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Gold/Mining/Energy : Montello Resources

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To: Bob Basil who wrote (3578)	9/23/1999 4:26:00 PM
From: JP	Read Replies (1) of 4256

MONTELLO RESOURCES LTD ("MEO-Y") - Completion of Private Placement and Other Update Patrick Power, President of Montello Resources Ltd. "Montello" wishes to take this opportunity to update the Company 's shareholders. Montello has completed the first closing of the Private Placement announced July 6th, 1999 and has forwarded U.S.$150,000 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 us 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 our news release dated April 16, 1999, Montello together with our joint venture partner Kennecott Canada Exploration Inc. "Kennecott" (Kennecott 60% Montello 40%) has commenced an extensive geochemical diamond indicator mineral sampling program in the Province of Manitoba. Kennecotts 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 macro diamonds (.5 millimetre or greater) were discovered in any of the 7 pipes. Kennecott has completed micro diamond analysis on three kimberlites with the Legend kimberlite producing two micro diamonds (largest dimension being less than .5 millimetres) and the remaining two pipes have yielded zero diamonds. We anticipate 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 the province of Alberta. Montello will provide extensive geophysical data collected from properties totalling over 4 million acres. This data will be re-interpreted for Oil and Gas potential. Montello has compiled this collection of high resolution data over the past several years during numerous mineral exploration surveys. TEL: (604) 689-1799 Montello Resources Ltd. FAX: (604) 689-8199 EMAIL: ppower@montello.com INET : www.montello.com ______________________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.

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