MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) has completed 1,096 m of a planned 2,800 m diamond drill program at its Isabella Gold Silver Project (“Isabella”) in Chile. At Isabella 2,600 m of drilling is planned to test gold silver mineralization within 4 separate vein targets and 200 m to test for breccia-type base-metal mineralization in sediments adjacent to the granite contact. Drilling is now complete at Target A and the drill rig has been moved to Target C where 2 holes will be completed before moving to Target B and Target D. Target A drill core is being logged and is being dispatched for assay once core logging is completed. Drilling is being carried out by Mountain Drilling Limitada based in La Serena, Chile, and to adhere to Covid-19 safety protocols, have set up a camp at site to reduce interaction with the local community.

Dr Tony Harwood, President of Montero commented: “The maiden drill program at Isabella has progressed well with drilling completed at Target A intercepting quartz veins with visible sulphides in all holes. The drill rig has been moved to Target C where 2 drill holes will test below a series of northeast trending quartz veins exposed and historically mined pits where surface sampling returned up to 48 g/t Au and 263 g/t Ag.”

Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/cbf06957-0fc4-47af-ac8a-8205ed5467b2

Target A - Isabella West Drilling The Company completed the planned 10 diamond drill holes for a total of 1,096 m. Drilling tested a series of northwest-trending quartz veins along approximately 600 m of strike length at a 25-50 m vertical depth (Figure 2). Montero geologists report that quartz veins with visible sulphides have been intersected in all drill holes (Figure 3 and Figure 4). The drill core is HQ diameter and is being logged and cut for sampling by Montero geologists at the company facility in the village of Hualane. Selected intervals of quartz veins and altered granite host-rock have been half-core sampled at 1 m intervals for assay with each batch of 25 samples to include 1 certified reference standard and a sample blank. The samples are being hand delivered by Montero personnel to the Andes Analytical Assay lab in Santiago for assay.

Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/1a0be466-abbc-4b17-8d56-1c727fe7b573

Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/a2e01dc4-8c7f-4cd0-8c18-82b5eab4942e        

Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/91ea3383-c179-4b4c-8b7d-0028f10aac62

Table 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/7d5f8535-2e67-451e-b40c-6dfd1cd0ee0c

Qualified Person Statement This press release was reviewed and approved 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. A review was also undertaken by Sr. Marcial Vergara B.Sc. who is resident of Chile and a Qualified Person for the purpose of National Instrument 43-101 and a technical advisor to Montero. Sr. Vergara is directly supervising all parts of the drill program. Sr. Vergara has extensive experience in gold exploration in Chile.

About Montero Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold deposits in Chile. The Company is in the process of relinquishing its portfolio of battery metal projects in Africa to focus on gold opportunities in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 38,647,485 shares outstanding.

For more information, contact: Montero Mining and Exploration Ltd. Dr. Tony Harwood, President and Chief Executive Officer E-mail: ir@monteromining.com   Tel: +1 416 840 9197 | Fax: +1 866 688 4671 www.monteromining.com

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, completion of the HOA, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to complete the HOA on the terms as announced or at all; 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 Montero’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero’s forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.