The marble-hosted gold
skarn mineralization is related to multi -stage mineralization and pink Nosib formation quartzites and arkose occur
on the eastern edge of the EPL.
Further confirmatory geological work is planned as part of the due diligence and updates will be provided.
Qualified Person's Statement
This press release was reviewed and approved 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. A review was also undertaken
by Nico Scholtz, Pr.Sci.Nat., is a qualified person for the purpose of National Instrument 43 -101 and is a Namibian
based geologist with more than 10 years’ experience. He has extensive experience in rare metal pegmatite
exploration in Namibia having worked on LCT pegmatite intrusions.
About Montero
Montero is a mineral exploration and development company engaged in the ide ntification, acquisition, evaluation
and exploration of mineral properties in Africa. Currently these include the Soris lithium project in Namibia,
phosphates in South Africa and rare earth elements (REE) in Tanzania. Montero is reviewing and evaluating ot her
opportunities from its operating base in South Africa. Montero trades on the TSX Venture Exchange under the
symbol MON.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President and Chief Executive Officer
E-mail: [email protected]
Tel: +1 416 840 9197 | Fax: +1 866 688 4671
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 anti cipate”, 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 pro vides 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 min erals; 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.