http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Thu, 22 Jun 2017 14:29:27 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Montero Mining and Exploration outlines higher grade, potential starter pit at Twiga zone ]]> http://www.proactiveinvestors.com/companies/news/96704/montero-mining-and-exploration-outlines-higher-grade-potential-starter-pit-at-twiga-zone-46852.html Montero Mining and Exploration (CVE:MON) has revised a portion of its initial NI 43-101 compliant resource for its Wigu Hill rare earth element (REE) project in Tanzania to outline a higher grade deposit for the Twiga zone, it said Tuesday, lending potential for an initial starter pit. 

The initial inferred resource, for the Tembo and Twiga zones released in September 2011 included 3.3 million tonnes grading 2.6% light rare earth oxides. The updated estimate released Tuesday, prepared by AMEC, is only for the Twiga portion, and is based on data from the initial 15 core boreholes used in 2011, as well as data from infill drilling of 17 boreholes completed in 2012. 

The newly defined higher grade rare earth resource at Twiga, located on the south eastern ridge of Wigu Hill, is comprised of 1.9 million tonnes at a grade of 2.7% light rare earth oxides. According to the company's statement, a sensitivity analysis at a cutoff grade of 3% has also shown that the inferred mineral resource contains a higher grade portion consisting of 0.47 million tonnes averaging 5.2% light rare earth oxides, to a depth of 50 metres from surface. 

Shares of Montero rose more than 8.3 per cent this morning, to 6.5 cents. The company's stock was halted earlier today pending the release of the news, and resumed trading shortly after the announcement. 

"The Twiga Zone sits at the base of Wigu Hill close to current infrastructure and roads and could potentially represent an initial starter open pit," said president and CEO Dr. Tony Harwood in the statement. 

"Montero is studying this zone with a view to direct shipping of a pre-sorted mineral concentrate product for REE refining."         

In a recent interview with Proactive Investors, the chief executive said that the junior explorer is dealing with rare earth minerals in fresh, unweathered rock, and can use various physical processes to upgrade those minerals to a higher grade percentage, through methods including gravity separation and x-ray sorting, with the potential to upgrade to up to 50% TREO in a rare earth mineral concentrate. "If we can do that, we can target reducing one of our biggest costs in the rare earth extraction process using acid consumption in the leaching plant," he said in July. 

Metallurgical testwork on samples from the property are ongoing and Montero has already produced samples of saleable product for marketing purposes, with the updated resource today providing a base for the testing of potential trial mining in the next stage of the project. "The current tonnage itself may appear to be small, however, this resource reflects the potential of only a small near surface fraction of the Wigu Hill Complex," the company said in its statement Tuesday. 

The rare earths explorer is also coming off fresh from the receipt of its EIA certificate - part of the requirement for a mining license application. The EIA certificate from the Tanzanian government was received in late June, to fulfil section 92(1) of the Environmental Management Act in the country. The company is planning to submit a mining license application within the quarter, with expectations that it will receive the permit sometime in the first half of next year. 

Montero's main Wigu Hill rare earth element (REE) deposit in Tanzania, which is 81 per cent owned by the company, is a steep hill that is 250 metres above sea level, 550 metres above the surrounding coastal plain, with the highest peak at 796 metres above sea level. 

The project is located about 65 kilometres south of Morogoro and 200 kilometres southwest of Dar es Salaam in southeastern Tanzania. The project, which is accessed by all-weather roads and is 12km from a rail siding on the Tazara railway linking the project with the port in Dar es Salaam, covers a 142 square kilometre area.  Grab samples from the site have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% TREO from drilling.

The junior explorer's plan is to fast track a portion of the large deposit to the mining and production stage, but with a more comprehensive drilling program, Montero is convinced it can expand mineral resources to well above 40 million tonnes.

Its fast track strategy and decision not to focus only on expanding resources has allowed the company to become one of the first juniors to produce samples of individual and mixed oxides for marketing purposes, making it attractive to potential funding partners and positioning it ahead of the pack.     

Indeed, a due diligence process with an undisclosed "strategic investor" is currently underway, initially announced last December. The said investor has proposed to provide equity funding at project level toward the development of the project, which includes both a mine and refinery, according to the company.           

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Tue, 06 Aug 2013 11:40:00 -0400 http://www.proactiveinvestors.com/companies/news/96704/montero-mining-and-exploration-outlines-higher-grade-potential-starter-pit-at-twiga-zone-46852.html
<![CDATA[News - Montero Mining says metallurgy results from Wigu Hill to improve flowsheet ]]> http://www.proactiveinvestors.com/companies/news/96541/montero-mining-says-metallurgy-results-from-wigu-hill-to-improve-flowsheet-46577.html Montero Mining and Exploration (CVE:MON) provided Monday an update on test work from material at the company's Wigu Hill rare earth project in Tanzania, taking a significant step forward in improving the economic flowsheet for the asset. 

The metallurgical study, done by SGS Lakefield, examined flotation processes to upgrade rare earth element (REE) minerals from Wigu Hill bastnaesite-rich carbonatite material. The main aim of the study was to identify a processing route that could recover the rare earth-bearing minerals while rejecting major "gangue" minerals that include quartz and barite. 

The best results from rougher stage tests were achieved from a head grade of 6.42% Ce2O3, the company said Monday, using a hydroxamate-type collector. Here, the cumulative rougher concentrate graded 12.8% Ce2O3, with 79.1% recovery and 48.1% mass pull, which represents x2 upgrade. 

"The results achieved in the scoping study demonstrate the potential to recover REE minerals into a pre-concentrate and reject the major gangue minerals, which are acid consumers for the downstream hydrometallurgical process," Montero revealed in its statement. 

The rare earths explorer is coming off fresh from the receipt of its EIA certificate - part of the requirement for a mining license application. The EIA certificate from the Tanzanian government was received in late June, to fulfil section 92(1) of the Environmental Management Act in the country. The company is planning to submit a mining license application within the quarter, with expectations that it will receive the permit sometime in the first half of next year. 

Montero's main Wigu Hill rare earth element (REE) deposit in Tanzania, which is 81 per cent owned by the company, is a steep hill that is 250 metres above sea level, 550 metres above the surrounding coastal plain, with the highest peak at 796 metres above sea level. 

The junior explorer's plan is to fast track a portion of the large, 142 square kilometre deposit to the mining and production stage, but with a more comprehensive drilling program, Montero is convinced it can expand mineral resources from the current 3.3 million tonnes to well above 40 million tonnes.

"Advancing the mineral processing flowsheet with the flotation testwork completed by SGS-Lakefield, keeps us on a production focused target for our flagship Wigu Hill project," said president and CEO Dr. Tony Harwood in the release. 

"These positive results represent a significant step in advancing the beneficiation process and improving Montero's economic flowsheet for the extraction of REEs from the bastnaesite-rich carbonatite mineralization. By reducing downstream reagent consumption costs we are on track to becoming a low cost producer of Rare Earths."  

"The mineralization currently has grades that average between 3% to 5% TREO [total rare earth oxides], and this could potentially be upgraded to up to 50% TREO in a rare earth mineral concentrate," Harwood explained in a recent interview with Proactive Investors, through methods including gravity separation and x-ray sorting. "If we can do that, we can target reducing one of our biggest costs in the rare earth extraction process using acid consumption in the leaching plant."    

The company's fast track strategy and decision not to focus only on expanding resources has allowed the company to become one of the first juniors to produce samples of individual and mixed oxides for marketing purposes, making it attractive to potential funding partners and positioning it ahead of the pack.                      

The SGS metallurgical study announced Monday will form the basis for further lab and pilot scale test work, in which flotation, as a mineral processing option, will be further explored and optimized, Montero said.                  

The Wigu Hill rare earth asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the rare earth elements are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill. This carries high grades of neodymium, praseodymium, lanthanum, and cerium with a small amount of heavy rare earths in the deposit. 

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Mon, 29 Jul 2013 12:00:00 -0400 http://www.proactiveinvestors.com/companies/news/96541/montero-mining-says-metallurgy-results-from-wigu-hill-to-improve-flowsheet-46577.html
<![CDATA[News - Montero Mining makes big move toward grant of mining license as massive rare earth project draws investor interest ]]> http://www.proactiveinvestors.com/companies/news/96229/montero-mining-makes-big-move-toward-grant-of-mining-license-as-massive-rare-earth-project-draws-investor-interest-46062.html "At Wigu Hill, we have all the characteristics that are necessary to make a low cost mine - surface exposure, good grades, resource potential, very simple mineralogy for mineral processing and rare earth mineral upgrade," says Dr. Harwood in a recent interview with Proactive Investors. 
"The simple mineralogy and low levels of thorium and uranium, separate us from most of our peer group as we don't anticipate problems other projects have with high radiation levels."
The chief executive adds that the junior explorer is also dealing with rare earth minerals in fresh, unweathered rock, and can use various physical processes to upgrade those minerals to a higher grade percentage, through methods including gravity separation and x-ray sorting. 
"The mineralization currently has grades that average between 3% to 5% TREO [total rare earth oxides], and this could potentially be upgraded to up to 50% TREO in a rare earth mineral concentrate," he says. "If we can do that, we can target reducing one of our biggest costs in the rare earth extraction process using acid consumption in the leaching plant."
The rare earths explorer is coming off fresh from the receipt of its EIA certificate - part of the requirement for a mining license application. The EIA certificate from the Tanzanian government was received late June, to fulfil section 92(1) of the Environmental Management Act in the country. 
"This achieves the biggest step before we apply for a mining license, an application we plan to submit this quarter," says Dr. Harwood. 
"The certificate proves there were no significant environmental or social issues and gives us a green light to build a mine should we fulfil the requirements of the application. It's a massive positive for any project to reach this stage," says the chief executive, also referencing the hefty document put together for the EIA application, which included "an extensive study covering mammals, flora, fauna, the environment, community health, and interviews with the local community and its leaders". 
He says the effect that mining can have on the environment and the community is not taken lightly in Tanzania, which has a "good mining code that is very well regulated from an environmental and social perspective". The company is serious about social responsibility, community and environmental issues in Tanzania, not solely for its mining purposes, as the CEO highlights a recent welfare program in which it was involved, responsible for distributing 160 wheelchairs to children in need in Tanzania. 
The company is planning to submit a mining license application within the quarter, with expectations that it will receive the permit sometime in the first half of next year. 
Montero's main Wigu Hill rare earth element (REE) deposit in Tanzania, which is 81 per cent owned by the company, is a steep hill that is 250 metres above sea level, 550 metres above the surrounding coastal plain, with the highest peak at 796 metres above sea level. 
The project is located about 65 kilometres south of Morogoro and 200 kilometres southwest of Dar es Salaam in southeastern Tanzania. The project, which is accessed by all-weather roads and is 12km from a rail siding on the Tazara railway linking the project with the port in Dar es Salaam, covers a 142 square kilometre area.  Grab samples from the site have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% TREO from drilling.
The junior explorer's plan is to fast track a portion of the large deposit to the mining and production stage, but with a more comprehensive drilling program, Montero is convinced it can expand mineral resources from the current 3.3 million tonnes to well above 40 million tonnes.
Its fast track strategy and decision not to focus only on expanding resources has allowed the company to become one of the first juniors to produce samples of individual and mixed oxides for marketing purposes, making it attractive to potential funding partners and positioning it ahead of the pack. 
Indeed, a due diligence process with an undisclosed "strategic investor" is currently underway, initially announced last December. The said investor has proposed to provide equity funding at project level toward the development of the project, which includes both a mine and refinery, according to the company. 
"We're talking to a number of strategic investors, but the process takes time as there are not that many rare earth projects capable of being built and investors are being thorough in their due diligence," affirms Dr. Harwood. 
"Rare earth projects that are capable of delivering low operating costs and development capital are reasonably complex for the uninitiated investor outside of China, as rare earth operations have been built but they are not common in the West.   A strategic investor has to conduct careful analysis, particularly of the geology, mineralogy and metallurgy, as the processing of rare earths is not commonly known. It's simply not like copper or gold projects."
Montero's chief executive says that investor interest for the project has mainly come from Asia, including India, Korea, Japan and China, as well as South Africa and Russia. "The interest is definitely there. These are savvy mining investors that look at everything - the geology, mineralogy, process route, operating costs, and they have given me confidence that we are on the right track."
The next stage for the project is the pre-feasibility and feasibility studies, which are all subject to funding and the signing of definitive agreements with potential partners. 
"The interested strategic investors have a vision to build a rare earth company that can mine and refine rare earths and provide good returns and also a strategic imperative," says Dr. Harwood. 
The Wigu Hill rare earth asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the rare earth elements are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill. This carries high grades of neodymium, praseodymium, lanthanum, and cerium with a small amount of heavy rare earths in the deposit. 
"There is potential for a huge resource, and we intend to do more exploration to prove this once we secure funds.  "Our team believes we have a world class resource with good metallurgical characteristics, and we have only drilled out a small part of the large deposit." 
Aside from the potential strategic partnerships in its rare earth project, Montero is looking to sell or joint venture its phosphate assets in the Western Cape of South Africa, with "discussions going very well," assures Dr. Harwood. 
"The phosphate assets are 30km from the deep water port of Saldanha Bay, which has export capacity. We have a PEA [preliminary economic assessment] report on one for the projects we drilled, which provided a net present value of C$126 million," he says. 
The company's shares are currently trading at around 4 cents on the TSX Venture Exchange, giving it a market cap of $3 million. ]]>
Mon, 15 Jul 2013 09:56:00 -0400 http://www.proactiveinvestors.com/companies/news/96229/montero-mining-makes-big-move-toward-grant-of-mining-license-as-massive-rare-earth-project-draws-investor-interest-46062.html
<![CDATA[News - Montero Mining secures environmental certificate for Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/95914/montero-mining-secures-environmental-certificate-for-wigu-hill-45510.html Montero Mining and Exploration (CVE:MON) has moved another step closer to production in the development of its rare earths project at Wigu Hill in Tanzania, as it said Thursday it has been granted an environmental impact assessment (EIA) certificate - part of the requirement for a mining license application. 

The EIA certificate from the Tanzanian government was issued to fulfill section 92(1) of the Environmental Management Act in the country. 

"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," said president and CEO Dr. Tony Harwood in a statement Thursday. 

"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."

Montero's main Wigu Hill rare earth element (REE) deposit in Tanzania, which is 81 per cent owned by the company, is a steep hill that is 250 metres above sea level, 550 metres above the surrounding coastal plain, with the highest peak at 796 metres above sea level. 

The project is located about 65 kilometres south of Morogoro and 200 kilometres southwest of Dar es Salaam in southeastern Tanzania. It covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling.

The junior explorer's plan is to fast track a portion of the large deposit to the mining and production stage, but Montero believes that with a more comprehensive drilling program, it can expand mineral resources from the current 3.3 million tonnes to well above 40 million tonnes.

As a result of its fast track strategy and its decision not to focus on expanding resources, Montero has become one of the first juniors to produce samples of individual and mixed oxides, making it attractive to potential funding partners and positioning it ahead of the pack. 

As a result of Montero already being able to produce a mixed rare earth concentrate and individual oxides, its project has relatively lower metallurgical risk, which allowed it to sign the non binding term sheet with a strategic partner late last year. This agreement followed others inked earlier in 2012 for the project. 

The Wigu Hill asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill. It also carries high grades of lanthanum, cerium and neodymium relative to the other elements in the deposit. 

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.

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Thu, 27 Jun 2013 10:56:00 -0400 http://www.proactiveinvestors.com/companies/news/95914/montero-mining-secures-environmental-certificate-for-wigu-hill-45510.html
<![CDATA[Media files - Montero Mining working to find a partner to fund rare earths projects ]]> http://www.proactiveinvestors.com/companies/stocktube/3626/montero-mining-working-to-find-a-partner-to-fund-rare-earths-projects--.html Mon, 25 Mar 2013 09:23:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/3626/montero-mining-working-to-find-a-partner-to-fund-rare-earths-projects--.html <![CDATA[News - Montero Mining and Exploration raises $1.4 mln in financing oversubscribed by 40% ]]> http://www.proactiveinvestors.com/companies/news/92512/montero-mining-and-exploration-raises-14-mln-in-financing-oversubscribed-by-40-39625.html Montero Mining and Exploration (CVE:MON) has raised a total of $1.4 millon in new funds through a non-brokered private placement financing that it says was oversubscribed by 40 per cent. 

The rare earths explorer said late Friday afternoon that it successfully sold 11.2 million units at a price of 12.5 cents each. 

“We are pleased to report that the private placement was oversubscribed by 40% which is testimony to investor confidence in our strategy. I would like to thank existing shareholders, Board of Directors and new subscribers for their support," said president and CEO, Dr. Tony Harwood, in a statement. 

The company announced the offering in mid-December, with initial plans to raise up to $1 million. 

Each unit in the placement was made up of one common share and one share purchase warrant, with every warrant good for one additional share for a price of 25 cents until January 18, 2015. 

The new funds, the company said, will be used for exploration and general working capital. 

Last month, Euro Pacific Canada initiated coverage on Montero, starting the rare earths explorer with a "speculative buy" recommendation and a price target of 30 cents - far and above its current trading price of 11.5 cents. 

"Montero has made significant advances in metallurgy. The company has produced samples of saleable rare earth products for marketing purposes, including cerium oxide, hydroxide and carbonate mixed rare earth products," noted metals and mining analyst for Euro Pacific, Luisa Moreno. 

The company contracted Mintek in South Africa, a firm that specializes in mineral processing and extractive metallurgy, to conduct the preliminary metallurgical research and testwork on the 100-kilogram sample from its Wigu Hill project, from where the samples were produced. 

Montero's main Wigu Hill rare earth element (REE) deposit in Tanzania, which is 81 per cent owned by the company, is a steep hill that is 250 metres above sea level, 550 metres above the surrounding coastal plain, with the highest peak at 796 metres above sea level. 

The project is located about 65 kilometres south of Morogoro and 200 kilometres southwest of Dar es Salaam in southeastern Tanzania. It covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling.

The junior explorer's plan is to fast track a portion of the large deposit to the mining and production stage, but Montero believes that with a more comprehensive drilling program, it can expand mineral resources from the current 3.3 million tonnes to well above 40 million tonnes.

As a result of its fast track strategy and its decision not to focus on expanding resources, Montero has become one of the first juniors to produce samples of individual and mixed oxides.

"With the metallurgy at well-advanced stage, we believe the company is currently in negotiations with funding partners for the development of the Wigu Hill mine and processing facilities. We believe that Montero could emerge as the first junior rare earth company to cross the line to production," Moreno added. 

As a result of Montero already being able to produce a mixed rare earth concentrate and individual oxides, its project has relatively lower metallurgical risk, and has been able to sign an additional agreement with a strategic partner. 

