Montero eyes phosphate deposits offshore South Africa

A completed initial review of extensive sedimentary phosphate deposits 30 km offshore Saldanha Bay, in South Africa, has been positive, warranting further investigation, TSX-listed Montero Mining and Exploration said on Tuesday. Montero and funding partner Ovation Capital had until March 10 to complete a due diligence on the Greenflash project, after which the parties could elect to immediately earn a 49% interest by committing to complete a resource estimate, which may then increase to a 75% interest by completing a feasibility study.