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Montero Mining Comments on Share Price Move
TORONTO, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) provides the following update on the m
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":" TORONTO, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) provides the following update on the move in Montero’s share price. Montero has a fully funded arbitration case underway for the expropriation of its Wigu Hill rare earth element project against the United Republic of Tanzania (“Tanzania”). The in-person arbitration hearing is scheduled to be held at the International Centre for Settlement of Investments Disputes (“ICSID”) hearing centre in Washington DC., USA, from 4 – 8 December 2023. Two other junior mining companies are seeking compensation for expropriation of their Retention Licences in Tanzania, Indiana Resources Limited (“Indiana”) (ASX:IDA) and Winshear Gold Corp. (“Winshear”) (TSX-V:WINS). As developments in each of these cases have unfolded, Montero has seen higher volumes of its shares traded and moves in its share price. On September 18, 2023, ICSID updated its webpage relating to the Winshear v Tanzania dispute to indicate that the arbitration proceedings had been suspended by agreement of the parties (https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/20/25). On September 19, 2023, Winshear announced that they have reached a conditional settlement agreement with Tanzania in relation to their claim against Tanzania for the expropriation of their SMP gold project, but that there was no guarantee that this will be concluded (https://winshear.com/news/). This follows the announcement on July 14, 2023, made by Indiana that it had been awarded US$ 109.5 million in its ICSID claim against Tanzania (https://indianaresources.com.au/wp-content/uploads/2023/07/US-109.5M-Award-Against-Tanzania.pdf). Dr Tony Harwood, President and CEO of Montero, commented: “Indiana’s substantial damages award and Winshear’s pending settlement are providing shareholders with recognition that the cancellation of the Retention Licenses by Tanzania was economically catastrophic to each company. Montero is seeking compensation for the loss of its investment in its former flagship Wigu Hill Rare Earth Project due to Tanzania’s unlawful expropriation of Montero’s Retention Licenses. Montero is fully funded to complete its arbitration hearings with the same lead attorney that represented both Indiana and Winshear earlier this year. Montero’s arbitration hearin...