In November, the Toronto-based company said it signed an arm's length, non-binding term sheet with a strategic investor, for project equity funding for the mineral explorer's Wigu Hill REE mine and refinery complex. Due diligence is still to be undertaken by the investor, Montero said, the results of which are subject to approval by the executive management and the party's board of director.  

This agreement followed others inked earlier this year for the project. 

Montero may release the results of a preliminary economic study from the project this quarter, or continue to work toward a more comprehensive definitive feasibility study, which could be wrapped up before the end of 2013. 

The company expects to start mine construction in the third quarter of next year, contingent on a positive feasibility study, and favourable equity and credit markets, with production anticipated to begin the following year. 

The Wigu Hill asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill. It also carries high grades of lanthanum, cerium and neodymium relative to the other elements in the deposit. 

Montero is considering building a second refinery to refine lanthanum, praseodymium, neodymium and possibly samarium. The company estimates 670 tonnes of neodymium and praseodymium production.

Separately on Friday, Montero also announced that settled debt related to the provision of services and consulting, as announced in December after receiving the approval of the TSX Venture Exchange. It issued a total of 5.14 million shares to certain creditors at a price of 12.5 cents, settling a total of $643,077 in debt. 

Montero's shares closed Friday at 11.5 cents  - up almost 5%. Its stock is up 21% in the last month. 

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Mon, 21 Jan 2013 08:33:00 -0500 http://www.proactiveinvestors.com/companies/news/92512/montero-mining-and-exploration-raises-14-mln-in-financing-oversubscribed-by-40-39625.html
<![CDATA[News - Euro Pacific Canada says Montero Mining could emerge the first junior rare earth company to cross the line to production ]]> http://www.proactiveinvestors.com/companies/news/92082/euro-pacific-canada-says-montero-mining-could-emerge-the-first-junior-rare-earth-company-to-cross-the-line-to-production-38867.html Euro Pacific Canada initiated coverage on Montero Mining and Exploration (CVE:MON) Thursday, starting the rare earths explorer with a "speculative buy" recommendation and a price target of 30 cents - far and above its current trading price of 9.5 cents. 

"Montero has made significant advances in metallurgy. The company has produced samples of saleable rare earth products for marketing purposes, including cerium oxide, hydroxide and carbonate mixed rare earth products," notes metals and mining analyst for Euro Pacific, Luisa Moreno. 

The company contracted Mintek in South Africa, a firm that specializes in mineral processing and extractive metallurgy, to conduct the preliminary metallurgical research and testwork on the 100-kilogram sample from its Wigu Hill project, from where the samples were produced. 

Montero's main Wigu Hill rare earth element (REE) deposit in Tanzania, which is 81 per cent owned by the company, is a steep hill that is 250 metres above sea level, 550 metres above the surrounding coastal plain, with the highest peak at 796 metres above sea level. 

The project is located about 65 kilometres south of Morogoro and 200 kilometres southwest of Dar es Salaam in southeastern Tanzania. It covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling.

The junior explorer's plan is to fast track a portion of the large deposit to the mining and production stage, but Montero believes that with a more comprehensive drilling program, it can expand mineral resources from the current 3.3 million tonnes to well above 40 million tonnes.

As a result of its fast track strategy and its decision not to focus on expanding resources, Montero has become one of the first juniors to produce samples of individual and mixed oxides.

"With the metallurgy at well-advanced stage, we believe the company is currently in negotiations with funding partners for the development of the Wigu Hill mine and processing facilities. We believe that Montero could emerge as the first junior rare earth company to cross the line to production."

Indeed, with the exception of Montero, all of the companies in Euro Pacific's rare earth element coverage universe have completed a preliminary economic assessment and are working toward a pre-feasibility study, or a definitive feasibility study. 

But a number of other factors were taken into account for Montero, including its "significant progress" in metallurgy, as given the complexity of the REE metallurgy, most REE juniors continue to face delays as they approach the definitive feasibility study. 

Moreno notes that as a result of Montero already being able to produce a mixed rare earth concentrate and individual oxides, its project has relatively lower metallurgical risk, and has been able to sign an additional agreement with a strategic partner. 

Last month, the Toronto-based company said it signed an arm's length, non-binding term sheet with a strategic investor, for project equity funding for the mineral explorer's Wigu Hill REE mine and refinery complex.

Due diligence is still to be undertaken by the investor, Montero said, the results of which are subject to approval by the executive management and the party's board of director.  

This agreement followed others inked earlier this year for the project. 

"Montero has signed a number of agreements with various parties…Including KORES for the development of the mine, and Star Earth Minerals, a leading producer of light rare earth compounds for commercial and R&D applications," says the analyst. 

Earlier this year, the company signed a non-binding off-take agreement with India's Star Earth Minerals, for the supply of light rare earths from its Wigu Hill project, with discussions for more off-take deals ongoing. This followed the company's success in producing the first samples of saleable concentrated rare earth chemical grade products from its project.

Moreno says that Star Earth also has extensive experience in processing and refining light REEs, which could be beneficial for Montero as the project advances. 

Euro Pacific's analyst also takes note of the company's "strong management team", led by president and CEO Antony Harwood, who is an economic geologist with 30 years of international exploration and mining experience. Prior to joining Montero in 2009, he was president and CEO of Africo Resources, a company exploring for gold and base metal assets in Africa. 

The Wigu Hill asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill. It also carries high grades of lanthanum, cerium and neodymium relative to the other elements in the deposit. 

Montero is considering building a second refinery to refine lanthanum, praseodymium, neodymium and possibly samarium. The company estimates 670 tonnes of neodymium and praseodymium production.

Euro Pacific highlights that the project is in a remote area with "relatively good infrastructure". "Local roads are generally poorly maintained compared to Western standards, but are readily upgradable and connect to a well-maintained national road from Morogoro to Kisaki that is 150 kilometres from Wigu Hill," Moreno notes. 

Montero may release the results of a preliminary economic study from the project in the first quarter of next year, or continue to work toward a more comprehensive definitive feasibility study, which could be wrapped up before the end of 2013. 

The company expects to start mine construction in the third quarter of next year, contingent on a positive feasibility study, and favourable equity and credit markets, with production anticipated to begin the following year. 

Montero also has several uranium properties and four phosphate exploration projects in South Africa. It is looking to sell its phosphate assets or co-develop them as it seeks to focus on the development of Wigu Hill. 

The junior explorer has no debt and current cash equivalents of around $1 million as at the end of October. 

"We estimate the company’s cash burn rate is $100,000/month. Montero estimates that $5.0M would be required to complete a DFS, thus the company will need to raise funds in the near term to support the project," says Moreno, adding that she expects higher valuations for the company once it secures financing for the property. 

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Thu, 20 Dec 2012 12:19:00 -0500 http://www.proactiveinvestors.com/companies/news/92082/euro-pacific-canada-says-montero-mining-could-emerge-the-first-junior-rare-earth-company-to-cross-the-line-to-production-38867.html
<![CDATA[News - Montero Mining and Exploration to raise up to $1 mln in non-brokered financing ]]> http://www.proactiveinvestors.com/companies/news/92016/montero-mining-and-exploration-to-raise-up-to-1-mln-in-non-brokered-financing-38743.html

Montero Mining and Exploration (CVE:MON) said Tuesday that it plans to raise up to $1 million through a non-brokered private placement financing. 

The placement will consist of up to 8 million units priced at 12.5 cents each. Each unit will be made up of one common share and one share purchase warrant. Every warrant will allow the holder to acquire one additional share for 25 cents, for a period of two years following the closing date. 

If the closing price of Montero's shares equals or exceeds 30 cents for 20 straight trading days four months after the warrants are issued, then the company will have the right to convert the warrants. 

The new funds will be used for exploration and general working capital requirements, Montero said. 

Montero is engaged in the development of its flagship rare earth element (REE) project at Wigu Hill, Tanzania. The project is a high-grade, undeveloped light REE deposit, where the current focus is a fast-track strategy to advance a portion of the large deposit to the mining and production stage. 

It covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling. The company also has four phosphate assets in South Africa and uranium assets in Tanzania and Quebec, Canada.

Earlier this month, it said that hydrometallurgical testwork at Wigu Hill represented a “significant step” in its efforts to reduce costs at the project.

In a project update, the company said it has been researching various metallurgical technologies to potentially reduce operating and capital costs. The objective of the testwork was to reduce reagent consumption in the hydrometallurgical leach process that would provide feed to a rare earth elements (REE) extraction refinery.

Montero noted that the testwork achieved “good recoveries”, while “significantly reducing” reagent requirements allowing for potentially lower operating costs for processing the rare earths at Wigu Hill.

In October, Montero and Mintek, South Africa's national mineral research organization with over 25 years of experience in REE extraction, agreed to collaborate to "further develop and optimize" the Montero leaching process.

Mintek will continue Montero's bulk leach test program to optimize the leaching process and conduct a rare earth extraction process at pilot plant scale. In return, Montero will provide Mintek with a bulk sample from the Wigu Hill deposit to be used as part of Mintek's program to develop its independent, proprietary refining technology.

Montero also recently signed an arm's length, non-binding term sheet with a strategic investor for funding the rare earth company with a mine to refined rare earth for sale strategy.

The financing announced Tuesday still needs regulatory approvals to close, including the approval of the TSX Venture Exchange. 

Separately, the company also announced it has reached a deal to settle up to $700,000 in debt with various parties, subject to regulatory approval. The debt relates to services and consulting, and Montero will pay the creditors common shares of up to 5.6 million. 

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Tue, 18 Dec 2012 10:53:00 -0500 http://www.proactiveinvestors.com/companies/news/92016/montero-mining-and-exploration-to-raise-up-to-1-mln-in-non-brokered-financing-38743.html
<![CDATA[News - Montero says preliminary testwork a “significant step” in reducing costs at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/91683/montero-says-preliminary-testwork-a-significant-step-in-reducing-costs-at-wigu-hill-38166.html  

Montero Mining and Exploration (CVE:MON) said Tuesday that hydrometallurgical testwork represents a “significant step” in its efforts to reduce costs at its Wigu Hill rare earth project.

In a project update for the Wigu Hill rare earth project in Tanzania, the company said it has been researching various metallurgical technologies to potentially reduce operating and capital costs. 

The objective of the testwork was to reduce reagent consumption in the hydrometallurgical leach process that would provide feed to a rare earth elements (REE) extraction refinery.

Montero noted that the testwork achieved “good recoveries”, while “significantly reducing” reagent requirements allowing for potentially lower operating costs for processing the rare earths at Wigu Hill.

“Mintek and our team are focused on lowering operating and capital costs of our proposed hydrometallurgical flowsheet for the economic extraction of rare earths from the Wigu Hill project,” said president and CEO Tony Harwood.

“Preliminary testwork completed by Mintek represents a significant step in simplifying the hydrometallurgical process and potentially reducing costs. 

“Montero is examining the cost-benefit of a revised flowsheet in order to lower the cost of the extraction of REEs from the bastnaesite-rich carbonatite material at Wigu Hill.”

Montero and Mintek have been examining a combination of hydrometallurgical and pyrometallurgical processes to recover REEs from Wigu Hill and completed testwork has been published in an internal report. 

The program included a calcination pre-treatment step after which the residue was then subjected to a single stage hydrochloric acid leach to extract the REEs. 

The company noted that preliminary testwork results achieved a recovery of 77 per cent of REEs.

Montero said the internal report from Mintek will form the basis of further laboratory and pilot scale testwork in 2013 in which calcination as pre-treatment option will be further explored and optimized.

The company is engaged in the development of Wigu Hill, a high-grade, undeveloped light REE deposit, where the current focus is a fast-track strategy to advance a portion of the large deposit to the mining and production stage.

Wigu Hill covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling.

Montero also has four phosphate assets in South Africa and uranium assets in Tanzania and Quebec, Canada.

 

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Tue, 04 Dec 2012 10:40:00 -0500 http://www.proactiveinvestors.com/companies/news/91683/montero-says-preliminary-testwork-a-significant-step-in-reducing-costs-at-wigu-hill-38166.html
<![CDATA[News - Montero Mining generates heat from Mintek and strategic investor deals ]]> http://www.proactiveinvestors.com/companies/news/91540/montero-mining-generates-heat-from-mintek-and-strategic-investor-deals-37890.html With potential rare earth refining cost-savings from a technical deal and a possible strategic investor emerging for its rare earth production aspirations, news flow has certainly quickened for Montero Mining and Exploration (CVE:MON).

Montero is engaged in the development of its flagship rare earth element (REE) project at Wigu Hill, Tanzania.

Wigu Hill is a high-grade, undeveloped light REE deposit, where the current focus is a fast-track strategy to advance a portion of the large deposit to the mining and production stage. It covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling.

The company also has four phosphate assets in South Africa and uranium assets in Tanzania and Quebec, Canada.

"We're potentially looking at a technological breakthrough in terms of extracting rare earths to reduce capital and operating costs," Montero Mining CEO Dr. Tony Harwood tells Proactive Investors.

Last month, Montero and Mintek, South Africa's national mineral research organization with over 25 years of experience in REE extraction, agreed to collaborate to "further develop and optimize" the Montero leaching process.

Mintek will continue Montero's bulk leach test program to optimize the leaching process and conduct a rare earth extraction process at pilot plant scale. In return, Montero will provide Mintek with a bulk sample from the Wigu Hill Deposit to be used as part of Mintek's program to develop its independent, proprietary refining technology.

"Mintek are a world leader in mineral extraction - we have been working with them for nearly 2 years. They have some interesting ideas they want to test," Montero's Harwood says.

In terms of progress at Wigu Hill, Harwood comments: "We still continue our exploration of the rare earth deposit and have progressed our EIA application because we're targeting  a mining license application next year as we try to bring a small portion of the project to a mining stage."

In late summer, Montero started two pivotal environmental studies at Wigu - an environmental impact assessment (EIA) and an environmental and social impact assessment (ESIA) - both of which are part of the process for getting a mining licence.

Montero also acquired a two-year extension to its prospecting license in Tanzania until June 30, 2014.

"We want to try to get to the mining stage as soon as possible," Harwood adds.

The company is also considering the possible sale or a joint venture deal for its phosphate exploration projects in South Africa. 

Indeed, Harwood spoke to Proactive Investors while in South Africa, after having shown a group of potential investors around the assets. 

The company's CEO says he has seen "considerable interest" for the assets, one of the projects has a Preliminary Economic Assessment (PEA) completed earlier this year which carry a net present value of C$126.1 million at a discount rate of 10% and an internal rate of return of 38.14%.

Regarding near-term catalysts, Harwood highlights the "exciting" recent news on the signing of an arm's length, non-binding term sheet with a strategic investor for funding the rare earth company with a mine to refined rare earth for sale strategy.

"We have been looking for a year for an strategic investor or off take partner to help us build, not just a mine, but also a rare earth refinery."

The indicative term sheet sets out the terms and conditions of a potential agreement. Due diligence is still to be undertaken by the investor, Montero has said, the results of which are subject to approval by the executive management and the party's board of director. 

"The investment will be at the asset level and therefore our shareholders will not suffer any appreciable dilution," Harwood said.

"We have managed to secure a potential partner who wants to go with us the full way, who wants to mine and refine rare earth for sale.

"In 6 months' time we should have a fully-fledged partner who is going to help fund Montero, for an equity position in the rare earth company at an asset level.”

Earlier this year, the company also signed a non-binding off-take agreement with India's Star Earth Minerals, for the supply of light rare earths from its Wigu Hill project, with discussions for more off-take deals ongoing. This followed the company's success in producing the first samples of saleable concentrated rare earth chemical grade products from its project.

The asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill.

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Wed, 28 Nov 2012 11:43:00 -0500 http://www.proactiveinvestors.com/companies/news/91540/montero-mining-generates-heat-from-mintek-and-strategic-investor-deals-37890.html
<![CDATA[News - Montero Mining inks non-binding term sheet with strategic investor for Wigu Hill equity funding ]]> http://www.proactiveinvestors.com/companies/news/91269/montero-mining-inks-non-binding-term-sheet-with-strategic-investor-for-wigu-hill-equity-funding-37422.html Toronto-based Montero Mining and Exploration (CVE:MON) has signed an arm's length, non-binding term sheet with a strategic investor, for project equity funding for the mineral explorer's Wigu Hill rare earth element (REE) mine in Tanzania and refinery complex. 

The indicative term sheet sets out the terms and conditions of a potential agreement. Due diligence is still to be undertaken by the investor, Montero said, the results of which are subject to approval by the executive management and the party's board of director. 

“The potential business case will be directed at developing an integrated Rare Earth Refining company," said Montero president and CEO, Dr. Tony Harwood. 

"Use of proceeds from the proposed funding shall include proving up further Rare Earth Element resources at Montero’s high-grade Wigu Hill Rare Earth Element project in Tanzania in conjunction with the development of a rare earth refinery subject to feasibility work."

Montero's Wigu Hill project is a light rare earth element deposit and a large carbonatite complex with bastnaesite as the main rare earth. Located in Tanzania, the licence areas cover 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, and up to 16.68% from drilling.

The asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill.

REEs are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI and X-ray machines, mobile devices and other computing equipment.

The company continues to de-risk its main project by exploration, detailed metallurgy, and hydrometallurgy as part of its fast-track to production strategy.

Earlier this year, through hydro-metallurgical test work with consultants Mintek, Montero produced the first samples of concentrated rare earth chemical grade products from its Wigu Hill project, with a tested process route now in place.

The making of not only Mixed Rare Earth, but also Cerium chemical products was a major milestone for the company, as it allows Montero to show indicative product when in discussions with potential off-take partners.

The accomplishment indeed proved beneficial, as these samples were instrumental in a non-binding off-take agreement signed with India's Star Earth Minerals in April, for the supply of light rare earths from its Wigu Hill project, with discussions for more off-take deals ongoing. 

A critical aspect here is the low levels of uranium and thorium in the Wigu Hill mineralization, as Montero does not anticipate any radiation issues as at other rare earth projects. 

In the first phase of production from Wigu Hill, Montero is targeting output of 5,000 tonnes of mixed rare earth product per year.

In 2011, the company released a 3.3 million tonne inferred resource based on 2,225m of shallow drilling on only a fraction of the potential size of the Wigu Hill complex. Only the Tembo and Twiga zones on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) with a higher grade portion of 510,000 tonnes at 4.4% LREO.

The company is initially targeting cash flow from a small mining operation at the Twiga Zone in 2013, while drilling on the remainder of the property and proving up a greater resource.

Last month, Montero said that it submitted the environmental and social impact assessment report (ESIA), including a non-technical executive summary for the potential to mine REEs, to the National Environment Management Council (NEMC) in Tanzania - a cruical step in securing an environmental permit required to mine a portion of Wigu Hill once feasibility work is finished.

