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| | Thu Dec 31, 2009
Montello Resources Ltd. - Third Default Status Report
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| | Calgary, Alberta , 31 December 2009 - Montello Resources Ltd. (TSXV: MEO) ("Montello" or the "Company") Montello provides its third bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, pursuant to which Montello announced that the filing of its annual financial statements, management's discussion and analysis, and related CEO and CFO certifications for the year ended July 31, 2009 (the "Required Disclosure"), would be delayed beyond the filing deadline of November 30, 2009. Montello reports that since issuing the original Default Announcement on November 19, 2009, there has not been any material changes to the information contained therein; nor any failure by Montello to fulfill its intentions as stated therein. Further, there has been no additional material changes respecting Montello and its affairs that have not been previously publicly disclosed.
As a result of circumstances reasonably linked to the Company's delay in filing the Required Disclosure, in addition to the default to which this Default Status Report relates, the Company did not meet the deadline for filing its interim unaudited financial statements, management's discussion and analysis, and related CEO and CFO certifications for the three month period ended October 31, 2009 (collectively, the "Interim Filings"). As a result of the Company's delay in preparing the Required Disclosure, the Interim Filings could not be properly completed in accordance with Canadian securities law and regulation. Under the securities laws of the provinces in which Montello is a reporting issuer, these materials were to be filed by December 30, 2009.
By way of press release dated November 19, 2009, Montello announced the delay in the preparation and filing of the Required Disclosure. Montello intends to file its next Default Status Report on Monday, January 14, 2010.
ON BEHALF OF THE BOARD OF DIRECTORS
"Peter C. Brown"
Peter C .Brown
President-CEO-Chairman
For further information about this announcement and about Montello, please contact Investor Relations' Greg Tweed at info@montello.com and/or 604-307-9704. Prospective and current shareholders are invited to join the company's official investment forum at www.pinnacledigest.com/company/meo:ca The online forum allows for investor controlled discussion, questions, third party reports and articles, as well as feedback. Please go to www.sedar.com for a detailed list of all filings. Visit www.montello.com for ongoing updates & have your name included on our mailing list.
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.
About Montello: Montello Resources Ltd. (TSX-V: MEO), is a Calgary based, publicly traded company listed on the TSX Venture Exchange in Canada. Management's goal is to pursue opportunities for high impact oil and gas exploration and recompletion projects in the Appalachian Basin in Tennessee as well as search for potential high impact exploration drilling opportunities back home in the Province of Alberta, Canada's oil and gas heartland.
Forward-Looking Information: This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). These forward-looking statements are made as of the date of this document and Montello Resources Ltd. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation.
Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. |
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