MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd (TSX.V: MON) (“Montero”) has filed an NI 43-101 compliant report titled, Technical Report for the Isabella Gold Silver Project, Licanten District, Region VII, Chile on SEDAR. A 2,600m drill program is underway at the Isabella Gold Silver Project to test 4 gold silver quartz veins targets within granite and a sedimentary hosted geophysical target. Isabella is below a 600m elevation and located in the Coastal Range south of Santiago and no previous drilling has ever been undertaken on the project. The Technical Report was prepared by Dr Thomas Henricksen.

The Technical Report is the first documented description of the Isabella Gold Silver Project and provides geological context of an extensive system of structurally-controlled, gold silver mineralized quartz veins. The veins occur within monzogranite intrusive rock along the contact with older sedimentary rocks. As mapped on surface, the vein arrays occur over a combined 25 kilometers of intrusive-sediment contact with individual veins up to 5 meters in width. Previous surface rock sampling of quartz veins within the eastern portion of the project area identified high Au-Ag grades in quartz veins with sample assays including 31 g/t Au, 860 g/t Ag, and 2.4% Zn reported. Visible coarse electrum (an alloy of gold and silver) was also observed. A recent drone geophysical survey also identified the potential for sedimentary hosted mineralization. For further details, please refer to previous Montero news releases related to the Isabella Gold Project dated August 5, 2020 and October 20, 2020.

On December 23, 2020 Montero commenced its maiden drill program at the Isabella Gold Silver Project to test 4 priority gold silver vein target zones and geophysical target in the sediments. The Company is staking additional ground that may be tested on subsequent drill programs.

Qualified Person's StatementThis press release was reviewed and approved 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. A review was also undertaken by Sr. Marcial Vergara B.Sc. who is resident of Chile and a Qualified Person for the purpose of National Instrument 43-101 and a technical advisor to Montero. Mr. Vergara has visited the property and reviewed previous sampling techniques and analysis and supervised Montero sample collection and analyses. Sr. Vergara has extensive experience in gold exploration in Chile.

About MonteroMontero is a junior exploration company focused on advancing the Isabella Gold Silver Project in Chile. The Company is in the process of relinquishing its portfolio of battery metal projects in Africa with a focus on gold opportunities in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 38,547,485 shares outstanding.

For more information, contact:Montero Mining and Exploration Ltd. Dr. Tony Harwood, President and Chief Executive OfficerE-mail: ir@monteromining.com        Tel: +1 416 840 9197 | Fax: +1 866 688 4671 www.monteromining.com

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. 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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.