Montero also has uranium assets in Tanzania and Quebec, and four phosphate assets in South Africa. 

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Fri, 16 Nov 2012 09:39:00 -0500 http://www.proactiveinvestors.com/companies/news/91269/montero-mining-inks-non-binding-term-sheet-with-strategic-investor-for-wigu-hill-equity-funding-37422.html
<![CDATA[News - Montero, Mintek collaborate to optimize hydrometallurgical testing ]]> http://www.proactiveinvestors.com/companies/news/90304/montero-mintek-collaborate-to-optimize-hydrometallurgical-testing--35841.html

Montero Mining and Exploration Ltd. (CVE:MON) said Thursday that it has come to an agreement to collaborate with Mintek to further develop and optimize the Montero Stage 1 leaching process.

Johannesburg, South Africa-based Mintek is an internationally recognized metallurgical research and testwork facility.

Montero said the efforts will yield an improvement in the economics of the Montero process as well as assisting Mintek’s program of developing its proprietary technology for the refining and separation of rare earth elements.

"By collaborating on Mintek’s program of developing new and innovative process routes for separating Rare Earth Elements, Montero expects to increase its options to ultimately adopt the refining strategy that extracts maximum value from its REE project," Montero president and CEO Dr. Tony Harwood said.

Mintek will continue Montero's bulk leach test program at a pilot plant scale to verify and optimize the leaching process already developed by Mintek and Montero for the Wigu Hill Rare Earth Element (REE) project. 

In return, Montero will provide Mintek with a bulk sample from the Wigu Hill Deposit to be used by Mintek as part of Mintek’s program to develop its independent, proprietary refining technology for producing individually-separated REE products.

Effectively Mintek will be conducting two parallel testwork programs – the first specific to the Wigu Hill Deposit and using conventional, non-proprietary refining technology and the second being Mintek’s proprietary process in the early stages of development. 

"With Mintek’s proven track record of success in the development of new technologies for the refining of metals, we expect that this development will allow Montero to continue on our strategy to become a low cost Rare Earth producer," Montero's Harwood added.

Mintek will compare the two technologies as part of the program and, if Mintek's proprietary technology offers benefits to Montero, the parties will investigate ways in which Montero might access the Mintek technology. 

Through this collaboration, Montero said it expects to get early insight into alternative, innovative refining technologies.

Montero's Wigu Hill project is a light rare earth element deposit and a large carbonite complex with bastnaesite mineralization located in Tanzania. It covers a 142 square kilometre area and grab samples have yielded results as high as 27.57% total rare earth oxides.

The asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs at the deposit are hosted in the mineral bastnaesite, found in carbonatite dikes.

REEs are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI and X-ray machines, mobile devices and other computing equipment.

Montero also has uranium assets in Tanzania and Quebec, and phosphate assets in South Africa.

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Thu, 11 Oct 2012 12:31:00 -0400 http://www.proactiveinvestors.com/companies/news/90304/montero-mintek-collaborate-to-optimize-hydrometallurgical-testing--35841.html
<![CDATA[News - Montero Mining and Exploration increases interest to 80.81% at Wigu Hill REE project ]]> http://www.proactiveinvestors.com/companies/news/90013/montero-mining-and-exploration-increases-interest-to-8081-at-wigu-hill-ree-project-35355.html  

Rare earth explorer Montero Mining and Exploration (CVE:MON) said Monday that it has increased its interest in the Wigu Hill rare earth element (REE) project in Tanzania to 80.81 per cent, following an agreement signed with its partner RSR Tanzania Ltd., in September last year.

Montero also said that it has submitted the environmental and social impact assessment report (ESIA), including a non-technical executive summary for the potential to mine REEs, to the National Environment Management Council (NEMC) in Tanzania. 

The company noted that the ESIA is a “crucial step” in obtaining the environmental permit required for a mining operation to start on a portion of the Wigu Hill project area upon completion of feasibility work.

“With a further increase in our interest in the Wigu Hill REE project, our equity stake in our flagship project is secured and we are advancing the project to a mining stage,” said president and CEO Dr. Tony Harwood. 

“Montero remains focused on de-risking the Wigu Hill Project and targeting a fast-track strategy for early production of rare earths. Discussions with potential strategic and off-take partners continue and we are pleased to report how our fast-track strategy is advancing.”

Montero said its growth strategy is to de-risk the project through eventual rare earth production and cash flow. 

In early August, the company began the two “pivotal” environmental studies at Wigu Hill and also acquired a two year extension to its prospecting license by the Commissioner for minerals in Tanzania. The extension expires on June 30, 2014. 

Montero’s Wigu Hill project is a light rare earth element deposit and a large carbonite complex with bastnaesite mineralization. It covers a 142 square kilometre area. Grab samples have yielded results as high as 27.57 per cent total rare earth oxides (TREO). 

In September of last year, Montero released a 3.3 million tonne inferred resource based on 2,225 metres of shallow drilling, on only a fraction of the Wigu Hill complex.

Only the Tembo and Twiga zones on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6 per cent light rare earth oxide (LREO) with a higher grade portion of 510,000 tonnes at 4.4 per cent LREO.

The company is initially targeting cash flow from a small mining operation at the Twiga Zone by 2013, while drilling on the remainder of the property and proving up a greater resource.

This summer, it reported that an updated NI 43-101 compliant resource estimate is on track, which will look to boost inferred resources to the measured and indicated category. A preliminary economic assessment will then follow, along with a feasibility study later in the year.

The Wigu Hill property was first identified in the 1950s as a high grade rare earth deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.

The asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs at the deposit are hosted in the mineral bastnaesite, found in carbonatite dikes.

REEs are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI and X-ray machines, mobile devices and other computing equipment.

Montero also has uranium assets in Tanzania and Quebec, and phosphate assets in South Africa. 

 

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Mon, 01 Oct 2012 10:34:00 -0400 http://www.proactiveinvestors.com/companies/news/90013/montero-mining-and-exploration-increases-interest-to-8081-at-wigu-hill-ree-project-35355.html
<![CDATA[News - Montero Mining begins two Wigu Hill studies, prospecting license extended ]]> http://www.proactiveinvestors.com/companies/news/88467/montero-mining-begins-two-wigu-hill-studies-prospecting-license-extended-32955.html Rare earth explorer Montero Mining and Exploration Ltd. (CVE:MON) said Tuesday it has started two pivotal environmental studies at Wigu Hill, East Africa. 

The two reports, an environmental impact assessment, as well as an environmental and social impact assessment, are key to getting an environmental permit.

Montero also said it acquired a two year extension to its prospecting license by the Commissioner for minerals in Tanzania. The extension expires on June 30, 2014.

"The commencement of the EIA and ESIA are instrumental in developing a mining operation at Wigu Hill," Montero's chief executive Tony Harwood said in a statement.

"The results and submission of the EIA and ESIA will be required for the application of a mining license and contribute to the feasibility study."

Montero said it remains focused on de-risking the Wigu Hill project and targeting early production of rare earths.

It hired Tanzanian-based MTL Consulting Co. to carry out the studies, while the National Environment Management Council has approved a scoping study.

The company plans to submit the two studies by month’s end, and expects an environmental impact assessment certificate in October 2012.

Montero’s Wigu Hill project is a light rare earth element deposit and a large carbonite complex with bastnaesite mineralization. The project is located in Tanzania.

It covers a 142 square kilometre area. Grab samples have yielded results as high as 27.57% total rare earth oxides (TREO).

An initial 43-101 inferred resource estimate stands at 3.3 million tonnes at 2.6% light rare earth oxide (LREO). This includes 510,000 at 4.4% LREO on two of 10 possible drill targets. 

Montero’s stock traded flat at 15 cents each on the TSX Venture Exchange on Tuesday.

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Tue, 07 Aug 2012 11:00:00 -0400 http://www.proactiveinvestors.com/companies/news/88467/montero-mining-begins-two-wigu-hill-studies-prospecting-license-extended-32955.html
<![CDATA[News - Montero Mining says latest trench results from Nyati confirm continuity of rare earth mineralization ]]> http://www.proactiveinvestors.com/companies/news/86998/montero-mining-says-latest-trench-results-from-nyati-confirm-continuity-of-rare-earth-mineralization-30449.html Montero Mining and Exploration (CVE:MON) unveiled Wednesday what it called positive results from four additional surface trenches on the Lower Nyati target at its Wigu Hill rare earth project in Tanzania.

The target lies upslope from the Tubili target area at the site. The company said the trench results from Lower Nyati "substantiate" the results reported from the area earlier this year.

Highlights of the wide trench intersections included 2.24% total rarth earth oxides (TREO) over 112.4 metres in trench WTRN004, including 3.92% TREO over 14 metres and 3.65% TREO over 16 metres.

In addition, trench WTRN006 returned 3.04% TREO over 42.0 metres, including 3.8% TREO over 20 metres, and trench WTRN007 intersected 3.11% TREO over 44.0 metres, including 4.31% TREO over 14 metres.

Montero said these latest trench results continue to confirm the extent of the mineralization on the Lower Nyati target, and validate the high grade TREO values returned from the grab and panel sampling program, as well as from initial trenching and drilling results.

"The latest trenching results from the Lower Nyati Target confirm the continuity of mineralization and strengthens our confidence in that further drilling at the Nyati targets should increase the resource substantially," said Montero president and CEO, Dr. Tony Harwood, in a statement.

"Montero remains focused on de-risking the project to support the fast-track to market strategy while seeking non-equity funding via off-take or strategic partnerships.”

The company said its exploration undertaken to date has covered less than half of the anomalous area of rare earth interest.

And despite this, drilling and trenching have already identified an extensive zone of carbonatite-hosted bastnaesite-rich mineralization, with upside potential present.

Exploration will continue on the mineralized cabonatites zones identified at Lower Nyati, as well as their continuation to the north and west.

Further excavations are necessary, the company said, to follow up on the "encouraging" trench results. These results, together with previous trench and drill hole information, provide additional evidence on which to base a diamond drill exploration program to establish a resource at the target.

In early April, Montero announced the results from 1,030 metres of drilling at the Lower Nyati target,with highlights including boreholes NYT001 and NYT005, with NYT001 returning 3.01% TREO over 62.5 metres and NYT005 intersecting 3.13% TREO over 31.8 metres.

The company's flagship Wigu Hill property was first identified in the 1950’s as a high grade rare earth deposit recorded by the USGS, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.

The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the US as the rare earth elements at the deposit are hosted in the mineral bastnaesite, found in carbonatite dikes.
 
Montero continues to de-risk its main project as part of its fast-track to production strategy.

Indeed, through hydro-metallurgical test work with consultants Mintek, Montero said in March that it produced the first samples of concentrated rare earth chemical grade products from its Wigu Hill project, with a tested process route now in place.

The making of not only Mixed Rare Earth, but also Cerium chemical products was a major milestone for the company, as it allows Montero to show indicative product when in discussions with potential off-take partners.

The accomplishment indeed proved beneficial, as these samples were instrumental in a non-binding off-take agreement signed with Star Earth Minerals in April, for the supply of light rare earths from its Wigu Hill project.

In the first phase of production from Wigu Hill, Montero is targeting output of 5,000 tonnes of mixed rare earth product per year, with Star Earth having the appetite for around 1,000 to 3,000 tonnes.

Last September, the company released a 3.3 million tonne inferred resource based on 2,225m of shallow drilling on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga zones on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) with a higher grade portion of 510,000 tonnes at 4.4% LREO.

The company is initially targeting cash flow from a small mining operation at the Twiga Zone by 2013, while drilling on the remainder of the property and proving up a greater resource.

An updated NI 43-101 compliant resource estimate is on track, which will look to boost inferred resources to the measured and indicated category. A preliminary economic assessment will then follow, along with a feasibility study later in the year.

Rare earth elements are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI and X-ray machines, mobile devices and other computing equipment.

]]>
Wed, 13 Jun 2012 10:27:00 -0400 http://www.proactiveinvestors.com/companies/news/86998/montero-mining-says-latest-trench-results-from-nyati-confirm-continuity-of-rare-earth-mineralization-30449.html
<![CDATA[News - Montero Mining differentiates itself with “fast track strategy” to production at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/85821/montero-mining-differentiates-itself-with-fast-track-strategy-to-production-at-wigu-hill-28521.html Montero Mining and Exploration (CVE:MON) has what it believes to be a giant rare earths deposit in Tanzania, and in the span of 15 months since it listed, has delineated an initial resource and produced actual samples of saleable rare earth products - a first for a junior in its space.

The company continues to de-risk its main project as part of its fast-track to production strategy.

Its flagship Wigu Hill property was first identified in the 1950’s as a high grade rare earth deposit recorded by the USGS, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.

The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the US as the rare earth elements at the deposit are hosted in the mineral bastnaesite, found in carbonatite dikes.

The dikes are around 10-20 metres wide and occur in swarms, with the challenge being to determine where the rare earth-bearing dikes are most concentrated and best mineralized, says president and CEO Dr. Tony Harwood in a recent interview with Proactive Investors.

Rare earth elements are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI and X-ray machines, mobile devices and other computing equipment.

With China producing over 95 percent of the world's rare earths, and the country constantly cutting back on exports, the metals are set to be in high demand in the near future. Hence the explosion in the rare earths space, as an increasing amount of junior rare earth companies emerge seeking to take their projects to production.

Harwood says that what differentiates Montero from the others is the company's strategy to "fast track" the project to production.

"While drilling out what we believe to be a giant deposit, we are focused on getting a portion of the project to a mining and refining stage," Harwood says.

"We also, unlike any other juniors out there, have actually produced saleable rare earth products for marketing to potential off take deals."

Indeed, through hydro-metallurgical test work with consultants Mintek, Montero said in March that it produced the first samples of concentrated rare earth chemical grade products from its Wigu Hill project in Tanzania, with a tested process route now in place.

The making of not only Mixed Rare Earth, but also Cerium chemical products was a major milestone for the company, as it allows Montero to show indicative product when in discussions with potential off-take partners.

"The samples of saleable rare earth products are pretty significant. The step has allowed us to engage around 30 groups with these materials," Harwood says.

"We have de-risked the project significantly with our metallurgy work and have gotten to the stage where we can attract, in a meaningful way, end users of rare earths materials."

The accomplishment indeed proved beneficial, as these samples were instrumental in a non-binding off-take agreement signed with Star Earth Minerals last month, for the supply of light rare earths from its Wigu Hill project.

Star Earth Minerals is a manufacturer of light rare earth compounds based in Mumbai, India, and is seeking a consistent supply of light rare earths for its customers in the glass, ceramic and catalyst industries, located mainly in South East Asia and Japan.

In the first phase of production from Wigu Hill, Montero is targeting output of 5,000 tonnes of mixed rare earth product per year, with Star Earth having the appetite for around 1,000 to 3,000 tonnes, Harwood says.

The company is planning to secure more off-take agreements in order to fund the development of its project and sell its materials to refineries, with at least three firm deals targeted.

Last September, the company released a 3.3 million tonne inferred resource based on 2,225m of shallow drilling on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga zones on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) with a higher grade portion of 510,000 tonnes at 4.4% LREO.

The company is initially targeting cash flow from a small mining operation at the Twiga Zone by 2013, while drilling on the remainder of the property and proving up a greater resource.

An updated NI 43-101 compliant resource estimate is on track, which will look to boost inferred resources to the measured and indicated category. A preliminary economic assessment will then follow, along with a feasibility study later in the year.

The latest drill results from the project hail from the Nyati target, where 5,000 metres of drilling is planned for 2012.

Harwood says the company is drilling consistently high grades, evident in the latest results from the Nyati zone, where 73.2 metres at 3.13% total rare earth oxides (TREO) was intersected, including 24.3 metres at 4.92% TREO.

Since listing in February 2011, the company has made huge strides, with an eventual goal of building a refining facility as part of its second stage, which Harwood estimates will only require capital of $60 million - a number he considers to be low compared to the capital other potential rare earth producers are indicating.

Harwood says there are about two dozen refineries in the world that would take its mixed rare earth product, in Asia, Europe and the US, with Montero hoping to be one of the first African refineries of rare earths.

"We have done a lot of work on the metallurgical side since listing in February 2011. With rare earths having an increasing strategic role, there has to be something to differentiate a junior rare earth miner.

"Low operating and capital  costs, good margins, and most importantly, the ability to produce and sell the materials through a simple, proven route is critical."

"We have really got a winner at Wigu Hill as we have saleable products that we can show the market, placing us way ahead of the game," Harwood adds.

The at-surface project also boasts high grades, fresh rock and has low uranium and thorium levels, with a radioactive dose equivalent of Wigu Hill representative sample certified by Mintek to be less than 1 microsievert.

This is important, as many rare earth miners have been hampered by radiation and permitting issues, something Montero has proven it doesn't have to worry about.

The project, which is located 170 kilometres from seaport Dar es Salaam, and 12 kilometres from a rail siding on the Tazara railway, is seen by the company to have the potential for a 20,000 tonne per year rare earth-producing mine.

Raising $9.8 million in its IPO and private placement last year, the company is looking to bolster its treasury by offloading its portfolio of phosphate assets in South Africa, and has already hired an advisor for the process.

Harwood, as an economic geologist with 30 years of international exploration and mining experience, says he is convinced there is a big resource at Wigu Hill, and expects to get a "reasonable amount" of cash from the sale of its phosphate assets to help develop the Tanzania project.

Aside from the company’s president and CEO, Montero is also armed with other experienced team members - non-executive director Michael Wolley is the former COO of Lynas Corp (ASX:LYC), and technology development manager Richard Amata is the former chief chemist for Molycorp.

The company's stock is currently changing hands at 14.5 cents on the TSX Venture Exchange, giving it plenty of upside potential given the upcoming resource update and PEA anticipated this year.

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Tue, 01 May 2012 15:52:00 -0400 http://www.proactiveinvestors.com/companies/news/85821/montero-mining-differentiates-itself-with-fast-track-strategy-to-production-at-wigu-hill-28521.html
<![CDATA[News - Montero files Duyker Eiland PEA on SEDAR, revises operational cash costs ]]> http://www.proactiveinvestors.com/companies/news/85334/montero-files-duyker-eiland-pea-on-sedar-revises-operational-cash-costs-27700.html Montero Mining and Exploration (CVE:MON) said Friday it has filed its NI 43-101 compliant preliminary economic assessment (PEA) report for its Duyker Eiland phosphate project in South Africa on SEDAR and posted it to the company's website.

The PEA report, conducted by Turgis Consulting, is based on an initial inferred mineral resource (IRR) of 32.8 million tonnes, grading 7.15 percent P2O5, and shows average production of 490,000 tonnes per year of 33 percent P2O5 concentrate over an 11-year mine life.

