Montero Announces Lithium Discovery at the Avispa Lithium Discovery IN Chile

MONTERO ANNOUNCES LITHIUM DISCOVERY AT

THE AVISPA LITHIUM DISCOVERY IN CHILE

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

Toronto, Ontario – February 26, 2019 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero”) is

pleased to announce the results from the Avispa Lithium discovery (“Avispa” or the “Property”) in northern Chile.

Montero has been awarded 100% of the mining rights to 138 km2 (53 miles2) of Exploration Licenses over an area

previously held by Spence Mining (BHP) that drilled the area extensively for copper–molybdenum. The property is

located 130km from the lithium rich “Salar de Atacama ” (forming part of the Chile -Bolivia-Argentina Lithium

Triangle) and the nitrate-iodine rich “Caliche” deposits of the coastal range (Figure 1).

The lithium at Avispa oc curs in extensive sedimentary evaporite salt deposits intercalated with fine grained clastic

sediments over 30m thickness. These deposits are well developed and make up over 70% of the 138km2 Property

covering over 10km north-south and over 5km in an east -west direction (Figure 2). The evaporites are horizontal

and consist of t hree stratigraphic contiguous horizons termed L1, L2 and L3 , these are between 2m to over 10m

thickness. The L3 horizon occurs at the base of the exposed evaporite sequence and is overlain by the L2 and L1

horizons, respectively. The L3 horizon is the most consistently developed in terms of thickness and aerial extent on

the Property. Montero is targeting a high tonnage low grade lithium deposit with iodine and K-Na nitrate credits.

Marcial Vergara conducted the geological reconnaissance of the area and initial channel sampling program over

the Property. A total of 43 vertical channel samples from 24 sampling locations on the property. At each of the

sampling locations the L1, L2 and L3 horiz ons were identified and each horizon sampled when exposed. Samples

were taken as a vertical channel section over the total width of the evaporite horizon. Channel samples were taken

using hammer and chisel and collected in plastic bags which were then secured and labeled. The samples weighed

between 5 –10 kgs and were subm itted for lithium chemical analysis at SGS , Chile, with Iodine and nitrate

determinations being undertaken by Sernageomin, Chile. Montero is waiting for the results of the nitrate analysis.

Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “I am pleased to announce

reconnaissance channel sample results with lithium values of up to 760ppm Li2O from the Avispa Lithium Project,

Chile. Iodine and strontium values are also anomalous. Montero has identified lithium bearing mineralization in an

evaporite horizon over an area of 138km 2 in the 100% held Exploration Licenses. The company intends to conduct

further sampling and geological mapping to generate a high tonnage lithiu m drill target . Lithium and battery

metals are forward-looking sectors in the high technology mining industry and Chile is a tier one global mining

jurisdiction, both focus areas for Montero.”

The assay results show elevated values of lithium , iodine and other minerals in the L3 horizon with anomalous

values in the less developed L1 and L2 horizons. A total of 20 channel samples were taken from the L3 horizon and

lithium values range from 65 ppm Li2O to a high of 760 ppm Li2O. The L2 horizon gave lower lithium values from 19

ppm Li2O to 226 ppm Li2O. The L3 channel samples also show anomalous values of iodine up to 273 ppm iodine

and strontium carbonate up to 3,621 ppm SrCO3. The res ults are provided in Table 1 below and the sample

locations for lithium shown in Figure 2 and for iodine in Figure 3.

Table 1: L3 Horizon Channel Sample Results: Concentrations of lithium (Li2O), iodine (I) and strontium (SrCO3)

Component Average

Concentration

Range of

Concentrations

Median Values

L2: Lithium as Li2O 1.** 101 ppm 19 ppm to 226 ppm 101 ppm

L3: Lithium as Li2O 1.** 304 ppm 65ppm to 760 ppm 240 ppm

Iodine as I * 113 ppm 25 ppm to 273 ppm 101 ppm

Strontium as SrCO3 3. ** 1567 ppm 0 ppm to 3621 ppm 1475 ppm

1. Li2O obtained by conversion factor of 2.153

2. SrCO3 obtained by conversion factor of 1.68

3. *Analysis undertaken at the Sernageomin (Chemical Laboratory, Servicio Nacional de Geología y Mineria), Santiago, Chile

4. ** Analysis undertaken at the SGS Laboratory, Santiago, Chile

Figure 1: Location of Avispa Project Exploration Licenses in the Atacama of northern Chile

Figure 2. Avispa L3 Horizon Channel Sample Results: Sample location and Lithium values

Figure 3. Avispa L3 Horizon Channel Sample Results: Sample location and Iodine values

Montero has a binding agreement with a private geological consortium (“Fo unders”) that brought the initial

concept to Montero. Montero has 15 months to complete due diligence and once completed the Founders shall be

granted a 1.5% net smelter royalty and $100,000 Montero shares, subject to regulatory approval. The Founders

shall be granted a furthe r $600,000 of Montero shares , subject to authority , once Montero determines if the

material can be mined and processed economically.

Montero appointed Sr. Marcial Vergara, a Qualifie d Person for the purpose of National Instrument 43 -101, to

review the geology and to undertake the sampling program to confirm assay results and expand into areas not yet

sampled. Further updates will be provided.

Qualified Person's Statement

This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat. and Sr. Marcial Vergara B.Sc.

Geology who are qualified persons for the purpose of National Instrument 43 -101. Sr Vergara is based in Santiago

and has more than 30 years’ experience with lithium exploration experience in Chile, Argentina and Bolivia.

About Montero

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

and exploration of mineral properties in Africa. Currently the company is focussed on advancing its battery metals

exploration projects for lithium and tin-tantalum in Namibia. Montero also has phosphates in South Africa and rare

earth elements (REE) in Tanzania. Montero trades on the TSX Venture Exchange under the s ymbol 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 Canad ian 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 anticipate”, 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 provides no assurance

that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent ri sks 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, completion of the agreement, 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 an ticipated in such statements for many reasons such a s: an inability to complete the agreement 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; li tigation, le gislative, enviro nmental and other judic ial, 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 l ist 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.