🕐08.12.10 - 22:27 Uhr
Montello options up to 10% of Pincher Creek
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Montello options up to 10% of Pincher Creek
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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.
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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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