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Gold/Mining/Energy : Montello Resources
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To: philip trigiani who wrote (2083)4/6/1998 10:40:00 AM
From: junnie  Read Replies (1) of 4256
 
Montello Resources Ltd.

April 6, 1998

In January and February 1997, the company acquired by staking approximately 4,000,000 acres of mineral exploration permits in the Buffalo Hills area of Alberta. These are in the area of the Ashton Mining/Pure Gold propery on which Ashton has announced the presence of diamondiferous kimberlite pipes.

In May, the company and Redwood Resources entered into an agreement for a private placement and option and subsequent joint venturer on certain of the company's properties in the Buffalo Hills area. Redwood has advance the payment of $1,500,000 due on January 1 pursuant to the option agreement.

In January, the company and Redwood commenced the 1998 winter drill program on 18 geophysical anomalies in the southeast block. After the completion of seven drill holes, none of which were successful in finding kimberlite, the company decided to halt the drill program and re-assess its available data and continue the accumulation of new data. The company will resume drilling after spring breakup.
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