Montero Adopts Gold Focus Following COVID-19 Pandemic
June 6, 2020Toronto, Ontario – June 5, 2020 – Montero Mining and Exploration Ltd. (TSX-V: MON or “Montero”) has seen a decline in battery metal prices over the last 12 months which has been exacerbated by the COVID-19 pandemic and its effect on global economics. For these reasons the board has decided to change the Company focus to that of exploration for gold deposits in Latin America. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal projects.
Montero’s Board of Directors also continues to monitor and assess the health and safety risks to Company employees, partners, contractors and local communities in countries where Montero holds assets. Although the Covid 19 pandemic is an evolving crisis, national governments are attempting to provide clear policies and guidelines to mitigate health and safety risk associated with the spread of the COVID-19 virus. Montero believes its best course of action given the global shut down is to relinquish its early stage battery metal projects in Africa and reduce its corporate structure. Montero will retain its Tanzanian corporation and defend its rights to the Wigu Hill rare earth project in Tanzania where it has made a substantial investment. Montero filed a Notice of Intent to Submit a Claim to Arbitration to the Attorney General of Tanzania on 17th January, 2020 to protect its investment. Montero will now adopt a one country gold exploration focus on Latin America and will provide regular updates.