Montero Announces Non-Brokered Note Financing

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero" or the
"Company") announces that it proposes to issue up to $250,000 principal amount
of promissory notes at par (the "Notes") to fund working capital and the payment
of arm's length accounts payable. The Company has closed $165,000 principal
amount of Notes to date.


The Notes are unsecured with interest at a rate of 12% per annum payable
quarterly and mature on May 31st, 2014. Tony Harwood, who is director, President
and CEO of the Corporation, has acquired $140,000 of principal amount of the
Notes. The Company intends to repay the Notes by means of future private
placement financings.


The Company is currently considering the offering of additional notes on terms
to be announced. If such terms are different from the terms of the Notes, the
holders of the Notes will be permitted to exchange the Notes for the notes being
issued in the additional financing.


As noted above, Tony Harwood, who is director, President and CEO of the
Corporation, has acquired $140,000 of principal amount of the Notes (the
"Insider Sale"). The Inside Sale was a related party transaction under
Multilateral Instrument 61-101 - Protection of Minority Securityholders in
Special Transactions ("MI 61-101"). The Offering was approved by all of the
non-interested directors of the Corporation. Mr. Harwood abstained from approval
of this matter. The Insider Sale was exempt from the related party valuation and
minority securityholder approval requirements of MI 61-101 on the basis that no
securities of the Corporation are listed or quoted on any specified markets,
such markets specified by MI 61-101 to be the Toronto Stock Exchange, the New
York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a
stock exchange outside of Canada and the United States other than the
Alternative Investment Market of the London Stock Exchange or the PLUS market
operated by PLUS Markets Group plc., and at the time the transaction was agreed
to, neither the fair market value of the securities to be distributed in the
transaction nor the consideration to be received for those securities, insofar
as the transaction involved interested parties, exceeded $2,500,000.


About Montero Mining and Exploration

Montero Mining and Exploration Ltd. is a mineral exploration and development
company focused on achieving production of rare earths primarily from its
flagship Wigu Hill project in Tanzania. With China's control over rare earth
export quotas; it is becoming imperative that the rest of the world develops new
rare earth resources to meet the increasing demand from "green" technology and
high-tech applications. Montero has a highly experienced Board and Management
team that has built and operated mines and refineries in Africa, which brings
significant credibility to our strategy of becoming a rare earth producer. In
addition to rare earths, Montero has phosphate assets in South Africa and
uranium assets in Tanzania and Quebec, Canada for sale or joint venture.


Signed. Dr. Tony Harwood - President and CEO

CAUTIONARY STATEMENT: 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. 


This News Release includes certain "forward-looking statements". These
statements are based on information currently available to the Company and the
Company provides no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates and statements that
describe the Company's future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: 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 the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Montero Mining and Exploration Ltd.
+1 416 840 9197
+1 866 688 4671 (FAX)
ir@monteromining.com
www.monteromining.com
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