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Gold/Mining/Energy : Montello Resources

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To: JP who wrote (2911)	11/30/1998 4:06:00 PM
From: JP	of 4256

MONTELLO RESOURCES LTD.Suite 1473, Three Bentall Centre595 Burrard StreetVancouver, British Columbia V7X 1C4 Tel: (604) 689-1799 Toll Free: 1-800-268-2636Fax: (604) 689-8199 Website: www.montello.comE-mail: ppower@montello.com ASE SYMBOL: MEO.YU.S. 12g #82-1812 REDWOOD RESOURCES LTD.36 - 4701 Pleasant Valley RoadVernon, British ColumbiaV1T 4M7 Tel: (250) 545-9186Fax: (250) 545-9187 Website: www.redwood.ab.ca*E-mail: redwood_resourcesltd@bc.sympatico.ca ASE SYMBOL: RDW.Y November 30, 1998 KIMBERLITES INTERSECTED. TWO ADDITIONAL PIPES. Montello Resources Ltd. (“Montello”) and Redwood Resources Ltd. (“Redwood”) are pleased to announce that they have received the following report from Kennecott Canada Exploration Inc. (“Kennecott”) today. The following is a verbatim copy of that report made by Mr. Buddy Doyle, Exploration Manager North American Diamonds: “Kennecott would like to report that the 1998 drilling program has been completed. Two new kimberlites were intercepted, Xena and Legend. Encouragingly the last three kimberlites are under much shallower till cover and they will be easier to test if they return good caustic fusion results. TABLE 1 1=Target/Kimberlite 2=Kimberlite Intercept (metres) 3=Chemistry 4Êustic Fusion 1=Phoenix 2 2.5 3=Olivine/Ilmenite 4=5 diamonds/380kg 1=Roc 2 0.42 3=Olivine/Ilmenite 4=Results expected mid-January 1999 1=Dragon 2 1.9 3=Olivine/Ilmenite plus CPX 4=Results expected mid-January 1999 1=Wyvern 2=N/A 3=N/A 4=N/A 1=Valkyrie 2 9.2 3=Results expected mid-January 1999 4=Results expected mid-January 1999 1=Pegasus 2ƒ 3=Results expected mid-January 1999 4=Results expected mid-January 1999 1=Xena 2? 3=Results expected mid-January 1999 4=Results expected mid-January 1999 1=Legend 2 .2 3=Results expected mid-January 1999 4=Results expected mid-January 1999 The 1998 program was successful in intersecting kimberlite in seven of the eight targets tested. There are many more geophysical anomalies of similar tenure that will require testing in 1999. The current plan is to begin follow-up geophysics in January and begin drilling at the same time. The complete caustic fusion results for the 1998 discoveries should be available at this time as well. The strategy is still to obtain a large inventory of separate kimberlite intercepts. The more kimberlite intercepted will increase our chances of an economic discovery and will help us understand this kimberlite field.” ON BEHALF OF THE BOARD OF DIRECTORS MONTELLO RESOURCES LTD. Per: “Patrick Power” PATRICK POWER, President REDWOOD RESOURCES LTD. Per: “Gary Korzenowski” GARY KORZENOWSKI, President The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. MONTELLO RESOURCES LTD. Suite 1473 - 595 Burrard Street P.O. Box 49057 - Three Bentall Centre Vancouver, B.C. Canada V7X 1C4 Tel: (604) 689-1799 Fax: (604) 689-8199 Toll Free: 1-800-268-2636 E-mail: ppower@montello.com Website: <http://www.montello.com>http://www.montello.com

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