Montero Secures C$2.7 Million Investment for Duyker Eiland Phosphate Project PFS

Montero Mining and Exploration (TSXV:MON) announced that its funding partner, Ovation Capital, has committed to expenditures of about C$2.7 million to acquire a 10 percent interest in the company’s Duyker Eiland project.
As quoted in the press release:

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.
Montero completed a Technical Report (NI 43-101 compliant) prepared by AMEC (news release December 14, 2011) and an independent Preliminary Economic Assessment (“PEA”) report of the Duyker Eiland project prepared by Turgis Consultants (news release February 28, 2012, filed on Sedar April 13, 2012). The bulk of Ovation’s project level financing is being used to complete engineering and environmental studies by DRA Global (“DRA”), 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 (news release July 7, 2015). 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.

Tony Harwood, president and CEO 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.

Click here to read the full Montero Mining and Exploration (TSXV:MON) press release.