🕐08.12.10 - 22:27 Uhr

Montello options up to 10% of Pincher Creek



======================================================================= Montello options up to 10% of Pincher Creek ======================================================================= CALGARY, ALBERTA - Montello Resources Ltd (TSX Venture Exchange: MEO) is pleased to announce that the Company has entered into an option agreement to sell up to a 10% working interest in its Pincher Creek property to the future operator. Consideration for the initial sale of a 5% working interest is $260,000, payable $185,000 in cash and up to $75,000 in costs related to Montellos full portion of future pipeline and surface facilities required to put the well into production, carried by the purchaser.

A non-refundable deposit of $13,000 has already been received and $172,000 is due and payable by December 31, 2010. An option to purchase a further 5% working interest for $260,000 will be granted on January 1, 2011 subject to closure of the initial 5%.

The second option requires a non-refundable deposit of $15,000, with the balance of $245,000 payable on or before February 28, 2011.

The Company expects to issue a Corporate Update on its year-end audit, reinstatement and other matters in the next few days.

Montello appreciates the patience shown by its shareholders during this period.
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 .

Prospective and current shareholders are invited to join the companys 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 Managements 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, Canadas 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 managements 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 Companys interim and annual financial statements and managements 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. ======================================================================= Copyright (c) 2010 MONTELLO RESOURCES LTD.

(MEO) All rights reserved.

For more information visit our website at http://www.montello.com/ or send mailto: =======================================================================



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