$MON.V

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Montero Mining and Exploration to Raise C$2.2 Million in a Private Placement of Share Units

Montero Mining and Exploration (MON.V) on Friday said it will raise up to C$2.2 million in a non-brokered private placement of share units.The company will place up to four-million units at C$0.55 apiece and made up of a share and one half of a one-year warrant to buy a share for C$0.70.Proceeds will be used to fund ongoing exploration and drilling at the Elvira Gold project in the Maricunga Gold Belt, advance its other Chilean mineral projects and for general working capital and corporate purposes needs.The company's shares last traded Thursday, closing at C$0.64 on the TSX Venture Exchange.

$MON.V

Mining & Metals85d ago

Montero Mining and Exploration Starts Initial Drilling at Elvira Gold Project, Chile

Montero Mining and Exploration (MON.V) started drilling at the Elvira Gold Project in Chile, it said on Thursday.The initial phase of drilling is designed to test the strongest converging vectors from the upper gold-bearing epithermal system into the deeper porphyry Cu-Au domain, it said. The current first-pass drilling program is expected to comprise four initial holes for about 2,025 meters, subject to drilling conditions and operational progress."Drillhole MON-ELV-01 is designed to test a strong chargeability anomaly at depth beneath historical drill intercept, where Montero interprets a compelling epithermal feeder to porphyry Cu-Au target," said Montero CEO Tony Harwood.The company said it has completed site preparation, logistics planning and field mobilization, together with its contractors, to support the initial drill campaign.Shares of the company were last seen unchanged at $0.6 on the TSX Venture Exchange.

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