Montero Acquires Uis Lithium - TIN Tailings Project, Namibia

MONTERO ACQUIRES UIS LITHIUM - TIN TAILINGS PROJECT, NAMIBIA

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Toronto, Ontario – March 6, 2017 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the

“Corporation”) has entered into a binding Heads of Agreement (“HOA”) with Namib Base Minerals CC (“NBM”)

and Namibia Silica CC (“NBS”) (collectively the “ Owners”) to acquire a 95% interest in the Uis Lithium -Tin Tailings

Project (“Project”) in Namibia . The agreement provides Montero t wo months to complete legal and technical due

diligence to its satisfaction and is also subject to regulatory approval.

Under the terms of the HOA, Montero would earn a 95% interest in the Project by committing to milestone

payments totaling US$1.425 million to the Owners. A payment of US$10,000 has been paid on execution of the

HOA and US$40,000 shall be paid on successful completion of due diligence , a further payment of US$275,000

shall be paid within 6 months and the remainder a s staged milestone payments through to production. Montero

will also issue C$125,000 of cash or shares in Montero to Lithium Africa 1 (“ LA1”) for drilling and other data

pertaining to the Project 4 months from successful completion of the due diligence . In 2016 LA1 completed

1,531m of aircore drilling in a 63-drill-hole program. The drill samples have been assay ed for tin, lithium, tantalum

and niobium and confirmed the continuous lithium and tin mineralization within parts of the Project.

Preliminary analysis of the 2016 drill hole assay data shows that the samples range in lithium content from 0.07 %

to 0.73 % Li2O, the tin content from 12 ppm to 1,752 ppm SnO2, and tantalum content from 1.5 ppm to 114 ppm

Ta2O5. The drill hole assay data shows average values of 0. 42% lithium (Li 2O), 523 ppm tin (Sn O2) and 55 ppm

tantalum (Ta2O5). The average, range and median values for the 1,531 drill sample assays obtained are provided in

Table 1 below.

The Uis mine operated from 1924 to 1990 with confirmed ore tonnage production mined between 1966 and 1981

of 10,657,075 million tonnes (ISCOR 1982, US Bureau of Mines, 1992) and previous mining adding a total potential

tonnage of tailings of up to 20 million tonnes derived from approximate surface measurements and de nsity

estimates from the 2016 drill program . A review of available surface and drill data is underway . Further work

including tonnage and resource estimation, mineralogical investigations, and preliminary metallurgical testwork is

planned and updates will be provided.

Table 1: Uis Tailings Project - Lithium (Li2O), tin (SnO2) a tantalum (Ta2O5) values in all aircore drilling sample assays

Component Average

Concentration

Range of

Concentrations Median Values

Lithium as Li2O 1. 0.42 % 0.07 % to 0.73 % 0.41 %

Tin as SnO2 2. 523 ppm 12 ppm to 1,752 ppm 469 ppm

Tantalum as Ta2O5 3. 55 ppm 1.5 ppm to 114 ppm 56 ppm

1. Li2O obtained by conversion factor of 2.153

2. SnO2 obtained by conversion factor of 1.2696

3. Ta2O5 obtained by conversion factor of 1.2211

Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “ Montero continues to secure the

rights to tin assets with the potential to host significant tonnage for Lithium in Namibia. The Uis tin mine ceased

operations in the 1980’s and did not exploit lithium. Recent drilling of the tailings confirmed the presence of lithium

and tin with average values of 0. 42% lithium (Li 2O) and 523 ppm tin (Sn O2) from the drill data. There is an

estimated potential of up to 20 million tonnes of tailings. Renewed interest in lithium to meet future battery

demand for the burgeoning electric car battery market has focused Montero to re -examine the potential of tin

districts in LCT pegmatites to host significant tonnages of lithium to meet the expected demand ”.

The Uis Lithium Tin Tailings Project is located in central Namibia near the town of Uis 220 km north of Walvis Bay,

Namibia’s largest commercial deep-water port and is connected by dirt and asphalt road to the port.

The Lithium-Cesium-Tantalum (LCT) pegmatite field that host the Uis Tin mine are hosted in metasedimentary

units of the Damara Mobile Belt, the northeast -trending branch of the Neo -Proterozoic, Pan African Damara

Orogen in the Erongo Region of Namibia. The unzoned albite rich pegmatites at the Uis Tin mine belong to a group

of highly fractionated, cassiterite and lithium-rich rare metal pegmatites.

The Project comprise un -weathered surface mine tailings of coarse sand tailings and slimes derived from the Uis

Tin mining operation between 19 24 and 1990 (Diehl, 1992). The pegmatites at the Uis Tin mine were exclusively

mined for tin by open cut and hauled to a process plant for crushing and milling for the extraction of cassiterite (tin

concentrate). The mine historically produced 3 5,400 tonnes of cassiterite concentrate in the mine life which

delivered an estimated 20 million tonnes of tailings material on surface (Diehl, 1992). The tailings are present in

the form of coarse sand and the slimes as fine silt . The pegmatites mined at at Uis have not previously been

processed or systematically sample assayed for lithium.

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 4 3-101 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 and has extens ive experience in rare metal pegmatite

exploration in Namibia having worked on many Lithium-Cesium-Tantalum (LCT) pegmatite intrusions.

About Montero

Montero is a mineral exploration and development company engaged in the identification, acquisition, eva luation

and exploration of mineral properties in Africa. Currently these include phosphates in South Africa and rare earth

elements (REE) in Tanzania. Montero is reviewing and evaluating other 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 actio ns, 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 provides no assurance

that actual results will meet management's expect ations. 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 suc h forward -looking information. Actual results relating to, among other things, completion of the HOA, 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: an inability to complete the HOA on the terms as

announced or at all; 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; tech nological 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.