While there are rumours that water shortage might sink – or at least temporarily bring the controversial mining activities at Elandsfontein to a standstill – weskusonTheline is happy to reveal that Carte Blanche has joined the battle to investigate the minefield of misinformation and secrecy along the West Coast to help you stay in the loop . . .
The Carte Blanche team visited the West Coast last week on request to investigate the mining activities that have allegedly had people forced to resign from their jobs, publicly shamed and ridiculed and even threatened with expropriation of their property if they dare to oppose the questionable and secretive mining operations. Up till now nobody knows who and what the ghost company KROPZ is that popped up as the main share-holder of the Elandsfontein phosphate project and invested a whopping R1,3 billion. Nobody knows who the directors are and questions about where the water and electricity for a phosphate mine and processing plant of this magnitude is going to come from, have been side-stepped all along.
If all goes according to plan, Carte Blanche will broadcast their findings this coming Sunday in a special documentary – so book your seats for Sunday night at 19h00 on MNet.
Meanwhile residents and property owners in Duyker Eiland, St Helena Bay and surrounds are also kept in the dark regarding alleged plans of Montero Mining and Exploration Ltd. to resume a phosphate mining project which stems from 2011 when a technical report NI 43-101 for the Duyker Eiland property was prepared for Montero by Armando Simón, Ph.D., P.Geo. (APGO), R.P.Geo. (MAIG) and María-Angélica González, R.M. (CMC) (Effective Date: 27 September 2011) Project No. M40075
One cannot help wondering why all these projects are kept secret – especially since residents and prospective property owners surely have a right to know in advance . . . ? Another worrisome factor is where the WATER for these mining projects are going to come from . . . ? Is it coincidence that Carte Blanche’s previous topics were the over-use of water and illegal mining activities in South Africa and Africa?
Here are some of the background info regarding Duyker Island and the current financial situation of Montero Mining and Exploration. Please scroll down and read . . . ?
Phosphate Projects, South Africa
Location
The Phosco project covers four phosphate exploration projects in South Africa, namely Duyker Eiland, Phillips Kraal, and Lamberts Bay in the Western Cape; and Bierkraal in the Northwest Province (see maps on left sidebar). Exploration drilling has been completed on Duyker Eiland and Phillips Kraal. Resource definition on Duyker Eiland has been completed and an NI43-101 compliant resource report has been compiled by an independent consultant, AMEC.
The most advanced project, Duyker Eiland, is located 30 kilometers north of the Port of Saldanha, in the Western Cape Province of South Africa.
History
In the Western Cape, phosphate deposits located around Saldanha Bay were known for many years by the local population, but more detailed studies were conducted starting from the early 1900’s. A phosphate deposit was mined until recent years by Samancor at Langebaanweg, about 25 km southeast of the Duyker Eiland property, 12 km east of Phillips Kraal. This phosphate was sold for direct use as fertiliser, although some upgrading was done by mixing with other components, such as ammonium sulphate.
The Duyker Eiland project area has historical prospecting results of approximately 30Mt of phosphatic sands. In the 1940’s and 1950’s, AMCOR conducted mineral exploration on the property. During the 1960’s, African Explosives and Chemical Industries Limited (AECI) conducted drilling and pitting on a 3.0 km by 0.5 km area extending over the property. Historical records of the exploration drilling program have been lost. AECI conducted flotation tests, and obtained a concentrate with 33.0 % P2O5 (87 % collophane). These estimation and flotation results are historical in nature, and do not comply with NI 43-101 definitions. Historical prospecting results are also published for the area of the Phillips Kraal project though the records have also been lost. On October 18, 2010 a subsidiary of the Corporation entered into an amended binding term sheet agreement providing for the right to acquire Eurozone Investments Limited (“Eurozone”). Celtic Trust Company Limited and its subsidiaries hold interests in four phosphate exploration projects in South Africa (the “Phosco assets”). The Corporation paid $100,000 to the vendor in consideration for receiving an exclusivity period to conduct due diligence.
The acquisition was announced in November 2011 (see news release 10/11/2011). The purchase price for the Phosco assets is the issuance of 2,500,000 shares of Montero. In addition, Montero is required to complete an initial exploration program on one (the Bierkraal Project) of the four projects within 18 months of closing, which includes drilling. A further 1,000,000 shares of Montero shall be issued to the vendor within 18 months of the closing date if Montero delivers a NI 43-101 Report identifying a phosphate resource on all or part of the Bierkraal Project, or if Montero otherwise elects to maintain the Bierkraal Project. If the Bierkraal Project is not maintained by Montero it is to be returned to the vendor. Upon closing, Montero will have 100% ownership of the other three projects and there is no further obligation to the vendor with respect to those projects after closing.
Geology
At the Western Cape projects, the regional geology is marked by the presence of Tertiary/Quaternary sediments consisting of calcareous and aeolian sands, calcretes and phoscretes.
