Montero Provides Update on the Expropriation of the Wigu Hill Rare Earth Deposit in Tanzania
Montero Provides Update on the Expropriation of
the Wigu Hill Rare Earth Deposit in Tanzania
Toronto, Ontario – May 27, 2021 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the
“Company”) filed a request for arbitration with the International Centre for Settlement of Investment Disputes
(ICSID) on 8 January 2021. Subsequently on the 9 February 2021 the Secretary -General of the ICSID re gistered
Montero’s request for the institution of arbitration proceedings against the G overnment of Tanzania for the illegal
expropriation and loss of its Wigu Hill rare earth element Project.
Currently, ICSID is in the process of constitution of the arbitral tribunal. Montero and Tanzania (the “Parties”) ha ve
both appointed their respective arbitrator and now have to agree on a third arbitrator, who shall be the president
of the tribunal at which point ICSID will then request the parties to make a deposi t of US$150,000.
Montero has initiated international arbitration proceedings through ICSID in accordance with the Bilateral
Investment Treaty between Canada and the United Republic of Tanzania which protects investment rights . A
multi-million compensatio n award is being sought by Montero for expropriation of the Wigu Hill R are Earth
Element Project by the Government of Tanzania. This is as a result of damages suffered by the Company as a result
of Tanzania’s Act and Omissions.
Montero is not able to make any comment in relation to the potential quantum of any claim for compensation at
this point. Montero ha s obtained third- party litigation funding from Omni Bridgeway, a leading global dispute
funder. Montero has retained Mr Thierry Lauriol and his team at Jeantet AARPI, a highly experienced legal
counsel in international arbitration with a track record of su ccess for its clients in Africa. Most recently at ICSID
representing GDF-Suez vs the Government of Tog o with an award of €55 million. Montero has also retained the
services of Dr Neal Rigby of SRK Denver to act as its independent technical expert for the valuation of Wigu Hill. Dr
Rigby has acted in this capacity in many successful international mining litigations involving ICSID arbitrations. In
Africa he was the independent technical expert in the US$136 million award to the previous shareholders of Africo
Resources in the DRC.
For further information see Montero press release (PR119 dated 8 January 2021 ) and from the I CSID website
(https://icsid.worldbank.org/services/arbitration/convention/process/overview ).
Qualified Person's Statement
This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat. is a qualified person for the
purpose of National Instrument 43 -101. This has also been reviewed by Mr Thierry Lauriol , avocat à la cour (Paris,
France).
About Montero
Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold
deposits in Latin America. The Company is in the process of relinquishing its portfolio of battery metal projects in
Africa to focus on gold opportunities in Latin America. Montero’s board of directors and management have an
impressive track record of successfully discovering and advancing precious metal and copper projects. Montero
trades on the TSX Venture Exchange under the symbol MON and has 38,647,485 shares outstanding.
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 Ventu re 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 securi ties laws. Forward looking information includes, but is not limited to, statements, projections
and estimates with respect to the Share Consolidation. 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”,
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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 mate rially from those currently anticipated in such statements for many reasons such as: 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; 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
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reliance on forward-looking information. Montero does not undertake to update any forward- looking information, except in accordance with
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