Montero Mining and Exploration Ltd. (TSXV:MON) announced that it has declined participation in the Moyale graphite project in Ethiopia.

As quoted in the press release:

Montero entered into a binding agreement on the 25^th August, 2014, with Hulager General Import and Export plc (Hulager), an Ethiopian company, to acquire up to an 80% interest in its wholly owned Moyale Graphite Project in Ethiopia (the ‘Property’). The agreement provided Montero six months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval.

Montero President and CEO Dr. Tony Harwood stated:

The Moyale graphite project is a property that merits exploration with good geological and metallurgical characteristics but does not meet our due diligence criteria. We continue to focus on our high-quality [rare-earth elements (REE)] and phosphate assets and advance these using strategic partners.

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

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