"The results of the PEA on the initial inferred NI 43-101 mineral resource at Duyker Eiland continue to present robust economics with a NPV of C$126 million and an IRR of over 38 percent at a 10 percent discount rate,” said Montero president and CEO Dr. Tony Harwood.

"Montero recently appointed AltaCorp Capital in Toronto as advisors as we continue to engage with a number of parties interested in commercializing our phosphate assets.

"Montero remains committed to demonstrating an economic route to early production of rare earths from our flagship Wigu Hill Rare-Earth Project in Tanzania while seeking partners to develop our phosphate assets."

Montero also noted that in the process of finalizing the NI 43-101 report, Turgis revised the operating cost per tonne of product from C$99 to C$109.12, which has had an impact on the previously reported figures.

The figures of net present value (NPV), internal rate of return (IRR) and capital costs were affected, with capital costs rising slightly from C$129 million to C$132 million due to the impact of the revised operational cash costs.

The report now states that the project shows an NPV of C$126.1 million, at a discount rate of 10 percent, and an IRR of 38.14 percent. The previously projected internal rate of return IRR was 41 percent, pre-tax and before South African royalties.

All other figures remain the same, said the company.

Montero plans to continue to explore the possibility of production of other higher-content phosphate fertilizers and other products to generate additional returns for the asset.

The miner also plans to increase the resource confidence and estimates, and complete sampling to allow for detailed characterization of the rock phosphate concentrates that may be produced.

An environmental and social scoping study also may start, Montero said, in preparation for pre-feasibility studies and an additional economic assessment that could be commissioned to examine the viability of a fertilizer plant investment in the area.

Toronto-based Montero is a mineral exploration and development company focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada respectively.

Its flagship Wigu Hill project in Tanzania is a high-grade, undeveloped light rare earth element deposit, with the company currently focused on updating the initial NI 43-101 resource estimate and advancing the hydro-metallurgical test work with Mintek.

Rare earth elements, a group of 17 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

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Fri, 13 Apr 2012 11:38:00 -0400 http://www.proactiveinvestors.com/companies/news/85334/montero-files-duyker-eiland-pea-on-sedar-revises-operational-cash-costs-27700.html
<![CDATA[News - Montero drills 4.92% TREO over 24.30 metres at Nyati Target on Wigu Hill, Tanzania ]]> http://www.proactiveinvestors.com/companies/news/85213/montero-drills-492-treo-over-2430-metres-at-nyati-target-on-wigu-hill-tanzania-27498.html Montero Mining and Exploration (CVE:MON) Tuesday announced the results from 1,030 metres of drilling at the Lower Nyati target upslope from the Tumbili Target area, at the Wigu Hill rare earth project in Tanzania.

Recent surface mapping has outlined a much larger mineralized target area at Nyati where the full extent of the zone has yet to be drill tested, the company said.

Highlights of drilling include two continuous zones of mineralization encountered in boreholes NYT001 and NYT005, with NYT001 returning 3.01% total rare earth oxides (TREO) over 62.5 metres and NYT005 intersecting 3.13% TREO over 31.8 metres.

Geological interpretations using surface mapping and sampling, and now diamond drill hole geology and assays, indicate that there is strong potential for the mineralized carbonatite dikes intersected to extend over a strike of greater than 500 metres and at depth at Nyati, Montero said.

"Drilling at the Lower Nyati target has defined extensive zones of high grade TREO mineralization where further drilling will be carried out to test the balance of the Nyati target area," Montero's president and chief executive officer Dr. Tony Harwood said.

"At Wigu Hill, Montero remains focused on defining further high grade resources while metallurgical testwork is ongoing in order to de-risk the project, targeting a fast track strategy to develop a low cost process for the sale of rare earths."

Borehole core drilling focused on two target zones identified from surface mapping, namely the east-north-easterly trend (NYT001 to NYT003) and the northerly trend (NYT004 and NYT005).

The northern trend returned the most encouraging results, while all of the drill holes were successful in defining continuous zones of mineralization.

A number of mineralised carbonatite dikes, some of which are over 20 metres wide, were mapped at surface and targeted by drill hole NYT001, and successfully intersected and confirmed steep dips of the dikes of around 75 degrees to the north.

Similar structures can be interpreted from drill hole NYT002 and NYT003, the company said, and a continuous trend has been interpreted over a strike of 600 metres and a width at surface of 150 metres.

On the northerly trending dike structure, drill hole NYT005 intersected almost continuous mineralization from the surface down to an inclined depth of 105 metres an average grade of 2.83% TREO and 1.96% SrO (strontium oxide).

Drill hole NYT004 was drilled obliquely to the strike to intersect the same zone and was successful, but with lower TREO grades.

The results of the exploration carried out at Lower Nyati to date have delineated an extensive target zone on which only a portion has been drilled, the company said.

Additional trenching and a program of infill sampling in between the current trench locations is being carried out to establish a more detailed understanding of the grade and continuity of the TREO mineralization, in order to define areas for further drilling.

Montero Mining is a mineral exploration and development company engaged in its flagship rare earths Wigu Hill project in Tanzania and has phosphate assets in South Africa and uranium assets in Tanzania and Quebec.

Last month, the company said it inked a non-binding agreement with Star Earth Minerals for the supply of light rare earths from its Wigu Hill project - a move that significantly de-risks the property.

Star Earth Minerals is a manufacturer of light rare earth compounds based in Mumbai, India, and is seeking a consistent supply of light rare earths for its customers in the glass, ceramic and catalyst industries, located mainly in South East Asia and Japan.

Through hydro-metallurgical testwork with consultancy Mintek, Montero has produced samples of saleable rare earth products, which were instrumental in concluding discussions with Star, Montero said.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres. 

The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Montero is working to update the initial NI 43-101 compliant resource estimate for its Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Full details of the drilling results are available at: http://www.monteromining.com

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Tue, 10 Apr 2012 12:12:00 -0400 http://www.proactiveinvestors.com/companies/news/85213/montero-drills-492-treo-over-2430-metres-at-nyati-target-on-wigu-hill-tanzania-27498.html
<![CDATA[News - Montero uncovers larger mineralized zone within Wigu Hill rare earth project ]]> http://www.proactiveinvestors.com/companies/news/85077/montero-uncovers-larger-mineralized-zone-within-wigu-hill-rare-earth-project-27264.html Montero Mining and Exploration (CVE:MON) said Tuesday surface mapping and sampling has outlined a much larger mineralized zone at the lower Nyati target area at its flagship Wigu Hill rare earth project in Tanzania.

Montero said the area has been divided into the lower Nyati and upper Nyati targets and is located at an elevation of 400 metres above the base of its property at Wigu Hill. 

Amongst the highlights, Montero said that assays returned from 104 panel samples yielded results ranging from 0.21% to 19.41% total rare earth oxides (TREO) with an average 7.08% TREO.

Trench WTRT002 averaged 3.87% TREO over 47 metres. This also includes 5.25% TREO over 12 metres and 6.95% TREO over eight metres.

Additionally, results from 100 grab samples from the North East section range between 2.51% and 18.21% TREO with the average value from 55 samples returning 10.43 percent TREO.

Sampling from the South West section ranged 1.95% to 13.03% TREO, with an average value from 45 samples returning 5.85% TREO.

Prior exploration work at the Nyati target returned consistent high-grade TREO values from carbonatite grab samples, the company said.

Follow-up exploration programs have been focused on identifying drill targets and outlining the extent of the rare earth mineralization at Nyati.

"The lower and upper Nyati target areas have become an exciting exploration focus where mineralization," Montero's chief executive Tony Harwood said.

"Results to date show consistent elevated rare earth values from surface outcrops and over extensive widths as seen in surface trenching. Both zones exhibit good coarse mineralization at surface that we hope will be confirmed with diamond drill results."

Rare earth elements consists of a group of 17 metals that are critical in the development of emerging green technologies and high-tech applications from electric vehicles to wind and hydro power turbines, LCD screens, X-ray machines, mobile devices and other computing equipment.

Montero Mining is a mineral exploration and development company focused on rare earth elements, phosphates and uranium in Tanzania, South Africa and Quebec.

The company’s share price moved up 1.5 cents, or 9.38 percent, to 17.5 cents on Toronto’s junior venture exchange on Tuesday.

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Tue, 03 Apr 2012 14:48:00 -0400 http://www.proactiveinvestors.com/companies/news/85077/montero-uncovers-larger-mineralized-zone-within-wigu-hill-rare-earth-project-27264.html
<![CDATA[News - Montero Mining hires advisor for potential sale of phosphate assets ]]> http://www.proactiveinvestors.com/companies/news/84777/montero-mining-hires-advisor-for-potential-sale-of-phosphate-assets-26708.html Montero Mining and Exploration (CVE:MON) said Thursday that it has hired an advisor to assist in the sale process of its phosphate assets, namely the Duyker Eiland, Phillips Kraal and Lamberts Bay projects, in South Africa.

The company hired AltaCorp Capital to help in the process, which the company has launched in an effort to focus on its flagship Wigu Hill rare earth project in Tanzania.

“The potential sale of the phosphate assets will allow the company to focus on our flagship Wigu Hill Rare Earth Project in Tanzania as we de-risk the project to demonstrate potential rare earth production in the near term," said president and CEO, Dr. Tony Harwood.

"All proceeds from the proposed sale of the phosphate assets will be used to advance our rare earth strategy. We are confident that AltaCorp have the necessary experience and contacts to potentially realize a transaction.”

A preliminary economic assessment was recently completed for the Duyker Eiland project.

The PEA report, conducted by Turgis Consulting, is based on an initial inferred mineral resource of 32.8 million tonnes, grading 7.15% P2O5, and shows average production of 490,000 tonnes per year of 33% P2O5 concentrate over an 11-year mine life.

The company said that an average of 4.5 million tonnes of rock would be mined per year at low stripping ratios of 0.57:1. As reported late last year, preliminary metallurgical test work has also indicated that an acid-grade phosphate concentrate of 33%to 35% P2O5 can be produced by flotation.

Montero has agreed to pay AltaCorp a percentage of the transaction value if such a transaction is completed by AltaCorp. Transactions can include the sale of one or more assets, a merger, or one more more joint venture deals.

"Montero does not intend to make further announcements or disclose developments with respect to the transaction unless the evaluation has been completed and the Board has approved a definitive transaction and the company has entered into a definitive agreement," it said in a statement.

Earlier this week, Montero said  it inked a non-binding agreement with Star Earth Minerals for the supply of light rare earths from its Wigu Hill rare earth element project in Tanzania - a move that significantly de-risks the property.
 
Star Earth Minerals is a manufacturer of light rare earth compounds based in Mumbai, India, and is seeking a consistent supply of light rare earths for its customers in the glass, ceramic and catalyst industries, located mainly in South East Asia and Japan.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Montero is working to update the initial NI 43-101 compliant resource estimate for its Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Results from the in-fill drilling completed at the Twiga Zone will be used to update the existing NI 43-101 resource estimate, which is expected during the second quarter.

Under the terms of the memorandum of understanding with Star Earth, within three months of entering into the agreement, Star and Montero will sign an off-take agreement for 1,000 to 3,000 tonnes per year of mixed rare earth and cerium, subject to price and product specifications.

Montero said the non-binding deal will remain in effect for 12 months, and either party can terminate the agreement at any time.

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Thu, 22 Mar 2012 12:16:00 -0400 http://www.proactiveinvestors.com/companies/news/84777/montero-mining-hires-advisor-for-potential-sale-of-phosphate-assets-26708.html
<![CDATA[News - Montero Mining stock soars on initial rare earth supply deal from Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/84687/montero-mining-stock-soars-on-initial-rare-earth-supply-deal-from-wigu-hill--26562.html Montero Mining and Exploration (CVE:MON) said Tuesday it has inked a non-binding agreement with Star Earth Minerals for the supply of light rare earths from its Wigu Hill rare earth element project in Tanzania - a move that significantly de-risks the property.

The news sent Montero's stock up more than 21 percent Tuesday morning, to trade at 17 cents as of 10:47am ET.

Star Earth Minerals is a manufacturer of light rare earth compounds based in Mumbai, India, and is seeking a consistent supply of light rare earths for its customers in the glass, ceramic and catalyst industries, located mainly in South East Asia and Japan.

Rare earths elements refer to a group of 17 specific elements used for everything from smartphones to guided missiles.

While some rare earths are relatively common, they are dispersed in a way that makes it difficult to find deposits with high enough ore grades to economically exploit. Demand for the metals is expected to continue to grow steadily as China, which produces 97 percent of the world’s rare earths, has cut exports by more than half of 2004 levels to 30,000 tons in 2010.

The memorandum of understanding agreement signed between Montero and Star Earth outlines the basis of cooperation between the two parties, with the objective of signing an off-take agreement for Star to purchase mixed rare earth and cerium carbonate from Montero.

The non-binding deal also contemplates the sharing of technical information related to rare earth process technology for the development of a refinery to further beneficiate material from Wigu Hill.

Through hydro-metallurgical testwork with consultancy Mintek, Montero has produced samples of saleable rare earth products, which were instrumental in concluding discussions with Star, Montero said.

"The signing of an MoU off-take agreement between Montero and Star is the first step in de-risking the Wigu Hill Project while securing end user distribution channels ultimately designed to generate REE sales revenue for Montero," said president and CEO, Dr. Tony Harwood.

"Star is a producer of rare earth chemicals to the Asian market with considerable expertise in rare earth refining which also compliments Montero’s fast-track to market strategy.”

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Montero is working to update the initial NI 43-101 compliant resource estimate for its Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Results from the in-fill drilling completed at the Twiga Zone will be used to update the existing NI 43-101 resource estimate, which is expected during the second quarter.

Under the terms of the memorandum of understanding, within three months of entering into the agreement, Star and Montero will sign an off-take agreement for 1,000 to 3,000 tonnes per year of mixed rare earth and cerium, subject to price and product specifications.

In addition, should Star and Montero confirm their interest in the development of a rare earth refinery project, the two parties will discuss future funding options, they said.

Montero said the non-binding deal will remain in effect for 12 months, and either party can terminate the agreement at any time.

The rare earth explorer also said it believes that the mineralized material at Wigu Hill is sufficient to support the proposed off-take deal with Star.

A scoping study is underway at Wigu Hill, which will lead into a preliminary economic assessment for the project - anticipated for completion in the second quarter.

Last month, the company said that rare earth dike mineralization from its flagship property was proven to be amenable to upgrading by X-Ray sorting, with over 80 percent recovery.

Hydrometallurgical testwork also continues to advance with Mintek, including further optimization tests and development work to enhance the work to date and generate high purity rare earth products for sale.

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Tue, 20 Mar 2012 11:07:00 -0400 http://www.proactiveinvestors.com/companies/news/84687/montero-mining-stock-soars-on-initial-rare-earth-supply-deal-from-wigu-hill--26562.html
<![CDATA[News - Montero produces samples of RE saleable products from Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/84239/montero-produces-samples-of-re-saleable-products-from-wigu-hill--25800.html Montero Mining and Exploration (CVE:MON) said Monday it has produced the first samples of concentrated rare earth chemical grade products from its Wigu Hill project in Tanzania.

The company said it believes it is one of the first companies to be able to produce samples of saleable rare earth products, which shows it is serious about securing an offtake agreement.

"The production of samples of Mixed Rare Earth and Cerium chemical products for marketing purposes is a major milestone as it will enable Montero to enter into advance discussions with off-take partners able to assist in the financing of mine and refinery operations," said president and CEO, Tony Harwood.

"Advancing the hydro-metallurgical flowsheet established by Montero and Mintek puts us on track to de-risk the project and is a significant milestone in achieving early production from the Wigu Hill Project.”

The products produced included a mixed rare earth carbonate, oxalate and hydroxide and importantly, an individual cerium hydroxide product. The products were generated from bastnaesite-rich carbonatite material at Wigu Hill.

The cerium hydroxide was produced using standard chemical separation processes and Montero said "it may be possible to further upgrade the product specification for additional sales value add". 

The news today gives Montero a viable hydrometallurgical process route to produce "high value" rare earth chemical products for potential sale from Wigu Hill.  

The “up-front” recovery of cerium from the leach plant solutions is expected to simplify the down-stream refining process and potentially reduce the refinery capital and operating costs, the company said. Further investigation with Mintek into the production of other value-added products is on-going, the company added, including the extraction of a potentially saleable strontium chemical product.

Strontium was determined as being of potential economic importance once it was found that the mineral could be leached into solution during acid leach testwork done by Mintek, South Africa's national mineral research organization and the company's research provider.

The samples of the saleable rare earths products were produced as Montero completed the third phase of hydro-metallurgical testwork by Mintek. The aim was to consider the design efficiencies of a multiple leach process and to produce a mixed rare earth product for assessment by potential off-take partners.

This process design has now been successfully tested on both a laboratory and bulk scale, Montero said.

The company also said it is undertaking discussions with interested off-take groups and customers in Asia, Europe, the Middle East, and the Americas.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.
 
Montero is working to update the initial NI 43-101 compliant resource estimate for its Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

Last month, the company said that rare earth dike mineralization from its flagship property was proven to be amenable to upgrading by X-Ray sorting, with over 80 percent recovery.

Hydrometallurgical testwork also continues to advance with Mintek, including further optimization tests and development work to enhance the work to date and generate high purity rare earth products for sale.

A report on the results of the Stage 1 refinery Ttstwork, which includes results on leaching tests completed to date, is expected in the second quarter.

This report will provide sufficient data to form the design basis for a pre-feasibility study, Montero concluded.

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Mon, 05 Mar 2012 13:50:00 -0500 http://www.proactiveinvestors.com/companies/news/84239/montero-produces-samples-of-re-saleable-products-from-wigu-hill--25800.html
<![CDATA[News - Montero Mining PEA for Duyker Eiland phosphate project shows "robust economics" ]]> http://www.proactiveinvestors.com/companies/news/84070/montero-mining-pea-for-duyker-eiland-phosphate-project-shows-robust-economics-25522.html Montero Mining and Exploration (CVE:MON) unveiled Tuesday the results of an NI 43-101 compliant preliminary economic assessment (PEA) for its Duyker Eiland phosphate project, showing "robust economics" with a pre-tax net present value of C$150 million at a 10 percent discount rate.

The project is located 30 kilometres north of the Port of Saldanha, in the Western Cape province of South Africa. The company said it is already in discussions with a number of interested parties for commercializing its phosphate assets.

Shares of Montero were up 2.56 percent Tuesday morning at 20 cents on the TSX Venture Exchange.

The PEA report, conducted by Turgis Consulting, is based on an initial inferred mineral resource of 32.8 million tonnes, grading 7.15% P2O5, and shows average production of 490,000 tonnes per year of 33% P2O5 concentrate over an 11-year mine life.

