🕐25.05.12 - 19:27 Uhr
MONTELLO ANNOUNCES AN UPDATE ON ITS PINCHER CREEK ASSET
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News Release - Thursday, May 24, 2012
Montello Announces an Update on its Pincher Creek Asset
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CALGARY, ALBERTA - Montello is pleased to provide an update to its
shareholders of its agreement with a private company that will assist
Montello in finally bringing on production in the Pincher Creek area.
This agreement will provide the company with the necessary funds to
participate in follow-up projects in its focus area.
The transaction is expected to close within the next 30 days, subject
to regulatory approval.
This transaction has been delayed due to the
length of time required by third party participants to sign documents
related to the chain of title.
The company is pleased to announce that
these documents have now been submitted to the necessary authorities
and closing can now proceed.
The major delay was due to the work involved and time taken in
confirming the chain of title, specifically for the interest earned by
Montello.
Since many changes have occurred over almost 20 years,
Montellos potential new partners in the Pincher Creek property have
taken much longer than anticipated in unraveling the history of title.
This has led to a delay in the companys ability to submit its business
plan and necessary filings that were due to be filed by February 29,
2012 at the request of the TSXV.
By not meeting this deadline, the
company was placed on the NEX exchange as a result.
Upon the
anticipated completion of this transaction, the company will complete
its filings and submissions to be re-instated for trading.
In addition, Montello is please to announce that the company has been
working on obtaining additional operational capital for the Pincher
Creek asset and will inform its shareholders when this transaction has
been completed.
Montello once again thanks its shareholders for their patience and
support through these difficult times.
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) 2012 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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