Montero's NI 43-101 Resource Estimate on the Wigu Hill Rare Earth Project in Tanzania filed on SEDAR
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/24/11 -- Montero Mining and Exploration Ltd. (TSX VENTURE: MON) ("Montero") has filed its NI 43-101 resource estimate for the Wigu Hill Rare Earth Project (see news release dated 12-09-11)() on SEDAR and posted to the Company's website (http://www.monteromining.com/). The Wigu Hill Rare Earth Project is located in Tanzania and is a large carbonatite complex with bastnaesite mineralization. The independent estimate was prepared by AMEC Earth & Environmental Services Limited (AMEC).
The NI 43-101Resource Estimate is based on the preliminary drilling program of 21 boreholes (2,225m) at the Tembo and Twiga deposits on the eastern ridge of the Wigu Hill carbonatite complex. A total inferred mineral resource of 3.3 million tonnes at 2.6% LREO5 (Light Rare Earth Oxide) 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 report details the following Inferred resources
To outline a higher-grade zone within the above resource, AMEC looked at the grade-tonnage distribution with respect to the 'mineralised indicator' value. AMEC considers that applying a mineralised indicator cut-off of 0.7 (greater than =70% mineralised material within a SMU) would define a subset of the Mineral Resource that contains higher-grade areas, which may be amenable to selective mining and economic extraction. (see Table 2)
A copy of the full resource estimate report is available on the SEDAR website and by clicking this link on Montero's Website:
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. These results will form the basis for an updated resource estimate. The tonnage stated in the initial resource estimate may appear to be limited, however the resource reflects the potential of only a fraction of the Wigu Hill Carbonatite Complex. Greater potential for a larger tonnage exists in the central portion of the carbonatite complex where more extensive occurrences of mineralized carbonatite have been located.
Qualified Person's Statement
The technical information contained in this press release has been reviewed by Mr. Mike Evans, M.Sc. Pr.Sci.Nat., who is a qualified person for the purpose of National Instrument 43-101 and a consulting geologist to Montero. The independent estimate was prepared by AMEC Earth & Environmental Services Limited and is reported according to CIM Definition Standards (2010). The Qualified Person responsible for the resource estimate is Edmund Sides, EurGeol, P.Geo. an AMEC employee.
About Montero Mining & Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company engaged in 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. Montero is focused on adding value for all shareholders through the acquisition and exploration on properties, which have the highest potential for future discoveries or development of existing mineral resources into mineable reserves. We remain engaged in the development of our flagship Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. The Company's current focus is on further exploration drilling to add to our initial NI 43-101 Mineral Resource Estimate. With the rising prices of REEs and China's control over export quotas, it is becoming imperative that the rest of the world develops new rare earth resources to meet the increasing demand from "green" technology and high-tech applications. Montero's growth strategy is to develop the Wigu Hill Rare Earth Element project and to bring this to account through eventual rare earth production and cash flow, while operating in an environmentally and socially responsible manner. We will continue to add value for all stakeholders through the development of our portfolio of properties. Montero trades on the TSX Venture Exchange under the symbol MON.
Dr. Tony Harwood - President and CEO
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Montero Mining and Exploration Ltd.
Richelle Chapman
IR Communications
+1 416 840 9197
+1 866 688 4671 (FAX)
Renmark Financial Communications Inc.
Peter Mahzari
(514) 939-3989 or (416) 644-2020
Renmark Financial Communications Inc.
Arash Shahi
(514) 939-3989 or (416) 644-2020
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Datum: 24.10.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 79315
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TORONTO, ONTARIO
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Mining & Metals
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