At Duyker Eiland, a portion of the Vredenburg granitic pluton is overlain by sediments of the Varswater formation, which is part of the Miocene-Pliocene Sandveld group, and limestones and calcarenites of the Pleistocene Langebaan formation.
At the Property, sands, clayey sands and gravels of the phosphate-bearing Varswater formation sediments are partially overlain by limestones of the Langebaan Formation, which is exposed on top and along the shoulders of the small hill that dominates the topography of the area. The phosphate mineralization occurs as rounded and sub-rounded,polished collophane grains. A similar geologic setting is observed at the Phillips Kraal project. Desktop studies indicate that historic targets at Lamberts Bay also occur in the Varswater Formation. The Bierkraal project area is located in an apatite rich layer of the Bushveld Igneous Complex.
Exploration Programs
During the exclusivity period, the compilation of the historic data, desktop studies, field visits and mapping continues. RC/Aircore drilling commenced at Duyker Eiland and at Phillips Kraal during the 2011 exploration campaign.
In November 2011, an Initial Inferred Mineral Resource of 32.8 M tonnes grading 7.15% P2O5, capable of producing an acid-grade phosphate concentrate of 33% to 35% P2O5at the Duyker Eiland Project in South Africa, one of the phosphate assets Montero acquired was announced. (see news release 16/11/2011) Click the title to download and view the N1 43-101 Resource Estimate
Preliminary Economic Assessment
An independent NI43-101 compliant PEA has been completed by Turgis Consulting on the Duyker Eiland Phosphate Project in South Africa. Positive results and highlights are as follows:
- A NPV of CAD$ 126.1 million (at a discount rate of 10%) and an IRR of 38.14%
- Average 4.5 million tonnes per annum rock mined at low stripping ratios of 0.57:1
- Average production of 490,000 tonnes per annum of 33% P2O5 concentrate
- 11 year Life of Mine (based on initial resource estimate)
- Operating cash costs CAD$ 109 per tonne concentrate Free alongside Ship (“FAS”) Port of Saldanha, South Africa
- Capital costs of CAD$ 132 million
Click the title to download and view the N1 43-101 Compliant PEA
Also read?
https://mining-atlas.com/project/Duyker-Eiland-Phosphate-Mine-Project.php
http://proactiveinvestors.blogspot.com/2012/02/montero-mining-pea-for-duyker-eiland.html
Montero Announces Proposed Debt Settlement
TORONTO, ONTARIO–(Marketwired – June 1, 2016) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
Montero Mining and Exploration Ltd. (TSX VENTURE:MON) (“Montero” or the “Corporation“) announces that it intends to complete a debt settlement transaction (the “Debt Settlement“) with certain creditors (“Creditors“), including Creditors who are related parties of the Corporation, providing for the settlement of approximately $1,018,980 of its outstanding debts, of which $679,487 in debt will be settled through the issuance of an aggregate of 13,589,740 common shares of the Corporation (“Common Shares“) at a deemed issue price of $0.05 per Common Share, and $339,493 in debt will be forgiven. The Debt Settlement is subject to regulatory and shareholder approval. The Corporation expects to complete the Debt Settlement shortly after such approvals are obtained.
Dr. Antony Harwood, President and Chief Executive Officer of Montero, commented, “Montero’s goal is to create value for our shareholders. We propose to complete this debt settlement to preserve working capital and improve Montero’s prospects for future financing.” Dr. Harwood added, “Montero’s strategy remains to attract strategic partners to fund projects at the asset level, avoiding dilution at the corporate level. We remain focused on funding for our Wigu Hill rare earth project to take it through feasibility study and development. The exploration work at Wigu Hill has been put on a care and maintenance program while we seek a funding partner and for rare earth prices to recover. I remain confident in our projects and our strategy to create value for Montero shareholders. Wigu Hill is one of a few world-class rare earth deposits that we believe has the potential to become a mine in the future.”
Certain Creditors who are related parties of the Corporation will participate in the Debt Settlement. Global Mining Services Ltd., a corporation in which Antony Harwood, the President, Chief Executive Officer, and a director of the Corporation has beneficial interests, will settle approximately $237,546 in debt in exchange for 4,750,920 Common Shares, and will forgive a further $228,389 in debt; Criss Cross Inc., a corporation of which Antonia J. Chapman, the CFO, Corporate Secretary, and a director of the Corporation, is a director and 100% beneficial owner, will settle approximately $92,250 in debt in exchange for 1,845,000 Common Shares, and will forgive a further $69,750 in debt; Golden Phoenix International Pty Ltd., a corporation controlled by Gregory C. Hall, a director of the Corporation, will settle approximately $12,943 in debt in exchange for 258,680 Common Shares; and Andrew Thomson, a director of the Corporation, will forgive $11,000 in debt (Global Mining Services Ltd., Criss Cross Inc., Golden Phoenix International Pty Ltd., and Mr. Thomson, the “Related Creditors“).
