TORONTO, ONTARIO--(Marketwired - Feb 26, 2015) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has declined participation in the Moyale graphite project in Ethiopia. Montero entered into a binding agreement on the 25th August, 2014, with Hulager General Import and Export plc (Hulager), an Ethiopian company, to acquire up to an 80% interest in its wholly owned Moyale Graphite Project in Ethiopia (the "Property"). The agreement provided Montero six months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval.
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Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, "The Moyale Graphite Project is a property that merits exploration with good geological and metallurgical characteristics but did not meet our due diligence criteria. We continue to focus on our high quality REE and phosphate assets and advance these via strategic partners." |
Montero wishes Hulager success in its endeavour to develop Moyale.
About Montero Mining & Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company focused on bringing in a strategic investors or joint venture partner to further development of the Wigu Hill are Earth Element Project in Tanzania and our phosphate properties in South Africa. Montero trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood - President and CEO
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