The company said that an average of 4.5 million tonnes of rock would be mined per year at low stripping ratios of 0.57:1.

As reported late last year, preliminary metallurgical test work has indicated that an acid-grade phosphate concentrate of 33%to 35% P2O5 can be produced by flotation.

"We are pleased the results of the PEA on the initial Inferred NI 43-101 Mineral Resource at Duyker Eiland has returned such robust economics with a NPV of CAD$ 150 million with a 10% discount rate," said Montero president and CEO, Dr. Tony Harwood.

"Montero is in discussions with a number of parties interested in commercializing our phosphate assets.

"Montero remains committed to establishing early production on our flagship Wigu Hill Rare-Earth Project in Tanzania while seeking partners to develop our phosphate assets.”

Indeed, the company's Duyker Eiland phosphate project could prove lucrative with a projected internal rate of return (IRR) of 41 percent, pre-tax and before South African royalties. Montero said there are also opportunities to increase the value of the project through the production of fertilizers.  

"At a reduction in product revenue per tonne of 15 percent (USD$ 160) the project still demonstrates robust returns with an IRR of 27 percent. Currently, 70% BPL rock phosphate FAS Casablanca is published by the World Bank at USD$ 202 per tonne (January 2012)," Montero said in Tuesday's statement.

Operating cash costs were estimated at C$99 per tonne of concentrate Free alongside Ship (FAS) Port of Saldanha, South Africa, including 20 percent contingency.

Transport and logistics costs, which include transport to port, warehousing at port and transport to wharf alongside ship (FAS), were calculated based on a budget quote received from a local transport company, the company said.
 
Total capital costs are seen at C$129 million for the project.

The company said the net present value of Duyker does not include expenditures required for exploration and engineering development this year and in 2013. Montero plans to continue to explore the possibility of production of other higher-content phosphate fertilizers and other products to generate additional returns for the asset.

The miner also plans to increase the resource confidence and estimates, and to complete sampling to allow for detailed characterization of the rock phosphate concentrates that may be produced.

An environmental and social scoping study may start, Montero said, in preparation for pre-feasibility studies and additional economic assessment that could be commissioned to examine the viability of a fertilizer plant investment in the area.

Toronto-based Montero Mining is a mineral exploration and development company focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada respectively.

Its flagship Wigu Hill REE project in Tanzania is a high-grade, undeveloped light REE deposit, with the company currently focused on updating the initial NI 43-101 resource estimate and advancing the hydro-metallurgical testwork with Mintek.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Earlier this month, Montero said it identified measurable amounts of strontium in bastnaesite-bearing carbonatite dikes in the Twiga Zone at its Wigu Hill rare earths project in Tanzania.

The strontium found at the site occurs as strontianite (SrCO3), the company said, which is associated with the rare earth and gangue minerals, and was established during initial mineralogical work that identified bastnaesite and synchisite as the main rare earth-bearing minerals.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Montero is working to update the initial NI 43-101 compliant resource estimate for the Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

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Tue, 28 Feb 2012 10:39:00 -0500 http://www.proactiveinvestors.com/companies/news/84070/montero-mining-pea-for-duyker-eiland-phosphate-project-shows-robust-economics-25522.html
<![CDATA[News - Montero Mining recognizes strontium potential at Wigu Hill rare earth project ]]> http://www.proactiveinvestors.com/companies/news/83691/montero-mining-recognizes-strontium-potential-at-wigu-hill-rare-earth-project-24938.html Montero Mining and Exploration (CVE:MON) said Tuesday that it has identified measurable amounts of strontium in bastnaesite-bearing carbonatite dikes in the Twiga Zone at its Wigu Hill rare earths project in Tanzania.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

The strontium found at the site occurs as strontianite (SrCO3), the company said, which is associated with the rare earth and gangue minerals, and was established during initial mineralogical work that identified bastnaesite and synchisite as the main rare earth-bearing minerals.

"In addition to the rare earth concentrations in the Wigu Hill carbonatite dikes, the added presence of strontium is a positive new development," said president and CEO, Dr. Tony Harwood.

"Metallurgical testwork has indicated the strontianite can be leached into solution, suggesting a potential by-product to the extraction of the rare earths. Ferrite magnets, glass applications and pyrotechnics remain the top end-use industries in strontium consumption. This is an exciting development as we continue to create value at Wigu Hill."

Indeed, strontium was determined as being of potential economic importance once it was found that the mineral could be leached into solution during acid leach testwork done by Mintek, South Africa's national mineral research organization and the company's research provider. Additional testwork is proposed to establish a recovery procedure to extract the strontium from this leachate.

Together with Mintek, Montero has been active in mineral processing and metallurgical testwork to test the Wigu Hill carbonatite material for recovery of rare earths.

A review of the distribution of strontium in the trench and drill hole samples from Wigu Hill was done, proving the presence of "significant amounts" in the carbonatite dikes, Montero said, of between 1% to 2% SrO.

The average SrO content of the composites used for the Twiga and Tembo resource estimates is 1.4%.  Around 10% of the composites appear to belong to a higher grade population with grades in the range of 2.5% to 6% SrO, with localized concentrations up to 10.80% SrO, Montero added.

Montero said in a statement Tuesday: "The presence of strontium is being investigated in more detail to establish the potential of realizing value from this element as a by-product to the production of rare earth elements at Wigu Hill.

"There is a consistent association of strontianite with the bastnaesite and although this association is not directly proportional, it has the potential to be economically valuable."

The company said it is planning a "systematic assessment" of the distribution of strontium in the mineralized carbonatite dikes at Wigu Hill, which will help in determining the potential value-add.

Montero is working to update the initial NI 43-101 compliant resource estimate for the project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

Earlier this month, the company said that rare earth dike mineralization from its flagship Wigu Hill property was proven to be amenable to upgrading by X-Ray sorting, with over 80 percent recovery.

The junior miner, headquartered in Toronto, said its initial X-Ray sorting tests done on bastnaesite rich samples and waste rock samples from the Twiga zone showed that ore is amendable to X-Ray sorting, with samples upgraded by 55 percent, based on lanthanum and cerium content. Moreover, more than 80 percent of the rare earth elements were recovered in the feed.

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Tue, 14 Feb 2012 10:25:00 -0500 http://www.proactiveinvestors.com/companies/news/83691/montero-mining-recognizes-strontium-potential-at-wigu-hill-rare-earth-project-24938.html
<![CDATA[News - Montero Mining says RE mineralization at Wigu Hill amenable to X-Ray sorting, with 80% recovery ]]> http://www.proactiveinvestors.com/companies/news/83339/montero-mining-says-re-mineralization-at-wigu-hill-amenable-to-x-ray-sorting-with-80-recovery-24347.html Montero Mining & Exploration (CVE:MON) said Wednesday that rare earth dike mineralization from its flagship Wigu Hill property in Tanzania has shown to be amenable to upgrading by X-Ray sorting, with over 80 percent recovery.

The junior miner, headquartered in Toronto, said its initial X-Ray sorting tests done on bastnaesite rich samples and waste rock samples from the Twiga zone show that ore is amendable to X-Ray sorting, with samples upgraded by 55 percent, based on lanthanum and cerium content.

Moreover, more than 80 percent of the rare earth elements were recovered in the feed.

Together with Mintek, Montero has been active in mineral processing and metallurgical testwork to test the Wigu Hill carbonatite material for recovery of rare earths.

Montero sent hand-picked rock samples of varied geological and mineralogical compositions from the Twiga zone to the Mintek facility in South Africa, to identify the variation of rare earth content using the Rados XRF Ore sorter.

Samples were individually analyzed, identifying material with greater than 10% total rare earth oxide (TREO), 6 to 9% TREO and material with other geological compositions with lesser REE content and barren waste wall rock material.

The Rados XRF sorter was used to separate the material into a concentrate of high-grade material and discarded material, with particles from each stream chemically analysed to quantify the separation.

The company said the results indicate that a significant amount of carbonate waste material was removed and therefore the unwanted calcium, magnesium and iron contaminants were reduced in the final concentrate.

The Rados XRF sorter is considered to be a green technology because it uses no water and consumes very low levels of electricity.

The tests were also able to tell the difference between REE barren, low-grade and high grade particles, the company said.

"The results of the RADOS XRF Ore Sorter Phase 1 test work completed by Mintek have provided us with a greater confidence in the ability to selectively mine higher grade material from the Twiga Zone at Wigu Hill," chief executive Tony Harwood said in a statement.

Montero also noted that test work has the potential to upgrade run-of-mine material and reduce acid consumers through the sorter’s ability to reject waste material, while reducing the costs of mining and processing rare earth mineralization.

Last week, the company unveiled results from infill diamond drill holes on the Twiga zone, which is located on the far eastern edge of the Wigu Hill project, in Tanzania.

The in-fill drilling program consisted of 17 core boreholes for 900 metres, which were drilled at roughly 25 metre spacings and down to an average inclined depth of 35 metres.

Hole TW016 hit 7.35 percent total rare earth oxides (TREO) over 11.5 metres. Other notable results included 5.12 percent TREO over 2.19 metres, including 8.93 TREO over 1.13 metres in hole TW018, and 6.17 percent TREO over 7.01 metres, including 11.01 percent TREO over 2.54 metres in hole TW019.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Montero Mining is a mineral exploration and development company focused on rare earth elements, phosphates and uranium in Tanzania, South Africa and Quebec, Canada.

Shares traded at 24 cents each Wednesday morning in Toronto.

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Wed, 01 Feb 2012 12:05:00 -0500 http://www.proactiveinvestors.com/companies/news/83339/montero-mining-says-re-mineralization-at-wigu-hill-amenable-to-x-ray-sorting-with-80-recovery-24347.html
<![CDATA[News - Montero Mining unveils balance of infill holes from Twiga Zone at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/83167/montero-mining-unveils-balance-of-infill-holes-from-twiga-zone-at-wigu-hill--24072.html Montero Mining and Exploration (CVE:MON) unveiled Thursday the remaining infill diamond drill holes completed on the Twiga Zone on the far eastern edge of the Wigu Hill rare earth project in Tanzania.

The Twiga Zone makes up a portion of the existing NI 43-101 compliant 3.3 million tonne inferred mineral resource estimate for the project.

None of the in-fill drill results reported today were included in the resource, with the exception of near surface drill holes TW001, TW002 and TW003R.

The in-fill drilling program consisted of 17 core boreholes for 900 metres, which were drilled at approximately 25 metre spacings and down to an average inclined depth of 35 metres.

Previously reported hole TW016 hit 7.35% total rare earth oxides (TREO) over 11.5 metres.

Other notable results include 5.12% TREO over 2.19 metres, including 8.93 TREO over 1.13 metres in hole TW018, and 6.17% TREO over 7.01 metres, including 11.01% TREO over 2.54 metres in hole TW019.

In addition, hole TW021 hit 5.15% TREO over 13.84 metres, including 9.71% TREO over 3.48 metres, while hole TW030 returned 4.26% TREO over 6.12 metres including 5.03% TREO over 2.57 metres.

"The additional infill drilling in the Twiga Zone confirms the continuity of the high-grade REE mineralization in this Zone," said president and CEO, Dr. Tony Harwood.

"Results from the 900 metres of in-fill drilling completed will be used to update the existing NI 43-101 resource estimate to take the Twiga Zone to feasibility study targeting a small-scale mining operation.

"We remain focused on our fast track mine to market strategy while continuing to explore other high-grade areas of mineralization like the Nyati target to the North-West.”

Indeed, earlier this month, Montero unveiled grab samples as high as 26.58% on the Nyati target, where exploration is now focused. Sampling returned an average of 12.15% total rare earth oxide (TREO) from a total of 26 samples ranging from values of 5.12% TREO to up to 26.58% TREO.

Montero is working to update the initial NI 43-101 compliant resource estimate for the project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

The highest grades at the Twiga Zone can be found in the central section of the dike where the maximum thickness occurs. The overall thickness of the dike decreases from the central zone to the east and west, but the TREO grades are consistent, the company said.

Plans are in place to take a bulk sample from the Twiga Zone late in the first quarter to continue further test-work on processing the material to significantly upgrade the bastnaesite-rich material and build on the initial test-work completed to date.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 kilometres by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dykes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97 percent of the world's supply of the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure alternative sources.

Montero Mining is a mineral exploration and development company focused on the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada.

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Thu, 26 Jan 2012 12:15:00 -0500 http://www.proactiveinvestors.com/companies/news/83167/montero-mining-unveils-balance-of-infill-holes-from-twiga-zone-at-wigu-hill--24072.html
<![CDATA[News - Montero Mining rallies on trenching, drilling results from Tumbili target at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/82952/montero-mining-rallies-on-trenching-drilling-results-from-tumbili-target-at-wigu-hill-23739.html Montero Mining and Exploration (CVE:MON) announced Thursday results from trenching and drilling on the Tumbili target at its Wigu Hill rare earths project in Tanzania, sending shares up more than seven percent.

The company said assay results were received for 10 trenches and for three deep drill holes completed on the Tumbili target in the second half of 2011.

Both the trench and the drill hole results support the value distribution observed to date, Montero said, where rare earth mineralized grades occur in breccias from 5.0 metres to 17.50 metres in width.

Results from the three drill holes include 328.1 metres of 0.59% total rare earth oxide (TREO) in hole BH-TUM-004, including 16.9 metres at 1.56% TREO and 5.00 metres at 1.93% TREO.

Hole BH-TUM-005 returned 298.30 metres of 0.84% TREO, including 8.50 metres of 2.53% TREO and 17 metres of 2.03% TREO, while hole BH-TUM-006 intercepted 270 metres of 0.42% TREO, including 10.0 metres of 1.74% TREO.

The trenching program, meanwhile, helped in understanding the geology of Wigu Hill through identifying areas of continuity of material grading more than 1.00% TREO.

Notable trenching results included 14.00 metres of 1.55% TREO, including 4.00 metres of 4.54% TREO, 61.00 metres of 0.90% TREO, 35.00 metres of 1.57% TREO and 30.70 metres of 2.3% TREO, including 5.3% TREO over 4.00 metres.

The company said that in the eastern section, the grades in the massive carbonatite breccia zone on the Tumbili target ranged from 0.20% to 0.60% TREO, with higher-grade mineralization in drilled zones up to 1.74% TREO over 10.00 metres, and narrow higher grade zones of 2.53% TREO over 8.50 metres.

Results indicate that mineralization at the Tumbili target holds bulk tonnage potential, both at depth and along strike, said Montero.

"The trenching and drilling results confirm that the Tumbili area hosts a wider zone of rare earth bearing bastnaesite mineralization with the potential to add significant tonnage to the existing resource," said president and CEO, Dr. Tony Harwood.

"Tumbili remains open at depth and makes up only a portion of the core carbonatite intrusive in the central part of the Wigu Hill complex.

"Higher-grade carbonatite mineralization exists to the east at the Twiga and Tembo Zones and to the north at the Nyati target."

While awaiting more results from Tumbili, exploration is now focused on the Nyati target, located to the north of Tumbili, were higher grade carbonatite dikes zones with consistent widths have been identified, the company said.

Indeed, earlier this week, Montero unveiled grab samples as high as 26.58% on the Nyati target. Sampling returned an average of 12.15% total rare earth oxide (TREO) from a total of 26 samples ranging from values of 5.12% TREO to up to 26.58% TREO.

Montero is working to update the initial NI 43-101 compliant resource estimate for the project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.

Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. The Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 kilometres by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dykes, making it similar to Molycorp's Mountain Pass deposit in the USA.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97 percent of the world's supply of the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure alternative sources.

Montero Mining is a mineral exploration and development company focused on the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada.

Shares of the company gained 7.14 percent to trade at 30 cents as of 10:20am ET Thursday.

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Thu, 19 Jan 2012 11:56:00 -0500 http://www.proactiveinvestors.com/companies/news/82952/montero-mining-rallies-on-trenching-drilling-results-from-tumbili-target-at-wigu-hill-23739.html
<![CDATA[News - Montero Mining unveils grab samples as high as 26.58% on Nyati target at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/82856/montero-mining-unveils-grab-samples-as-high-as-2658-on-nyati-target-at-wigu-hill-23579.html Montero Mining and Exploration (CVE:MON) unveiled Tuesday results from grab sampling and trenching on its new Nyati target, located north of the Tumbili target area on its Wigu Hill rare earths project in Tanzania.

Building on the results from prior sampling, the latest results confirm the presence of higher-grade mineralization at the Nyati target.

Sampling returned an average of 12.15% total rare earth oxide (TREO) from a total of 26 samples ranging from values of 5.12% TREO to up to 26.58% TREO.

President and CEO of Montero, Dr. Tony Harwood, commented,“The results from further sampling and trenching obtained from the Nyati target confirm consistent mineralization and high-grade values as seen at the Twiga and Tembo Zones but in bastnaesite bearing carbonatite dikes of greater dimensions.

"The exploration work at the Nyati target will build on our initial resource estimate to prove Wigu Hill’s true potential as a sizeable rare earth deposit. Assays from 2 drill holes to test the continuity at depth are expected in the short term."

Last September, Montero released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. The Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is working on upgrading its resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

The company is planning to come out with an upgraded resource later this quarter, as it has completed further infill drilling at Twiga and Tembo, as well as drilling on new targets such as Nyati and Tumbili.

The Nyati target, which has surface dimensions of 400 metres by 800 metres, is located upslope and to the north of the Tumbili target.

Trench results from Nyati included 61.6 metres of 1.96% TREO in trench 1, including 35 metres of 2.56% TREO; 77 metres of 2.64% TREO, including 22.0 metres of 4.52% TREO in trench 2; and 49.5 metres of 2.14% TREO, including 25.7 metres of 3.84% TREO in trench 3.

To date, five trenches have been completed on the Nyati target and core drilling has started, designed to test the nature of the mineralization at depth, with two holes completed for 453 metres.

Initial assay results from these holes are expected in the short-term, the company said.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 kilometres by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dykes, making it similar to Molycorp's Mountain Pass deposit in the USA.

The property, which is owned 70 percent by Montero, has yielded up to 27.25% total rare earth oxides (TREO) from grab samples, and up to 16.68% TREO from drilling intercepts. The company said the site's low uranium content is beneficial, as it does not believe there will be a radioactive problem with permitting or processing as a result - considered a potential hurdle for other rare earths explorers.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97 percent of the world's supply of the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure alternative sources.

Montero Mining is a mineral exploration and development company focused on the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada.

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Tue, 17 Jan 2012 11:37:00 -0500 http://www.proactiveinvestors.com/companies/news/82856/montero-mining-unveils-grab-samples-as-high-as-2658-on-nyati-target-at-wigu-hill-23579.html
<![CDATA[News - Montero adds Michael Wolley to board, outlines Wigu Hill production plan for 2013 ]]> http://www.proactiveinvestors.com/companies/news/82693/montero-adds-michael-wolley-to-board-outlines-wigu-hill-production-plan-for-2013-23300.html Montero Mining and Exploration (CVE:MON) said Tuesday it has appointed the former COO of Lynas Corp (ASX:LYC), Michael Wolley, as a non-executive director to its board, while also updating investors this morning on a conference call.

