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TORONTO, Jan. 18, 2019 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (MON.V) (“Montero” or the “Corporation”) is pleased to announce it has signed a non-binding Letter of Intent (“LOI”) with Gravity Worx Mining Solutions (Pty) Ltd (“Gravity Worx”) to provide Technical Services including but not limited to metallurgical and engineering consulting services for the potential development of the Uis Lithium Tin tailings project (the “Project") in Namibia. These Technical Services will be provided at no cost to Montero and will allow Gravity Worx to develop a non-binding proposal to Montero to supply a metallurgical process plant to process tailings material containing lithium and tin and operational services on a Build, Own, Operate and Transfer (“BOOT”) basis. Gravity Worx is currently finalizing a non-compliant Scoping Study on the project.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero is pleased to announce this non-binding Letter of Intent with Gravity Worx to assist in the potential development of the Uis Lithium Tin Tailings project. Gravity Worx is a specialist engineering company that provides fit for purpose engineering and operational solutions to the minerals sector. Gravity Worx will provide consulting services at no cost to Montero in order to be granted the opportunity to present a non-binding proposal for a Build Own Operate and Transfer solution. The Uis Lithium Tin Tailings project has a NI43-101 Inferred Mineral Resource of 14.4 million tonnes at 0.37% lithium (Li2O) and 17.1 million tonnes at 0.05% tin (SnO2) in coarse and fine tailings material. Montero and Gravity Worx are currently evaluating the metallurgy characteristics of the tailings in order to cost and design a lithium and tin process plant.”
The Uis Lithium Tin Tailings Project is located in central Namibia near the town of Uis 220 km north of Walvis Bay, Namibia’s largest commercial deep-water port. The project is in the Erongo Region connected by dirt and asphalt road to the port of Walvis Bay.
The Lithium-Cesium-Tantalum (LCT) pegmatite field that hosts the Uis Tin mine is hosted in metasedimentary units of the Damara Mobile Belt, the northeast-trending branch of the Neo-Proterozoic, Pan African Damara Orogen in Namibia. The unzoned albite rich pegmatites at the Uis Tin mine belong to a group of highly fractionated, cassiterite and lithium-rich rare metal pegmatites.
The Uis Lithium Tin Tailings project comprises un-weathered surface mine tailings of coarse sand tailings and slimes derived from the Uis Tin mining operation between 1924 and 1990 (Diehl, 1992). The pegmatites were mined by open cut and hauled to a process plant for crushing and milling for cassiterite extraction. The mine historically produced 35,400 tonnes of cassiterite concentrate which delivered coarse and fine tailings material on surface (Diehl, 1992). The tonnage and grade of the tailing material has been substantiated by a mineral resource estimate announced on the 14th January 2019. The pegmatites at Uis have not previously been mined or systematically sample assayed for lithium.
Qualified Person's Statement
This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat., who is a qualified person for the purpose of National Instrument 43-101 and a Consulting Geologist to Montero. A review was also undertaken by Nico Scholtz, Pr.Sci.Nat., who is a qualified person for the purpose of National Instrument 43-101 and is a Namibian based geologist with more than 10 years’ experience. He has extensive experience in rare metal pegmatite exploration in Namibia having worked on many Lithium-Cesium-Tantalum (LCT) pegmatite intrusions.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently these include lithium and tin in Namibia, lithium in Chile, while looking for partners to advance its phosphates in South Africa and rare earth elements in Tanzania. Montero trades on the TSX Venture Exchange under the symbol MON.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements, projections and estimates. 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”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, completion of the HOA, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to complete the HOA 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 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 accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.