TORONTO, ONTARIO--(Marketwired - June 27, 2013) - Montero Mining and Exploration Ltd. (News - Market indicators) has been granted an Environmental Impact Assessment Certificate for the Wigu Hill project from the Tanzanian government. This has been issued to fulfill Section 92(1) of the Environmental Management Act No. 20 of 2004 of Tanzania and is a requirement for the application of a Mining Licence for the development of the rare earths element mining project at Wigu Hill, in Tanzania.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, "The approval from the Minister of State, Vice President's Office - Environment in Tanzania is a significant milestone that will allow the advancement of the Wigu Hill rare earth project to a mining stage following the grant of a Mining Licence. In addition, the due diligence process with a "Strategic Investor" announced in December 2012 is ongoing and progressing well. The "Strategic Investor" has proposed to provide equity funding at project level towards the development of Montero's Wigu Hill Rare Earth Element mine and refinery."
About Montero Mining & Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company focused on achieving production of rare earths primarily from its flagship Wigu Hill project in Tanzania. With China's control over rare earth export quotas, it is becoming imperative that the rest of the world develops new rare earth resources to meet the increasing demand from "green" technology and high-tech applications. Montero has a highly experienced Board and Management team that has built and operated mines and refineries in Africa, which brings significant credibility to our strategy of becoming a rare earth producer. In addition to rare earths, Montero has phosphate assets in South Africa and uranium assets in Tanzania and Quebec, Canada for sale or joint venture.
Signed. Dr. Tony Harwood - President and CEO
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". This News Release includes certain "forward-looking statements". These statements are based on information currently available to Montero and 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; 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.
