Montero Announces Sale of Subsidiary for CDN$1.2 million and a 1% Royalty

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TORONTO, June 26, 2019 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V: MON or “Montero”) has signed a Letter of Intent (“LOI”) with Australian registered Cheetah Resources Pty Ltd (“Cheetah”) to purchase 100% of its British Virgin Island subsidiary company holding its rare earth Intellectual Property (“IP”). Montero previously held a Retention License (“Licenses”) over the Wigu Hill deposit. Changes made in 2017 to the 2010 Mining Act resulted in the Retention Licence classification being abolished and ownership transferred to the Government of Tanzania. Montero has applied for a Mining License over the area once covered by the Retention License.

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