The company's flagship project is the Wigu Hill rare earths property in Tanzania, which it said it expects will go into initial production in 2013.

Last September, Montero released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. The Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Montero is working on upgrading its resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97 percent of the world's supply of the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure alternative sources.

On the conference call this morning, president and CEO Tony Harwood said the reduced amount of rare earth exports from China is expected to become a repeat situation in 2012. Increased demand based on emerging green technologies is also not a scenario Harwood expects to change.

The company's plan is to take a small portion of what it believes to be a giant deposit and put it into production, defining resources, developing them into reserves and establishing a mining operation resulting in the output of saleable rare earth products.

The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 kilometres by 3.2 kilometres.  The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dykes, making it similar to Molycorp's Mountain Pass deposit in the USA.

The property, which is owned 70 percent by Montero, has yielded up to 27.25% total rare earth oxides (TREO) from grab samples, and up to 16.68% TREO from drilling intercepts. The company said the site's low uranium content is beneficial, as it does not believe there will be a radioactive problem with permitting or processing as a result - considered a potential hurdle for other rare earths explorers.

The company is planning to come out with an upgraded resource later this quarter, as it has completed further infill drilling at Twiga and Tembo, as well as drilling on new targets in the central part of the property, where trenches were as high as over 15% TREO.

Montero is targeting a 10 million tonne resource at Wigu Hill grading 5% TREO, with plans to take a small portion of this to mining stage. The mining plan for the project consists of a high purity bastnaesite concentrate to be taken to a 5,000 tonne per year rare earths refinery to produce saleable rare earths products - also targeted for 2013.

The company has assembled a new technical team for mineral processing work at Wigu Hill, to support the development of a rare earth metals separation refinery, designed to process ore material from Wigu Hill.

The team is comprised of both in-house employees, and consultants, and is to be headed by Geoff Skelton, the former head of development at the Impala Platinum hydro-metallurgical refinery. Skelton has more than 30 years of experience in base and precious metals hyrdometallurgical plant design and operations in South Africa.

To support Skelton in his role, Mike Freeman, former senior chemist of Molycorp Minerals Richard Amata, Russell Heins, and Serame Mashoeng will head the hydrometallurgical operations to produce saleable rare earth chemical products from the refinery.

Montero's team will also work together with Mintek, South Africa's national mineral research organization and the company's research provider. They will work together on further research and development on the hydrometallurgical processes, minerals processing for the mining operation and to develop Montero’s approach to the rare earth separation stage refinery and requisite test work campaign, the company said.

Today, the company announced the appointment of Michael Wolley to its board, who has over 20 years of international experience in senior management roles in the resources and industrial sectors.

Wolley served as COO for Lynas, where he was responsible for the operational organization of the company’s mining and processing of rare earths in Western Australia and downstream minerals processing in Malaysia.

Prior to Lynas, he held senior roles with industrial and construction businesses across Asia Pacific including president of Bluescope Steel China (formerly BHP Steel).

Wolley is currently serving as VP corporate development for Todd Corporation, a New Zealand based conglomerate with substantial interests in oil and gas.

"We are excited to have Michael join our Board of Directors as a Non Executive Director. His experience in the resource and chemical engineering industry, particularly in the rare earths sector, and formerly serving as COO of Lynas Corporation, will add considerable value to Montero as we develop our flagship Wigu Hill Rare Earth Project in Tanzania into mining, production and refining of rare earths," said Dr. Harwood.

Harwood also said on the conference call this morning that the company is looking to set up various offtake agreements for its flagship project this quarter, with construction and production slated for 2013.

The Wigu Hill property is located 170 kilometres southwest of Dar es Salaam, and 68 kilometres south of Morogoro, the nearest major regional centre. The project area can be accessed by the all-weather Dar es Salaam-Marogoro road and it is seven kilometres from the Tazara railway line.

Montero was changing hands at around 33 cents on Tuesday afternoon.

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Tue, 10 Jan 2012 14:27:00 -0500 http://www.proactiveinvestors.com/companies/news/82693/montero-adds-michael-wolley-to-board-outlines-wigu-hill-production-plan-for-2013-23300.html
<![CDATA[News - Montero Mining appoints Turgis for Duyker Eiland PEA, due out in Q1 2012 ]]> http://www.proactiveinvestors.com/companies/news/82294/montero-mining-appoints-turgis-for-duyker-eiland-pea-due-out-in-q1-2012-22664.html Montero Mining and Exploration (CVE:MON) said Monday it has appointed Turgis Consulting to undertake a preliminary economic assessment (PEA) for its Duyker Eiland sedimentary phosphate project in South Africa, due to be released during the first quarter of next year.

Turgis is a Johannesburg-based engineering consultancy, focused on the mining industry, and has over 20 years of experience in engineering projects for mining companies in Africa.

Montero said the purpose of the study is to determine whether there are positive economics for the project, and will include a conceptual mine, plant, and infrastructure layout, as well as a basic risk assessment to show any "fatal flaws and areas of sensitivity" that require specific focus in the future.

The report will also look to define any work required for any pre-feasibility study done in the future.

"We are pleased to announce that a PEA on the initial Inferred NI 43-101 Mineral Resource at Duyker Eiland is well underway," said president and CEO, Dr Tony Harwood.

"Turgis have valuable local expertise and have been involved with this project throughout the due diligence exercise completed prior to acquisition.

"Turgis are also providing mining consulting services onour flagship Wigu Hill Rare-Earth Project in Tanzania as we focus on bringing this into production, however the phosphate assets provide excellent value-add to Montero’s portfolio.”

Work on the PEA has already begun and is due to be completed by year-end, the company said.

In mid-November, the company announced an initial resource estimate for the project, outlining a total inferred mineral resource of 32.8 million tonnes at a grade of 7.15% P2O5 from the preliminary drilling program of 26 boreholes, or 613 metres.

The company said that initial metallurgical test work thus far showed that an acid-grade phosphate concentrate of 33% to 35% P2O5 can be produced by flotation. The tests used a composite of material from the three mineralized zones, the Lower, Middle and Upper zones, prepared from reverse circulation material from four holes.

The project is located roughly 18 kilometres north of Vredenburg and 140 kilometres north-northeast of Cape Town. The Port of Saldanha, which has handled cargo in excess of 45  million tonnes annually, is 30 kilometres to the south.

The company said there is upside potential of increasing the resource base, by expanding the drilling program mainly to the north and west,  as the deposit remains open in those directions.

Montero Mining is primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada. Its flagship Wigu Hill REE project in Tanzania has an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) on the Tembo and Twiga deposits, covering just the eastern ridge of the property.

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Mon, 19 Dec 2011 09:51:00 -0500 http://www.proactiveinvestors.com/companies/news/82294/montero-mining-appoints-turgis-for-duyker-eiland-pea-due-out-in-q1-2012-22664.html
<![CDATA[News - Montero Mining assembles new technical team for mineral processing work at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/82169/montero-mining-assembles-new-technical-team-for-mineral-processing-work-at-wigu-hill-22451.html Montero Mining and Exploration (CVE:MON) said Tuesday it has assembled a new team of mineral processing and chemical engineers to support the development of a rare earth metals separation refinery, designed to process ore material from its Wigu Hill project in Tanzania.

The team is comprised of both in-house employees, and consultants, and is to be headed by Geoff Skelton, the former head of development at the Impala Platinum hydro-metallurgical refinery. Skelton has more than 30 years of experience in base and precious metals hyrdometallurgical plant design and operations in South Africa.

He spent 21 years with Impala Platinum Refineries, filling roles including general and project manager, where he was responsible for the hydrometallurgical separations processes that are incorporated within Impala’s refinery in Springs, South Africa.

"Montero’s new engineering team will lead and support Mintek’s Mineral Processing and Hydrometallurgical optimization process to a feasibility study and eventually construction of a process plant and refinery operation," said Montero president and CEO, Dr. Tony Harwood.

"The team have a proven track record in minerals processing and hydrometallurgical test work, process design, feasibility, construction and production operations and will be key in achieving our plan to fast-track mining and production of rare earths from the Wigu Hill Project in Tanzania."

To support Skelton in his role, Mike Freeman, former senior chemist of Molycorp Minerals Richard Amata, Russell Heins, and Serame Mashoeng will head the hydrometallurgical operations to produce saleable rare earth chemical products from the refinery.

Meanwhile, Dr. Adrian Hind, and Martyn Hay, will lead the mineral processing operations of the bastnaesite concentrate from the mining operation at Wigu Hill.

The team will be supported by Mike Evans, project manager for Wigu Hill, and Mike Spratley, a project mining engineer consultant.

Montero's team will also work together with Mintek, South Africa's national mineral research organization and the company's research provider. They will work together on further research and development on the hydrometallurgical processes, minerals processing for the mining operation and to develop Montero’s approach to the rare earth separation stage refinery and requisite test work campaign, the company said.

In September, the company announced an initial inferred resource of 3.3 million tonnes on only the eastern ridge of its Wigu Hill rare earth project, suggesting the potential for more resources.

The estimate of the Tembo and Twiga deposits, prepared by AMEC Earth & Environmental Services, indicates an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97% of world supply the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure other supply.

Montero is working on upgrading its resource, and has hired Turgis Consulting to perform a scoping study on the property.

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Tue, 13 Dec 2011 14:52:00 -0500 http://www.proactiveinvestors.com/companies/news/82169/montero-mining-assembles-new-technical-team-for-mineral-processing-work-at-wigu-hill-22451.html
<![CDATA[News - Montero Mining says stage 2 refining testwork at Wigu Hill to begin early 2012 ]]> http://www.proactiveinvestors.com/companies/news/81951/montero-mining-says-stage-2-refining-testwork-at-wigu-hill-to-begin-early-2012-22056.html Montero Mining and Exploration (CVE:MON) provided an update on the ongoing mineral processing and metallurgical testwork at its flagship Wigu Hill rare earth property in Tanzania.

Initial mapping at Wigu Hill, performed as early as 2010, demonstrated the project's potential for a significant mineralized system. Montero said it started exploration work early in order to identify, test, and determine an efficient path to rare earth production.

In June 2010, Montero delivered the first bulk sample, obtained from the Twiga and Tembo zones at Wigu Hill, to the Mintek laboratory in Johannesburg. A second bulk sample was delivered in July 2010.

These samples, taken from trenches and pits in the Twiga and Tembo zones, formed the basis of the NI 43-101 compliant inferred resource estimate, which includes 3.3 million tonnes grading 2.6% light rare earth oxides (LREO).

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97 percent of the world's supply of the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure supply from other regions.

"Montero initiated mineral processing and hydrometallurgical testwork on the mineralized material from Wigu Hill before drilling had started on the deposit," said president and CEO, Dr. Tony Harwood.

"The exploration team realized that the challenge at Wigu Hill was not in the exploration, proving up the grade or tonnage, but in the metallurgical process routes that need to be defined to yield saleable rare earth products.

"Montero is well advanced in the metallurgical flowsheet established by our team with Mintek and this is on track with our First Producer Mine to Market strategy."

Montero is also working to determine the best hydro-metallurgical refinery method to produce saleable rare earth chemicals.

The stage one refining testwork has seen the completion of leaching tests, using a variety of leaching agents, from which Montero determined that a hydrochloric acid leach process was the most chemically efficient for Wigu Hill material.

A second leach test was successfully completed, and a third test, which is expected to produce a definitive process route, is ongoing, the company said.

The results of this third test will also provide a feed solution for the stage two refining testwork, which Montero expects will begin in early 2012.

The stage two refining testwork will define a process route for rare earth oxide (REO) feedstock. Once completed, this testwork will lead to a feasibility study, which will upgrade the stage one refinery to a larger production of REOs.

Stage one refinery optimization testwork will be completed by year-end, Montero said.

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Mon, 05 Dec 2011 15:19:00 -0500 http://www.proactiveinvestors.com/companies/news/81951/montero-mining-says-stage-2-refining-testwork-at-wigu-hill-to-begin-early-2012-22056.html
<![CDATA[News - Montero hires Turgis Consulting for Wigu Hill scoping study ]]> http://www.proactiveinvestors.com/companies/news/81814/montero-hires-turgis-consulting-for-wigu-hill-scoping-study-21787.html Montero Mining and Exploration (CVE:MON) said Tuesday it has hired Turgis Consulting to perform a scoping study on its Tanzanian rare earth element project Wigu Hill. 

Turgis, headquartered in Johannesburg, is a mining focused engineering company with 20 years of experience in the development and design of mines.

Turgis will outline the development plan of a small-scale mining operation to access the shallow high grade material at the project, the company said in a statement.

Montero chief executive, Tony Harwood, said: "The appointment of Turgis to undertake a scoping study on Wigu Hill is an important milestone for Montero. This puts us on track to realizing our target of fast-tracking the Wigu Hill project to mining and production."

Montero has drill tested two of 10 possible targets, while further drilling is underway to add to the main NI 43-101 resource.

The company aims to develop a small-scale mining operation in the short term, while further defining resources through exploration drilling prior to developing a larger mine in the future.

Shares of Montero traded flat at 27 cents Tuesday mid-afternoon on Toronto’s junior venture exchange.

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Tue, 29 Nov 2011 15:36:00 -0500 http://www.proactiveinvestors.com/companies/news/81814/montero-hires-turgis-consulting-for-wigu-hill-scoping-study-21787.html
<![CDATA[News - Montero Mining reports maiden 32.8 mln tonne phosphate resource at Duyker Eiland ]]> http://www.proactiveinvestors.com/companies/news/81496/montero-mining-reports-maiden-328-mln-tonne-phosphate-resource-at-duyker-eiland-21188.html Montero Mining and Exploration (CVE:MON) said Wednesday it has completed a maiden NI 43-101 resource estimate for the sedimentary phosphate deposit at its Duyker Eiland project in the Western Cape Province, South Africa.

A total inferred mineral resource of 32.8 million tonnes at a grade of 7.15% P2O5 was outlined from the preliminary drilling program of 26 boreholes, or 613 metres, at the deposit.

The company said that initial metallurgical test work thus far has shown that an acid-grade phosphate concentrate of 33% to 35% P2O5 can be produced by flotation. The tests used a composite of material from the three mineralized zones, the Lower, Middle and Upper zones, prepared from reverse circulation material from four holes.

The project is located roughly 18 kilometres north of Vredenburg and 140 kilometres north-northeast of Cape Town. The Port of Saldanha, which has handled cargo in excess of 45  million tonnes annually, is 30 kilometres to the south.

"We are excited to report an initial Inferred Mineral Resource of 32.8 M tonnes at 7.15% P2O5at Duyker Eiland and pleased to note that early metallurgical test work indicates that a saleable acid-grade concentrate can be produced by flotation," said president and CEO, Dr. Tony Harwood.

"Our primary focus is the development of our flagship Wigu Hill Rare Earth Project in Tanzania as we focus on bringing this to the mining and production stage, however the phosphate assets were acquired to create value and provide the company with secondary properties with equally short resource definition profiles to provide cash flow through the production potential of the assets.”

The independent resource estimate was prepared by AMEC Earth & Environmental Limited and has an effective date of 27 September 2011.

Montero plans to commence a preliminary economic assessment in the later part of this year. The company said there is upside potential of increasing the resource base, by expanding the drilling program mainly to the north and west,  as the deposit remains open in those directions.

During the 2011 exploration campaign, Montero drilled 32 holes at the Duyker Eiland project. Of these, six holes were abandoned due to equipment failure and low recovery issues, and 26 vertical holes, totaling 613 metres were drilled on a 400 metre by 200 metre grid pattern.

Montero Mining is primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada. Its flagship Wigu Hill REE project in Tanzania has an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) on the Tembo and Twiga deposits, covering just the eastern ridge of the property.

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Wed, 16 Nov 2011 14:12:00 -0500 http://www.proactiveinvestors.com/companies/news/81496/montero-mining-reports-maiden-328-mln-tonne-phosphate-resource-at-duyker-eiland-21188.html
<![CDATA[News - Montero Mining hits 11.7 metres at 7.35% TREO at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/81456/montero-mining-hits-117-metres-at-735-treo-at-wigu-hill-21116.html Montero Mining and Exploration (CVE:MON) said Tuesday it has completed an infill drilling program at the Twiga Zone of its Wigu Hill rare earths project in Tanzania, with drill results so far indicating potential for higher grade mineralization in this area.

The drilling program was designed to upgrade the current inferred resource at the property, which now stands at 3.3 million tonnes at 2.6% light rare earth oxide (LREO5), with a higher grade portion of 510,000 tonnes averaging 4.4% LREO5.

The Twiga Zone lies on the far eastern extent of Wigu Hill, and trenching and drilling on this target so far have returned high-grade total rare earth oxide (TREO) values, especially from the EW dike.

The infill drilling campaign at Twiga involved 15 core drill holes at approximately 25 metre intervals to establish the grade and continuity of the EW dike zone, and closely associated dike structures. To date, assay results were returned from one drill hole, BH TW016, which intercepted 11.65 metres of 7.35% TREO, 4.00 metres of 11.08% TREO, 2.70 metres of 0.37% TREO, and 4.95 metres of 8.15% TREO.

“We have completed infill drilling in the Twiga Zone at 25m intervals to prove up a measured and indicated resource in order to carry out a feasibility study to fast track our mine to market strategy," said president and CEO, Dr. Tony Harwood.

"This first drill hole returned 11.7m grading at 7.35% TREO and confirms the high-grade dike style of the mineralization...We believe that further drilling will confirm the high grade continuity of this part of the rare earth mineralization at Wigu Hill."

The results for 14 additional diamond drill holes completed at the Twiga Zone are pending and are expected to be released in December, the company said. The drill holes will be used to upgrade the resources defined at the Twiga Zone.
 
Investors welcomed the news, with shares of the junior miner rising over nine percent, to trade at $0.30 as of 11:35am ET Tuesday.

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Tue, 15 Nov 2011 14:10:00 -0500 http://www.proactiveinvestors.com/companies/news/81456/montero-mining-hits-117-metres-at-735-treo-at-wigu-hill-21116.html
<![CDATA[News - Montero closes acquisition of South African phosphate assets ]]> http://www.proactiveinvestors.com/companies/news/81344/montero-closes-acquisition-of-south-african-phosphate-assets-20885.html Montero Mining and Exploration (CVE:MON) said Thursday that it has finished the arm’s length acquisition of four phosphate exploration projects in South Africa.

