News Release
montello.com
Montello financing; net-locate demos; diamond exploration
Montello Resources Ltd MEO
Shares issued 38,348,269 1999-09-22 close $0.15
Thursday Sep 23 1999
Mr. Patrick Power reports
Montello has completed the first closing of the private placement announced by Stockwatch July 6,
1999, and has forwarded $150,000 (U.S.) to AVL Information Systems Inc.
Net-locate has successfully conducted several demonstrations of the net-locate.com vehicle
monitoring system. The current system has proven to be extremely accurate in pinpointing not only
vehicle location, speed and direction, but also interfaces well with a user friendly Web site
www.net-locate.com. The positive input we have received from the commercial fleet management
sector has motivated net-locate to make some innovative new enhancements to the net-locate
system and has prompted Montello to introduce the technology to several new prospective
end-users. The net-locate.com Web site will be enhanced to accommodate the demand from these
new sectors.
Further to the news release in Stockwatch April 16, 1999, Montello, together with its joint venture
partner Kennecott Canada Exploration Inc. (Kennecott 60/Montello 40) has commenced an
extensive geochemical diamond indicator mineral sampling program in Manitoba. Kennecott's crews
have been on the ground for approximately three weeks.
Kennecott has completed the first phase of caustic fusion on the kimberlites which were discovered
last year on the Legend property, Northern Alberta. No macrodiamonds (.5 millimetre or greater)
were discovered in any of the seven pipes. Kennecott has completed microdiamond analysis on
three kimberlites with the Legend kimberlite producing two microdiamonds (largest dimension being
less than .5 millimetres) and the remaining two pipes have yielded zero diamonds. Montello
anticipates final caustic fusion results on the remaining kimberlites to be completed within the next
several weeks.
Montello has also reached an agreement to enter into a separate joint venture with two private
companies, Panther Enterprises Inc. and Intrepid Geophysics Ltd., to conduct oil and gas
exploration in Alberta. Montello will provide extensive geophysical data collected from properties
totalling over four million acres. This data will be reinterpreted for oil and gas potential. Montello has
compiled this collection of high-resolution data over the past several years during numerous
exploration surveys. |
