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Ovation receives positive preliminary review on Montero’s phosphate mine

Following the announcement in March this year that Montero Mining and Exploration has entered into a definitive agreement with Ovation Capital to fund the development of Montero’s Duyker Eiland phosphate rock properties near Saldanha Bay, the findings of the initial report that the South African investment firm commissioned from DRA Global to review a prior Technical report and a Preliminary Economic Assessment report were announced last week.

According to the press release, while listing the positive attributes of the project, the report clearly sets out a number of the parameters that have changed since the prior reports were undertaken, and highlights a number of key issues that need a more detailed assessment in the pre-feasibility study. The review also found that the project economics are still favorable, but sensitive to the phosphate rock prices and currency fluctuations in South Africa.

Ovation will earn a 10% interest in the Phosphate project by completing a pre-feasibility study and a further 20% by completing a bankable feasibility study for a phosphate rock mine at Duyker Eiland and an integrated Fertilizer Plant at Saldanha Bay, South Africa.

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