South Africa – A report of TSX-V listed Montero Mining and Exploration’s Duyker Eiland phosphate property in South Africa has revealed that the project economics are positive but sensitive to phosphate rock prices and to currency exchange rates in the country.

The report undertaken by DRA, which is non NI 43-101 compliant, clearly sets out the parameters that have changed since the prior studies were undertaken and lists the positive attributes of the project. In addition, a number of key issues were highlighted that require more detailed assessment in the pre-feasibility study.

Ovation Capital, a South Africa based investment firm who is funding the development of Montero’s phosphate rock properties near Saldanha Bay, will earn a 10% interest in the phosphate project by completing a pre-feasibility study and a further 20% by completing a bankable feasibility study for a mine at Duyker Eiland and an integrated fertilizer plant at Saldanha Bay, South Africa.

Dr. Tony Harwood, President and CEO of Montero comments, “Montero’s partnership with Ovation is designed to develop and advance our phosphate assets with a view of mining and extracting phosphate rock and further beneficiating at a proposed plant at the Saldanha Bay port.”

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