MON.V · 2017-10-20 12:00:00

Montero announces resignation of CFO and appointment of Interim CFO

Management Changes

Toronto, Ontario (October 20, 2017): Montero Mining and Exploration Ltd. (TSX.V: MON)

(“Montero”) today announced that its Chief Financial Officer has resigned effective October 20, 2017.

Montero has appointed Sheri Rempel as an Interim CFO, effective immediately. Ms Antonia Chapman

has agreed to assist in a smooth transition and will remain a Director of the Company.

Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “We

would like to thank Ms Chapman for her considerable efforts and contributions over the

last 10 years and we wish her every success and happiness in her future. I would also like

to welcome Ms Rempel as Interim CFO.”

Ms. Rempel has more than 30 years of accounting and financial management experience. Ms.

Rempel started her career with public companies in 2001 and currently provides senior financial and

advisory services to Canadian private and public corporations, acti ng in officer or controller

capacities.

About Montero Mining & Exploration

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

evaluation 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.

Signed. Dr. Tony Harwood - President and CEO

For more information:

Montero Mining and Exploration Ltd.

Tel: +1 416 840 9197|Fax: +1 866 688 4671

www.monteromining.com

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". These statements are based on information currently available to Montero an d 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; 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.