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Montero to acquire Namibia lithium exploration license

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Montero to acquire Namibia lithium exploration license

Montero Mining & Exploration Ltd. said March 5 that it signed a letter of intent to acquire an 80% interest in exclusive prospecting license 6162, prospective for lithium-caesium-tantalum mineralization, in Namibia.

Under the terms, the company can earn the interest by spending C$1 million on the property over three years. The agreement allows for Montero to complete due diligence proceedings within three months and is subject to regulatory approval.

In October 2017, the company signed a letter of intent with Frovio Investment to acquire up to an 80% interest in the Soris lithium project in Namibia.