🕐07.07.11 - 18:27 Uhr
MONTELLO PROVIDES FURTHER REINSTATEMENT UPDATE
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Re: News Releases - Thursday, July 07, 2011
Montello Provides Further Reinstatement Update
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CALGARY, ALBERTA - Montello is pleased to update its shareholders on
the progress since its last news release of April 27, 2011 where the
Company disclosed that it was in discussions with several financially
strong groups interested in becoming a strategic partner with Montello.
Strategic partner
Montello has identified a party that is interested in making a
significant strategic investment in the Pincher Creek field including
acquiring majority ownership and taking on operatorship.
In order to
accomplish this, the interested party must complete transactions with
other partners in the Pincher Creek field.
Montello has not completed
a definitive agreement for its portion, but when that occurs, the
Company will announce the transaction along with the material terms.
Montello is looking forward to completing this transaction, because not
only will it allow the Company to begin the re-instatement process, but
it will also bring the Pincher Creek well into production and
accelerate further joint development in the field.
Reinstatement Update
The Company is current with its continuous disclosure, having filed its
April 30, 2011 Q3 interim financial statements, MDA and officer
certifications.
Annual sustaining fees have been paid in full and the
Company is in good standing with its transfer agent.
A pre-filing
conference with the TSX Venture Exchange has taken place setting out
the steps required for re-instatement for trading.
Having completed this conference, the company is now in a position to
submit its revocation application which includes, among other things,
putting forward a business plan and setting a date for the companys
Annual General Meeting (AGM).
Since the AGM has not been held within
the prescribed time, the company is required to petition the court for
an extension.
Management has begun the process of petitioning the
court and will complete this step in conjunction with the finalization
of its business plan, the main component of which is the transaction
with a strategic partner.
Management is extremely anxious to move forward with its AGM and the
re-instatement process, but must first have a business plan and funding
plan in place before doing so.
That business plan and funding plan are
contingent upon the successful completion of a definitive agreement
with a new strategic partner estimated to be completed in the next 30
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
.
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) 2011 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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