The price tag for the assets 2.5 million shares of Montero, to Celtic Trust Ltd. Montero paid $100,000 to the vendor in  consideration for receiving an exclusivity period to conduct due diligence.

In addition, Montero is required to complete an initial exploration program on one of the four projects, known as the Bierkraal project, within 18 months of closing, which includes drilling.

If Montero delivers an NI 43-101 report identifying a phosphate resource at the Bierkraal project, or if the company elects to maintain the property, another 1 million shares of Montero will be issued inside 18 months.

Montero chief executive Tony Harwood said: "We are excited about the acquisition of these phosphate assets due to the potential of the historical mineral resources. The potential on the other phosphate projects could provide further value."

Montero became aware of these assets through its research and targeting of rare earth elements that may occur associated with phosphate deposits, the company said.

Aside from Bierkraal, the assets also cover the Duyker Eiland property, Phillips Kraal and Lamberts Bay in the Western Cape.

Results of a drilling program with tests and preliminary metallurgical assays from Duyker Eiland and Phillips Kraal are being compiled into an NI 43-101 technical report by AMEC Earth and Environmental, which is expected shortly, Montero said.

Montero Mining is primarily focused on rare earth elements phosphates and uranium in Tanzania, South Africa and Quebec, Canada, respectively.

The company's flagship Wigu Hill Rare Earth Element Project in Tanzania is a high-grade, undeveloped light rare earth deposit, which hosts NI 43-101 compliant inferred resource of 3.3 million tonnes, on a fraction of the deposit.

Shares traded flat at 30 cents Thursday late afternoon on the junior venture exchange.

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Thu, 10 Nov 2011 15:29:00 -0500 http://www.proactiveinvestors.com/companies/news/81344/montero-closes-acquisition-of-south-african-phosphate-assets-20885.html
<![CDATA[News - Montero Mining appoints David Hodgson to its board ]]> http://www.proactiveinvestors.com/companies/news/81107/montero-mining-appoints-david-hodgson-to-its-board-20501.html Montero Mining (CVE:MON), a junior mineral explorer, said it hired David Hodgson as a non executive director to the board of directors Wednesday. 

Hodgson, who starts immediately, has been active in the mining industry for over 40 years. He spent more than 27 years working with the Anglo American (LON:AAL) and De Beers group of companies before moving to AngloGold Ashanti (NYSE:AU).

Until his retirement in April 2005, Hodgson served as executive director and chief operating officer for AngloGold Ashanti where he oversaw 22 gold operations in 11 countries. Previously, he has served as general manager for Freegold and Western Deep Levels. 

Currently, Hodgson serves as a non-executive director of African Barrick Gold (LON:ABG) and Auryx Gold (TSE:AYX).

He holds a bachelor of science in civil engineering from the University of Witwatersrand, Johannesburg, South Africa. In addition, he has bachelor of commerce, majoring in economics and business economics, from  the University of South Africa.

Montero Mining is mainly focused on rare earth elements, phosphates and uranium in Tanzania, South Africa and Quebec, Canada, respectively.

Its flagship Wigu Hill rare earth element project in Tanzania is a high-grade, undeveloped light rare earth deposit, which hosts a NI 43-101 compliant inferred resource of 3.3 million tonnes, on only a fraction of the deposit.

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Wed, 02 Nov 2011 15:26:00 -0400 http://www.proactiveinvestors.com/companies/news/81107/montero-mining-appoints-david-hodgson-to-its-board-20501.html
<![CDATA[News - Montero Mining files initial inferred resource report for Wigu Hill on SEDAR ]]> http://www.proactiveinvestors.com/companies/news/80819/montero-mining-files-initial-inferred-resource-report-for-wigu-hill-on-sedar--20066.html Montero Mining and Exploration (CVE:MON) filed Monday on SEDAR its NI 43-101 compliant resource estimate for the Wigu Hill rare earth project in Tanzania, announced in September.

The independent estimate, prepared by AMEC Earth & Environmental Services, is based on a preliminary drilling program of 21 boreholes at the Tembo and Twiga deposits on the eastern ridge of the property.

A total inferred mineral resource of 3.3 million tonnes at 2.6% LREO5 (Light Rare Earth Oxide) was estimated, with a higher-grade portion of 510,000 tonnes averaging 4.4% LREO5.

"The inferred mineral resource estimate at Wigu Hill is encouraging as it confirms the presence of a significant quantity of Rare Earth Oxide material that is amenable to extraction," the company said in a statement.

President and CEO, Dr. Tony Harwood, commented: "Our initial resource represents only a fraction of the large carbonatite complex at Wigu Hill and numerous mineralized structures remain to be tested.

"We are confident that through further exploration drilling, in-fill drilling and metallurgical test-work, currently underway, we will expand the tonnage at Wigu Hill and upgrade our resource from the inferred to the indicated category. Montero’s initial resource estimate combined with the results from other mineralized targets, indicate the potential for a sizeable Light Rare Earth deposit.”

Metallurgical test work on samples from the property, in-fill drilling at the Twiga and Tembo targets and further drilling on other identified targets is currently underway, with results to form the basis of an updated estimate.

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Mon, 24 Oct 2011 15:43:00 -0400 http://www.proactiveinvestors.com/companies/news/80819/montero-mining-files-initial-inferred-resource-report-for-wigu-hill-on-sedar--20066.html
<![CDATA[News - Montero Mining appoints country manager for Tanzania ]]> http://www.proactiveinvestors.com/companies/news/80746/montero-mining-appoints-country-manager-for-tanzania-19949.html Junior mineral explorer Montero Mining (CVE:MON) said on Thursday that it has hired mining engineer Grant Pierce as country manager for the company’s operations in Tanzania, South Africa.

Pierce, who will be responsible for all in-country business to progress the Wigu Hill rare earth element project, holds over 20 years of experience in open-pit and underground mining.

Pierce holds a bachelor of engineering degree from the Ballarat College of Advanced Education and a diploma of engineering in mining from the Royal Melbourne Institute of Technology in Australia.

In the course of his career, he has worked in Africa in roles with big mining and exploration companies such as operations manager for Resolute Mining (ASX:RSG) and country manager for Africo Resources (TSE:ARL) in the Democratic Republic of Congo, among others.

In a statement, Montero’s chief executive, Tony Harwood, said: “Grant has the expertise to greatly assist Montero in realizing our target to fast track our Wigu Hill rare earth element deposit to the mining and production stage.”

“Mr. Pierce has a proven track record in managing both corporate business and mining operations with exposure to both operational and construction environments with a keen sensitivity to African cultures and customs.” 

Montero Mining is mainly focused on rare earth elements, phosphates and uranium in Tanzania, South Africa and Quebec, Canada, respectively.

Its flagship Wigu Hill rare earth element project in Tanzania is a high-grade, undeveloped light rare earth deposit, which hosts NI 43-101 compliant inferred resources of 3.3 million tonnes, on only a fraction of the deposit.

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Thu, 20 Oct 2011 15:43:00 -0400 http://www.proactiveinvestors.com/companies/news/80746/montero-mining-appoints-country-manager-for-tanzania-19949.html
<![CDATA[News - Montero Mining to acquire four phosphate projects in South Africa ]]> http://www.proactiveinvestors.com/companies/news/80616/montero-mining-to-acquire-four-phosphate-projects-in-south-africa-19756.html Montero Mining and Exploration (CVE:MON) announced Friday that it has chosen to complete the acquisition of four phosphate exploration projects in South Africa, subject to regulatory approvals.

In October last year, the company's subsidiary inked a binding term sheet agreement, providing for the right to acquire Eurozone Investments, which hold interests in four phosphate exploration projects in South Africa. Montero paid $100,000 to the vendor in consideration for receiving an exclusivity period to conduct due diligence.

The purchase price for the assets is 2.5 million shares of Montero. In addition, Montero is required to complete an initial exploration program on one of the four projects, known as the Bierkraal project, within 18 months of closing, which includes drilling.

A further 1.0 million shares of Montero will be issued within the same time frame if Montero delivers a NI 43-101 report identifying a phosphate resource on all or part of the Bierkraal project, or if Montero otherwise chooses to maintain the project.

Upon closing, Montero will have 100% ownership of the other three projects and there is no further obligation to the vendor with respect to those projects after closing, the company said. Aside from Bierkraal, the assets cover the Duyker Eiland property, Phillips Kraal and Lamberts Bay in the Western Cape.

"We are very pleased to have extended the option period for the acquisition of the Phosco assets as it has provided time to complete the due diligence on the projects," said Montero president and CEO, Dr. Tony Harwood.

"We believe that the Phosco assets have the potential to be mineable resources and would be a great asset to the Montero portfolio. We look to create maximum value for shareholders through the acquisition and exploration of properties with huge potential and continue to strive to generate value through development at our flagship Wigu Hill Rare Earth Project in Tanzania as we focus on bringing this into production.”

Due diligence comprised the compilation of historic data, desktop studies, field visits, mapping and drilling. The results of a drilling program with assays and preliminary metallurgical testing from Duyker Eiland and Phillips Kraal is being compiled into an NI 43-101 technical report by AMEC Earth and Environmental, which is expected shortly, Montero said.

Montero Mining is primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada, respectively. The company's flagship Wigu Hill Rare Earth Element Project in Tanzania is a high-grade, undeveloped light rare earth deposit, which hosts NI 43-101 compliant inferred resources of 3.3 million tonnes, on only a fraction of the deposit.

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Mon, 17 Oct 2011 12:41:00 -0400 http://www.proactiveinvestors.com/companies/news/80616/montero-mining-to-acquire-four-phosphate-projects-in-south-africa-19756.html
<![CDATA[News - Montero Mining averages 10.43% TREO in grab samples from Nyati target at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/80449/montero-mining-averages-1043-treo-in-grab-samples-from-nyati-target-at-wigu-hill-19473.html Montero Mining and Exploration (CVE:MON) announced Tuesday it established an average 10.43 percent total rare earth oxide (TREO) grade in 55 grab samples, taken from the North East Zone of the Nyati target on the company's 70%-owned Wigu Hill property in Tanzania.

The samples from the North East zone ranged in grades from 2.51 percent TREO to 18.21 percent TREO, for an average of 10.43 percent TREO.

On the South West zone, 45 samples ranged in grades from 1.95 percent TREO to 13.03 percent TREO, for an average of 5.85 percent TREO, the company said.

Mapping at the target defined an 800 by 400 metre mineralized zone, from which the grab samples were taken.

Montero said Nyati, which is located upslope and to the north of the Tumbili target, has a larger mineralized footprint than any previously explored zone at Wigu Hill, though it has yet to be drill tested.

"Initial assay results obtained from the Nyati target have defined a . . . mineralized surface area where larger dikes host similar high-grade bastnaesite bearing carbonatite as seen at the Twiga and Tembo targets," said president and CEO, Dr. Tony Harwood.

"Exploration drilling at Tumbili and Nyati targets will build on our initial NI 43-101 resource statement on the Twiga and Tembo targets release in September. We remain focused on fast-tracking our world-class deposit to the mining and production phase."

Indeed, in early September, the company released a resource estimate for the Tembo and Twiga deposits, prepared by AMEC Earth & Environmental Services, which indicated an inferred resource of 3.3 million tonnes, at a grade of 2.6% light rare earth oxide.

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Exploration mapping and reconnaissance sampling is ongoing at the Nyati target to further define the full extent of the Nyati dikes, though these initial sampling results prove the potential extent of mineralization at Wigu Hill, the company said.

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Tue, 11 Oct 2011 10:11:00 -0400 http://www.proactiveinvestors.com/companies/news/80449/montero-mining-averages-1043-treo-in-grab-samples-from-nyati-target-at-wigu-hill-19473.html
<![CDATA[News - Montero Mining boosts stake in Wigu Hill to 70% ]]> http://www.proactiveinvestors.com/companies/news/80298/montero-mining-boosts-stake-in-wigu-hill-to-70-19227.html Montero Mining and Exploration (CVE:MON) said Tuesday that it has increased its stake in the Wigu Hill rare earth element project in Tanzania by a further 10%, for a total 70% interest in the property.

The company said it has entered into a shareholders agreement with its joint venture partner, RSR Limited, under which the property is being 100% transferred to a newly formed subsidiary in which Montero will retain a 70% equity interest.

Under the terms of the deal, Montero has agreed to pay RSR US$1.5 million as consideration for the additional 10% stake, with $0.8 million already paid on signing the shareholders agreement. The remaining $0.7 million will be paid following the grant of a mining license for the Wigu Hill project, as well as a development agreement for the area and a retention license for the portion of the property not subject to the mining license.

Montero said it has already satisfied its obligation under the option deal to incur not less than US$3.5 million in exploration expenditures on the project.

"Increasing our interest in the Wigu Hill REE Project to 70% and entering into a shareholders agreement is crucial to the advancement of the project to the mining licence stage and secures our equity position in our flagship Rare Earth Project," said president and CEO, Dr. Tony Harwood.

"We remain focused on adding to our initial NI 43-101 Resource Estimate by further drilling and advancing the metallurgical and hydrometallurgical test-work, driving to our target of building a mine and producing the Light Rare Earth Elements for sale.”

Wigu Hill is a high grade undeveloped light rare earths deposit where the company’s current focus is further exploration drilling to boost the initial resource, which currently stands at 3.3 million inferred tonnes on only the eastern ridge of the project, suggesting the potential for expansion.

In early September, the company released the estimate of the Tembo and Twiga deposits, prepared by AMEC Earth & Environmental Services, which indicated an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

The initial resource was developed from the preliminary drilling program of 21 boreholes, or 2,225 metres, with holes drilled to a maximum depth of about 150 metres below surface. In 2010, detailed sampling on Tembo and Twiga identified high-grade total rare earth oxide (TREO) values with individual values of up to 26.2% TREO and 27.25% TREO, respectively.

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Tue, 04 Oct 2011 10:12:00 -0400 http://www.proactiveinvestors.com/companies/news/80298/montero-mining-boosts-stake-in-wigu-hill-to-70-19227.html
<![CDATA[News - Montero announces 3.3MT initial inferred resource on only fraction of Wigu Hill rare earth complex ]]> http://www.proactiveinvestors.com/companies/news/79746/montero-announces-33mt-initial-inferred-resource-on-only-fraction-of-wigu-hill-rare-earth-complex-18234.html Montero Mining and Exploration (CVE: MON) announced Monday an initial inferred resource of 3.3 million tonnes on only the eastern ridge of its Wigu Hill rare earth project in Tanzania, suggesting the potential for more resources.

The estimate of the Tembo and Twiga deposits, prepared by AMEC Earth & Environmental Services, indicates an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).

Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.

Currently, China produces 97% of world supply the metals. With the rising prices of rare earths, and China's control over export quotas, it is becoming more and more critical to secure other supply.

The initial resource was developed from the preliminary drilling program of 21 boreholes, or 2,225 metres, with holes drilled to a maximum depth of about 150 metres below surface, the company said.

Montero also said that a cut-off sensitivity analysis shows the inferred resource contains a higher-grade portion, consisting of 510,000 tonnes averaging 4.4% LREO5. This sensitivity case applied a mineralised indicator cut-off of 0.7, meaning tonnages and grades were based on the selection of only those blocks with greater than 70% mineralized material.

The reported inferred mineral resource was based on a grade cut-off of 1.0% LREO5. Where the mineralized indicator is close to 1.0, it indicates a higher proportion of the block is made up of mineralized material.

President and CEO of the company, Dr. Tony Harwood, said: "Our initial resource only represents shallow drilling down to 150m from surface on two of ten drill targets currently identified at Wigu Hill and we are focused on adding to our initial 43-101 Compliant Resource Estimate through exploration drilling on the remaining 8 targets."

"The resource is currently classified as inferred, however through further in-fill drilling and metallurgical test-work, currently underway, we are confident it can be upgraded to the indicated category.

"The results of our initial resource combined with the potential of the Tumbili and Nyati targets, indicate the potential for a sizeable Light Rare Earth deposit."

In 2010, detailed sampling on Tembo and Twiga identified high-grade total rare earth oxide (TREO) values with individual values of up to 26.2% TREO and 27.25% TREO, respectively.

Metallurgical test work on samples from the property and further drilling, including infill drilling on the Twiga and Tembo prospects, as well as drilling on other targets, is in progress.

These results will form the basis for an updated resource estimate, the company said.

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Mon, 12 Sep 2011 11:41:00 -0400 http://www.proactiveinvestors.com/companies/news/79746/montero-announces-33mt-initial-inferred-resource-on-only-fraction-of-wigu-hill-rare-earth-complex-18234.html
<![CDATA[News - Montero completes drilling at Tumbili target, intersects over 250 metres at 0.6% TREO ]]> http://www.proactiveinvestors.com/companies/news/79688/montero-completes-drilling-at-tumbili-target-intersects-over-250-metres-at-06-treo-18129.html Montero Mining and Exploration (CVE:MON) announced Thursday it completed its 1,525-metre drill campaign at the Tumbili target on its 60% owned Wigu Hill rare earth element (REE) property in Tanzania, and intersected over 250 metres grading 0.6% total rare earth oxides (TREO).

The Wigu Hill property, which covers an area of 142 square kilometres, is about 170 kilometres south-west of Dar es Salaam.

The Tumbili target was drilled on the southeast side of the Wigu Hill property, where drilling uncovered a larger zone of mineralized carbonatite breccia, or rock. While individual samples on these breccias have returned high-grade TREO values, reconnaisance sampling, and sampling from the firs trenches on the lower slopes of the rock returned even better values.

Assays from the Lower Tumbili zone returned lower grades, as in hole BH TUM002, which returned 0.61% TREO over a total of 253.8 metres, but expressed the potential for bulk tonnage.

Hole BH TUM001, also on the Lower Tumbili target, returned 0.702% TREO over a total of 200.4 metres, including 12.0 metres grading 2.97% TREO.

Assays from the deeper holes on the Upper Tumbili target, including from the deepest hole drilled, BH TUM004, have not yet been received.

President and CEO, Dr. Tony Harwood stated: "We are delighted with the results of this drilling which confirms the presence of a wide zone of lower grade rare earth bearing bastnaesite mineralization."

"This is considered to form a part of the core carbonatite intrusive in the central and eastern part of the Wigu Hill complex, where it is associated with the higher grade carbonatite mineralization at Twiga, Tembo and the newly discovered Nyati targets," he continued.

"Continuous mineralization . . . indicate the potential for a sizeable REE mineralized system at Wigu Hill."

The continuity of the eastern-trending carbonatite breccias on the Tumbili target have been confirmed by mapping, trenching and drilling, Montero said.

In other news, the company announced its Nyati target has been identified to the north of the Upper Tumbili target, and has been traced to an area over 800 metres along strike, and 400 metres in width. It remains open both along strike and in width.

