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Montero Mining and Exploration Ltd
Symbol MON
Shares Issued 71,031,679
Close 2014-08-05 C$ 0.015
Market Cap C$ 1,065,475
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Montero, Ovation form S. Africa phosphate partnership

2014-08-20 14:08 ET - News Release

Dr. Tony Harwood reports

MONTERO SECURES STRATEGIC INVESTOR TO DEVELOP PHOSPHATE PROPERTIES IN SOUTH AFRICA

Montero Mining and Exploration Ltd. has entered into an agreement with Ovation Capital to finance development of Montero's phosphate properties in South Africa. Ovation Capital is a South African-based investment firm that is currently developing a portfolio of mineral beneficiation projects focusing on a targeted set of industrial minerals.

Ovation shall earn a 30-per-cent interest in Montero's phosphate properties by completing a prefeasibility study and a feasibility study for an integrated phosphate rock and phosphoric acid operation at Saldanha Bay, South Africa. Ovation has mandate agreements with Outotec and Sebata Group to complete these studies within a two-year period. A definitive agreement is currently being finalized, and is subject to legal and technical due diligence, as well as regulatory approvals.

Dr. Tony Harwood, president and chief executive officer of Montero, commented: "Our partnership with Ovation provides Montero with a strong foundation to develop and advance our South African phosphate assets in order to produce phosphate rock and then further beneficiate these to produce phosphoric acid. Ovation and its partners have a wealth of expertise in the mining, beneficiation and environment studies, with mandates with Outotec and Sebata Group to conduct prefeasibility and feasibility studies."

In 2012 Montero completed a compliant preliminary economic assessment (PEA) of the Duyker Eiland project (see news release dated Feb. 28, 2012, and filing of PEA on SEDAR on April 13, 2012). Duyker Eiland is the first of Montero's phosphate assets set to be advanced to feasibility.

Qualified person statement

Turgis Consulting, now Royal Haskoning DHV -- Mining, is a Johannesburg-based engineering consultancy. The PEA team was headed by Sten Johansson (MSAIMM), a process engineer, and Andrew Pooley (FSAIMM), a mining engineer who covered the mining aspects of the PEA; both are qualified persons for the purpose of National Instrument 43-101.

The technical information contained in the PEA and in this press release was reviewed by Mike Evans, MSc, PrSciNat, who is a qualified person for the purpose of National Instrument 43-101 and a consulting geologist to Montero.

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