The participation in the Debt Settlement by the Related Creditors constitutes a “related party transaction” as such terms are defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), requiring the Corporation, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transaction”. The Corporation is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the Corporation are listed on specified markets, including the TSX, the New York Stock Exchange, the American Stock Exchange, the NASDAQ or any stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc. The Debt Settlement is not exempt from the disinterested shareholder approval requirements set out in MI 61-101. Accordingly, the Corporation will seek the approval of the Debt Settlement by the holders of a majority of the securities entitled to vote on a matter at the annual and special meeting of shareholders of the Corporation to be held on June 29, 2016. The participation by each of the Related Creditors in the Debt Settlement was approved by directors of the Corporation who are independent of such Related Creditors.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Montero Mining & Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties. These include phosphates in South Africa and rare earth elements (REE) in Tanzania. Montero has entered into agreement to develop its portfolio of phosphate properties with Ovation Capital in South Africa. Montero remains focused on attracting a strategic investor for the further development of the Wigu Hill Rare Earth Element Project in Tanzania. Montero trades on the TSX Venture Exchange under the symbol MON.
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.
For more information, contact:
Dr. Tony Harwood
President and CEO
+1 416 840 9197
+1 866 688 4671 (FAX)
ir@monteromining.com
www.monteromining.com
Montero Options Greenflash Phosphate Project and Secures Second Project Funding Agreement With Ovation
TORONTO, ONTARIO–(Marketwired – Sept. 10, 2015) – Montero Mining and Exploration Ltd. (TSX VENTURE:MON) (“Montero”) has entered a binding letter agreement with Greenflash 251 (Pty) Limited to acquire up to a 75% interest in the Greenflash Off-Shore Phosphate Project in South Africa (the “Greenflash Project”). Montero has 6 months from signing to complete financial, legal and technical due diligence and seek TSXV approval. Upon fulfillment of all conditions precedent, Montero shall immediately earn a 49% interest in the Greenflash Project by committing to complete a NI43-101 compliant resource and earn up to a 75% interest by completing a Bankable Feasibility study.
Montero has also entered into a Memorandum of Understanding (“MOU”) with Ovation Capital (“Ovation”) to co-fund the due diligence investigation and ultimately provide project finance for the Greenflash Project. Upon completion of successful due diligence Ovation will have the right to earn 49% of Montero’s interest by providing funding to complete a compliant resource.
Ovation has already committed to complete a pre-feasibility study on Montero’s Duyker Eiland phosphate and fertilizer project for equity in the project (news release 2 March, 2015). The Greenflash Project could potentially provide additional feedstock to a Fertilizer Plant envisaged to be developed in Saldanha Bay by Montero and Ovation.
| Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero is expanding its portfolio of phosphate projects in South Africa with funding partner Ovation Capital. The Greenflash Project has seen extensive drilling providing Montero with meaningful information to serve as basis for developing a resource. Montero and Ovation will focus initially on developing a resource from existing drill core where large areas of phosphate rich sediments have been identified. The acquisition fits with our strategy of developing phosphate rock assets to support a fertilizer plant in Saldanha Bay port.” |
The Greenflash Project contains phosphate-rich sediments that are located on the continental shelf off the western coastline of South Africa and at its nearest point is 30km from Saldanha Bay. The initial license area is approximately 65,000km2 in extent and follows the coastline for 400km.
Exploration in the Greenflash Project area started in the 1980’s for diamonds. The area was mapped and geophysical surveys were completed in the search for diamonds which are extensivly mined along this coastline on the continental shelf. Drill core from the diamond exploration was made availalbe to the University of Cape Town (“UCT”) for research purposes. Studies were advanced by the Geological Survey and UCT’s Marine Geoscience Group based on the drill core samples. An extensive area of phosphate-rich sediment has been identified offshore from Saldanha Bay and forms the principal evaluation target.
A Qualified Person is currently reviewing the available reports on the Greenflash Project as part of the due diligence and updates will be provided during this process.
Qualified Person’s Statement
This press release was reviewed by Mr. Mike Evans, M.Sc. Pr.Sci.Nat., who is a qualified person for the purpose of National Instrument 43-101 and a Consulting Geologist to Montero.
About Montero Mining & Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties. These include rare earth elements (REE) in Tanzania and phosphates in South Africa. Montero remains focused on bringing in a strategic investor for the further development of the Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. Montero has entered into agreement to develop its portfolio of phosphate properties in South Africa with Ovation Capital. Montero trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood, President and CEO
For more information, contact:
+1 416 840 9197
+1 866 688 4671 (FAX)
ir@monteromining.com
www.monteromining.com
http://newsroom.monteromining.com/press-releases/montero-options-greenflash-phosphate-project-and-secures-second-project-funding–tsx-venture-mon-201509101024553001
http://newsroom.monteromining.com/press-releases/montero-reports-positive-preliminary-economic-asse-tsx-venture-mon-201202280769707001