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| | Mon Feb 1, 2010
Montello Resources Ltd. Announces Cease Trade Order
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| | Calgary, Alberta, 1 February 2010 - Montello Resources Ltd. (TSXV: MEO) ("Montello" or the "Company") Montello announces that on January 29, 2010, the Alberta Securities Commission ("ASC") issued a general cease trade order ("Cease Trade Order") against the Company for failure to file its audited financial statements, management's discussion and analysis, and related CEO and CFO certifications for the year ended July 31, 2009 (the "Annual Disclosure") and its interim unaudited financial statements, interim management's discussion and analysis, and related CEO and CFO certifications for the three month period ended October 31, 2009 (together with the Annual Disclosure, the "Required Filings").
Montello had been subject to a voluntary management cease trade order issued by the Alberta Securities Commission (the "ASC") on December 1, 2009 related to the delay in its filing of the Annual Disclosure (the "MCTO") which was set to expire on January 29, 2010. The Company reports that after lengthy discussions with its auditors, it confirmed with the ASC that the Required Filings would not be ready prior to the expiry of the MCTO. As a result, the Company's securities will be suspended from trading on the TSX Venture Exchange until such time as the Cease Trade Order has been revoked and the Company meets TSX Venture Exchange requirements in relation to reinstatement of trading, including meeting Tier Maintenance Requirements.
The Company is actively working with its auditors to finalize the Required Filings, which the Company expects to be completed by the end of February.
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 Corporate Communications' 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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