Montero Mining and Exploration Ltd.’s (TSX-V:MON) funding partner, Ovation Capital has committed to expenditures of approximately CDN $2.7 million (before VAT) to acquire a 10% interest in Montero’s Duyker Eiland project. On March 2, 2015, Montero entered into an agreement whereby Ovation may earn a 10% interest in the Duyker Eiland phosphate project at asset level by completing a Pre-Feasibility Study and a further 20% interest by completing a Bankable Feasibility Study.

     Dr. Tony Harwood, President and Chief Executive Officer of Montero,    

     commented, "Ovation is providing approximately $2.7 million in funding 

     to advance Montero's Duyker Eiland phosphate project. DRA, Outotec and 

     the Sebata Group have been retained to complete Pre-feasibility,       

     Opportunity and Environment Studies with a view to establishing the    

     costs of developing a rock phosphate mine and fertilizer operation.    

     Ovation is also committed to funding other phosphate opportunities     

     identified by Montero in the region."                                  

Montero completed a Technical Report (NI 43-101 compliant) prepared by AMEC and an independent Preliminary Economic Assessment report of the Duyker Eiland project prepared by Turgis Consultants. The bulk of Ovation’s project level financing is being used to complete engineering and environmental studies by DRA Global Outotec (in conjunction with Sofreco) and the Sebata Group.

DRA completed a positive review and update of the information reported in the PEA on Duyker Eiland. DRA is utilizing this updated information to complete the Pre-Feasibility Study. The drilling and resource estimation is expected to be completed by another consulting group.

Outotec will complete an Opportunity Study Report for the integrated Sulphuric acid, Phosphoric acid and Di-Ammonium Phosphate/Mono Ammonium Phosphate Fertilizer plants, inclusive of associated utilities, infrastructure and off-sites. Further to this, the possibility of producing a second phase Lime Ammonium Nitrate Urea and other down-stream products will be examined depending on Market Study results and natural gas feed possibilities. Outotec will work with the leading French fertilizer consulting company, Sofreco, on the study.

Sebata have been retained to conduct an Environmental Impact Assessment for the development of the phosphate rock mine at Duyker Eiland and a Fertilizer Plant to be located in the Saldanha Bay Industrial Development Zone.

Upon completion of a positive Pre-Feasibility Study, Ovation may elect to provide additional funding to earn a 20% interest in the Duyker Eiland Project. The amount required to earn a 20% interest has yet to be determined.

Ovation is also funding the due diligence of Montero’s Greenflash Phosphate Project. In the event the due diligence is positive and the parties elect to proceed with the acquisition, Greenflash will represent a second partner funded phosphate asset in South Africa. These investments are being made to secure supplies of rock phosphate in order to establish a fertilizer plant at Saldanha Bay in South Africa.

Qualified Person’s Statement

Turgis Consulting, now Royal Haskoning DHV – Mining, is a Johannesburg based engineering consultancy. The PEA team was headed by Sten Johansson (MSAIMM), a Process Engineer and Andrew Pooley (FSAIMM), a Mining Engineer, who covered the mining aspects of the PEA. Both are qualified persons for the purpose of National Instrument 43-101. The technical information contained in the PEA and in this press release was 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.

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. These include rare earth elements in Tanzania and phosphates in South Africa. Montero remains focused on bringing in a strategic investor for the further development of the Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. Montero has entered into an agreement to develop its portfolio of phosphate properties in South Africa with Ovation Capital.