This Nyati target will be the focus of the next stage of exploration and core drilling at Wigu Hill, Montero said.

The junior miner, which is focused on exploration and development of rare earth metals, has deposits in Tanzania, Canada and South Africa.

Rare earth elements, a group of 15 metals, are critical in the advancement of emerging green technologies and high-tech applications from electric and hybrid vehicles, wind and hydro power turbines, LCD screens, MRI and x-ray machines to MP3 Players, microphones, mobile devices and more.

On the TSX-Venture, Montero's shares shed 7.14%, trading at $0.52 as of 10:15 am EDT.

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Thu, 08 Sep 2011 15:06:00 -0400 http://www.proactiveinvestors.com/companies/news/79688/montero-completes-drilling-at-tumbili-target-intersects-over-250-metres-at-06-treo-18129.html
<![CDATA[News - Montero boosts private placement offering ]]> http://www.proactiveinvestors.com/companies/news/78832/montero-boosts-private-placement-offering-16648.html

Toronto based Montero Mining and Exploration (CVE: MON) said Tuesday it has raised its non-brokered private placement financing offering to $5.8 million.

The company, which is a junior mineral explorer, raised its offering to 9.66 million units for a profit of $5.8 million.

The initial offering, which Montero announced earlier this month, comprised of selling 8.3 million units for 60 cents each, to raise $5 million.  

Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant giving the holder the right to buy an extra share for 80 cents for a period of two years from closing. 

Profits will be used to fund continued exploration at the Wigu Hill Rare Earth Project in Tanzania and for general working capital purposes. 

Thus far, trenching and drilling has been completed at the Twiga and Tembo targets at Wigu Hill and has yielded excellent results, Montero said. 

Early reconnaissance sampling at the defined Tumbili target confirms consistent mineralization of bastnaesite bearing carbonatite and indicates the potential for a sizeable rare earth element deposit.

Montero Mining and Exploration is a mineral exploration and development company focused on the development at its flagship Wigu Hill Rare Earth Element Project in Tanzania. 

The Wigu Hill project is a high grade undeveloped light rare earth element deposit where the company's present focus is on reporting an initial NI 43-101 resource on the first two of ten drill target areas tested to date.

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Tue, 26 Jul 2011 13:54:00 -0400 http://www.proactiveinvestors.com/companies/news/78832/montero-boosts-private-placement-offering-16648.html
<![CDATA[News - Montero Mining begins drilling at Tumbili target at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/78508/montero-mining-begins-drilling-at-tumbili-target-at-wigu-hill-16114.html Toronto-based Montero Mining and Exploration (CVE:MON) said Thursday that drilling has begun on the Tumbili Target, on the south east central side of the Wigu Hill rare earth property in Tanzania, East Africa.

The Wigu Hill property, which covers an area of 142 square kilometres, is situated in Tanzania about 170 kilometres south-west of Dar es Salaam.

Target mineralization has been traced over a 1.2 kilometre strike length,  indicating the potential for a large-tonnage deposit, the company said. Drilling has been designed to determine the size and extent of the rare earth-bearing mineralization. 

A program of at least 12 boreholes for a total of 3,000 metres is planned for this immediate drilling program.

Preliminary reconnaissance mapping and sampling of Tumbili returned several high-grade values, with grab samples assaying between 5.8% to 18.8% total rare earth oxide (TREO). Further detailed mapping and sampling, together with a radiometric anomaly, led to the discovery of mineralization at the target.
 
"The Tumbili target has been identified through consistent mapping and sampling that has delineated a 1,200m by 500m surface zone of bastnaesite bearing carbonatite mineralization," said president and CEO, Tony Harwood.

"Exploration at the Tumbili target continues to build on the excellent high grade trench and drill results obtained from the Twiga and Tembo targets on which our maiden NI 43-101 resource estimate is currently in progress."

The Tumbili target is located to the east of the Tembo area, where trenching has revealed 9.27% TREO over 6.45 metres. In April, the company announced that Trench 1 at Tumbili returned 2.97% TREO over 12 metres, including values up to 7.58% TREO.

The junior miner, which is focused on exploration and development of rare earth metals, has deposits in Tanzania, Canada and South Africa.

Rare earth elements, a group of 15 metals, are critical in the advancement of emerging green technologies and high-tech applications from electric and hybrid vehicles, wind and hydro power turbines, LCD screens, MRI and x-ray machines to MP3 Players, microphones, mobile devices and more.

Montero’s chief asset is its 60% stake in Wigu Hill. It also holds interests in two other licences in Tanzania, two properties in Quebec and a phosphate exploration property in South Africa.

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Thu, 07 Jul 2011 13:55:00 -0400 http://www.proactiveinvestors.com/companies/news/78508/montero-mining-begins-drilling-at-tumbili-target-at-wigu-hill-16114.html
<![CDATA[News - Montero Mining teams up with Korea Resources, Montero to raise $5m ]]> http://www.proactiveinvestors.com/companies/news/78442/-montero-mining-teams-up-with-korea-resources-montero-to-raise-5m--16021.html Toronto-based Montero Mining and Exploration (CVE:MON) said Tuesday it has signed an informal agreement with state-backed Korea Resources Corporation (Kores) to jointly co-operate in rare earth exploration at Montero's Wigu Hill project in Tanzania.

“As a vehicle of the Korean government, Kores’ focus on accessing a stable base of energy and industrial mineral resources to develop its economy is an ideal fit with Montero’s intention of becoming a rare earth element producer,” said Montero president and CEO, Tony Harwood.

The memorandum of of understanding document signed is non-binding, and involves ongoing discussions and technical evaluation by a Montero and Korea Resources team.

In late June, Montero reported that trenching and drilling to date at the Twiga and Tembo targets on Wigu Hill, a light rare earth element property, has confirmed significant mineralization, and indicates the potential for a sizeable rare earth deposit.

Rare earth elements, a group of 15 metals, are critical in the advancement of emerging green technologies and high-tech applications from electric and hybrid vehicles, wind and hydro power turbines, LCD screens, MRI and x-ray machines to MP3 Players, microphones, mobile devices and more.

Currently, China produces 97% of world supply of rare earths, and the country is increasingly reducing export quotas, making the metals and properties with the potential to produce them, in high demand.

At the Tembo target at Wigu, trench results returned 9.27% total rare earth oxides (TREO) over 6.45 metres, including 15.48% TREO over 2.0 metres, while drill hole TE001 intersected 5.66% TREO over 2.84 metres.

The current exploration program is targeting an NI 43-101 compliant resource on two of ten drill targets, the company said.

Separately, Montero also announced today that it plans to raise up to $5.0 million through a non-brokered private placement financing, selling a maximum of 8.3 million units at a price of $0.60 each, in its efforts to fast track the development of Wigu Hill.

Each unit will consist of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional share for $0.80 for a period of two years from closing.

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Tue, 05 Jul 2011 11:24:00 -0400 http://www.proactiveinvestors.com/companies/news/78442/-montero-mining-teams-up-with-korea-resources-montero-to-raise-5m--16021.html
<![CDATA[News - Montero Mining appoints sustainability manager for Wigu Hill rare earth property ]]> http://www.proactiveinvestors.com/companies/news/78265/montero-mining-appoints-sustainability-manager-for-wigu-hill-rare-earth-property-15727.html Montero Mining and Exploration (CVE:MON) said Thursday it has appointed Will Thompson as sustainability manager at its Wigu Hill rare earth element project in Tanzania, East Africa.

The Wigu Hill property, which covers an area of 142 square kilometres, is situated in Tanzania about 170 kilometres south-west of Dar es Salaam.

Thompson, who has 25 years worth of experience in the mining and exploration industry, will be responsible for all aspects of sustainable development at Wigu Hill.

Thompson's past work experience includes community projects co-ordinator with both Moto Gold Mines and Placer Dome, and more recently the security projects construction manager with African Barrick Gold in Tanzania.

"I am delighted to announce the appointment of Will Thompson as sustainability manager of the Wigu Hill Project in Tanzania," said Montero Mining and Exploration’s president, Tony Harwood.

"Will's many years of experience in Tanzania and his understanding of the people and language will play a crucial role in advancing the development of the project and eventually help fulfill our goal of becoming a producer of rare earth elements," he added.

Presently, an exploration program at the site is in progress, targeting a National Instrument 43-101 resource to be released this quarter, as more mapping and sampling of new targets indicate the potential for a sizeable rare earth deposit, Montero said.

The Vancouver-based junior miner, which is focused on exploration and development of rare earth metals, has deposits in Tanzania, Canada and South Africa.

Montero’s chief asset is its 60% stake in Wigu Hill. It also holds interests in two other licences in Tanzania, two properties in Quebec and a phosphate exploration property in South Africa.

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Thu, 23 Jun 2011 14:54:00 -0400 http://www.proactiveinvestors.com/companies/news/78265/montero-mining-appoints-sustainability-manager-for-wigu-hill-rare-earth-property-15727.html
<![CDATA[News - Montero Mining reports 15.48% rare earth grade from trenching at Wigu Hill ]]> http://www.proactiveinvestors.com/companies/news/78222/montero-mining-reports-1548-rare-earth-grade-from-trenching-at-wigu-hill-15664.html Montero Mining and Exploration (CVE:MON) announced Wednesday additional trench and drill results from its Wigu Hill rare earths project in Tanzania, returning high grade values ahead of the first resource estimate at the site.

Trenching and drilling to date at the Twiga and Tembo targets on Wigu Hill, a light rare earth element property, has confirmed significant mineralization, the company said, and indicates the potential for a sizeable rare earth deposit.

Rare earth elements, a group of 15 metals, are critical in the advancement of emerging green technologies and high-tech applications from electric and hybrid vehicles, wind and hydro power turbines, LCD screens, MRI and x-ray machines to MP3 Players, microphones, mobile devices and more.

Currently, China produces 97% of world supply of rare earths, and the country is increasingly reducing export quotas, making the metals and properties with the potential to produce them, in high demand.

At the Tembo target at Wigu, trench results reported today returned 9.27% total rare earth oxides (TREO) over 6.45 metres, including 15.48% TREO over 2.0 metres, while drill hole TE001 intersected 5.66% TREO over 2.84 metres.

Other notable drill results were 3.15% TREO over 7.68 metres, including 4.65% TREO over 2.62 metres and 3.91% TREO over 2.2 metres in hole TE003.

Trenching and mapping at the Tembo target were focused in the area where the regional grab sampling returned high grade TREO results.

The Toronto-based company said that a total of 209 grab samples from Wigu Hill averaged 7.4% TREO, with high grade values traced across the entire 6.2 kilometre strike of the carbonatite complex, including 26.2% TREO on the Tembo target.

"We are very encouraged by the continued high grade trench and drill results obtained from the Tembo target that, combined with the excellent results obtained last month from the Twiga target, will be included in the Montero’s first NI 43-101 REE resource estimate for Wigu Hill," said president and CEO Dr. Tony Harwood.

"Mapping and further sampling on other targets at Wigu Hill, notably from the Tumbili target, indicates the potential for a sizeable high tonnage and high grade bastnaesite bearing mineralized system which, with further exploration and drilling, we will bring to account.”

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Wed, 22 Jun 2011 10:56:00 -0400 http://www.proactiveinvestors.com/companies/news/78222/montero-mining-reports-1548-rare-earth-grade-from-trenching-at-wigu-hill-15664.html
<![CDATA[News - Montero Mining’s exploration efforts dig up high grade rare earth elements in Tanzania ]]> http://www.proactiveinvestors.com/companies/news/78218/montero-minings-exploration-efforts-dig-up-high-grade-rare-earth-elements-in-tanzania-15659.html

Montero Mining (CVE:MON), is a junior Canadian based mineral exploration and development Company with a focus on rare earth elements in Tanzania . The Company listed in February of this year, after raising $4 million primarily for drilling and metallurgical test-work on the flagship Wigu Hill Rare Earths Project in Tanzania.

The Wigu Hill Rare Earths Project is located 170 kilometers southwest of the coastal city of Dar es Salaam, and has good road access to the main highway near Morogoro, and is 12 kilometers from the Tazara railway line that links the landbound Zambian copper belt with the deep water port at Dar es Salaam.

Montero Mining currently holds a 60% interest in the Wigu Hill Rare Earths Project, and has the option to increase up to a 70% ownership. The project consists of two prospecting licenses that cover 142 square kilometers and enclose a carbonatite complex that was originally discovered in the 1950’s and has been termed the “highest grade rare earth deposit in Africa”. Wigu Hill was sampled and evaluated by numerous mining companies, and international scientific organizations, who reported historic TREO grades of over 14%, with associated phosphate values. 

The Rare Earth Elements are hosted in the mineral bastnaesite found in carbonatite dykes making it similar to MolyCorps Mountain Pass deposit in the USA. At Wigu Hill these are typically 0.6 to 8.0 meters wide, and can be traced over distances of over hundreds of meters. Historical sampling from the larger dykes reported average values of total rare earth oxide or TREO of 14.5%, within a TREO range of 12.7 to 16.5%, which carry significant quantities of the Light Rare Earth Elements of lanthanum, cerium, praseodymium and neodymium, predominantly hosted in the rare earth mineral bastnaesite and some synchysite and parisite.  The United States Geological Survey reported that it was one of the richest REE deposits in the world, hosting grades of up to 20% TREE . Recent analysis of surface sampling in trenches and at depth by diamond core drilling by Montero reveal a similarity with the major REE deposit at Mountain Pass, in the United States.

The Company completed reconnaissance mapping and sampling across much of the Wigu Hill Project area, and outlined high grade TREO values within the carbonatite complex measuring 6.4 kilometers by 3.2 kilometers. These high grades of TREO averaged 7% TREO, and individual samples ranged as high as 27.25%, and are found within sheeted carbonatite dykes. The topography of this hilly area suggests that the REE’s  could be extracted at a potentially low strip ratio along much of the strike line.

Trenching on highly prospective targets identified the Twiga Target Zone, which carries East West and North West dyke sets, where trenching exposed above average REE values and showed good continuity of mineralization. 

The East West dyke set can be traced continuously over 200 meters at surface and is currently open at both ends. Representative values include Trench CC1 cut 8.0 meters at 11.36% of TREO, containing 5.42% of La2, 4.59% of Ce2, 0.39% of Pr2, 0.88% of Nd2, and 0.05% of  Sm2; Trench CC2 cut 8 meters at 12.28% of TREO, containing 6.33% of La2, 5.38% of Ce2, 0.46% of Pr2, 1.02% of  Nd2 , and 0.06% of Sm2. The highest grade trench sample in this area recorded 27.25% of TREO over 0.73 meters of true width.

Representative values on the North West to South East dyke set include Trench CT7a with 5.84 meters at 13.31% of TREO containing 6.35% of La2, 5.37% of Ce2, 0.47% of Pr2, 1.01% of Nd2, and 0.06% of Sm2; Trench CT9c returned 4.23 meters at 11.72% of TREO containing 5.73% of La2, 4.43% of Ce2, 0.42% of Pr2, 1.04% of Nd2, and 0.06% of Sm2. 

Additional targets were also identified at Tembo where a mineralized dyke system covers an area measuring 350 meters by 450 meters, was assessed by cutting 39 trenches, and collecting over 700 samples at 0.5 to 1 meter intervals. 

Trenching on the Tumbili Prospect in the central part of Wigu Hill identified a massive carbonatite breccia zone that extends over an area of approximately 300 meters, by more than 700 meters, and where trenching recorded 1.19% to 7.58%  TREO. This appears a subintrusive that likely gave high-grade off shoots dykes represneated by Tembo and perhaps Twiga dyke setsThis is likely to become a large bulk-tonnage target based on the size of the carbonatite exposed at surface.

The Chui Prospect returned grab sample values of 5.5% TREO and 5.7% TREO. Selective grab sampling of these dykes established values ranging from 1.62% TREO to a maximum of 5.53% TREO. 

Montero has just completed a definition diamond drilling program of 19 holes for 2,150 meters at the eastern end of Wigu Hill, where 14 holes tested targets on the Twiga Zone, and 5 holes tested the Tembo Zone. Results for 8 holes from Twiga have been received, with 6 holes pending, and all 5 holes at Tembo are pending.

Highlights from drilling on the Twiga Zone include drill hole TW003R which intersected 20.76 meters at 6.23% TREO from 18.56 to 39.40 meters, and TW014 which intersected 5 mineralized intersections between 24.40 to 148.25 meters, for a total of 22.55 meters with TREO values ranging from a low of 4.80% to a high of 10.52%. These drill intersections confirm the continuity and significant mineralization within the individual dykes both along strike and at depth on the Twiga Section, and is a major step towards the establishment of a viable and economic resource which is expected by mid 2011. 

This drilling program should result in the delineation of a NI 43-101 Compliant Resource at Twiga and Tembo down to a depth of 100 meters, and will should be released before August. Mintek, who is a leader with over 25 years experience in rare earth metallurgy and recovery, has been retained to evaluate the Wigu Hill Rare Earth mineralization and provide technical advice on metallurgical and hydrometallurgical process options.

Montero retains a number of other mineral interests in Tanzania that include the Iringa License in the Kilombera Basin, and the Liwale License on the eastern edge of the Selous Basin. Both projects are early stage grass roots uranium prospects exploring for roll front type uranium deposits.  

Two large uranium claims blocks are also held in Quebec, Canada. The Girard Claims cover anomalous concentrations of uranium, where historic and early stage exploration has defined three significant anomalies at Ridge, LDZ, and North Beraud. The Lac Yvone Claims cover historic reports of both uranium and gold. Current exploration efforts on both Claims Blocks are aimed at upgrading the prospectivity of the uranium and gold occurrences.

In addition Montero has an option on four Phosphate Projects are held in South Africa. The Duyker Eiland, Phillips Kraal and Lamberts Bay projects are located in the Western Cape close to the deep water Saldanha harbor and the Western Cape area that cultivates both wheat and produces wine. The fourth Project at Bierkaal is located 20 kilometers from the Omina phosphate production complex at Phokeng, in the North West Province. The Western Cape Project areas have been mined in the past and Montero said to contain historic resources of 90 million tonnes of phosphate rock. Montero intends to complete a due dilignce which will involve drilling to confirm tonnage and grade of the main deposits. 

The Senior Management at Montero has over 30 years of experience with international major mining corporations including Placer Dome and Phelps Dodge on African exploration projects. 

Montero may look like a late entrant into an already crowded rare element sector, but the location, mineralogy and open cut potential of the project bodes well for it catching up to the select group of rare earth companies than can reasonably expect to be in production in the next 2-3 years.

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Wed, 22 Jun 2011 09:44:00 -0400 http://www.proactiveinvestors.com/companies/news/78218/montero-minings-exploration-efforts-dig-up-high-grade-rare-earth-elements-in-tanzania-15659.html