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| | Thu Jun 24, 2010
Corporate Update
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| | CALGARY, ALBERTA - Montello Resources Ltd (TSX Venture Exchange: MEO) is pleased to provide the following update.
Montello advises that further to Montello's corporate update disseminated April 13, 2010, while the audit of the consolidated annual audited financial statements is in the final stages, the process is not as yet complete. The audit being conducted by The Saturna Group is expected to be completed this week.
Upon completion and filing of the annual audited financial statements, annual management's discussion and analysis for the year ended July 31, 2009, Montello will be prepared to file its now outstanding interim (quarterly) financial statements and management discussion and analysis for the periods ended October 31, 2009, January 31, 2010 and April 30, 2010. The required interim reports were due to be filed 60 days after the end of the period, but the interim filings have been pushed forward due to the 2009 annual financial statement filing deficiency. The procedure is moving as expeditiously as possible but until both the annual reporting requirements and the interim reporting requirements are filed and accepted, the cease trade order ("CTO") issued by the Alberta Securities Commission ("ASC") on 29 January 2010 will remain in effect.
Upon revocation of the cease trade order by the ASC, Montello is then allowed to apply for reinstatement of trading to the TSX Venture Exchange ("TSX-V"), which as a result of the ASC cease trade order, halted trading in Montello's common shares on 29 January, 2010. The process of seeking reinstatement by the TSX-V will begin as soon as possible but the timing as to actual reinstatement is at the discretion of the TSX-V. Consequently, Montello is unable at this time to make a definite determination as to when Montello shares will resume trading. All efforts will of course be made to expedite the trading reinstatement process so that the quest to generate sustainable capital gains for investors can be resumed.
OPERATIONAL UPDATE
Tennessee
Montello is pleased to announce that it is close to finalizing a farm out of some of its Tennessee properties that will result in at least 2 wells being drilled on Montello's lands. The company will also be selling various oilfield equipment to the new operator.
Pincher Creek
The company has new information pertaining to the operation of the 1-11 well and the status of the pipeline. Pennine was unsuccessful in its application for the pipeline extension; in turn, a new license will be applied for. The company will advise its shareholders of any new developments as soon as it has information.
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 . 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
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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