Montello Resources Ltd. has acquired a 50% interest in a 742,000 acre
(approx.)
parcel, to be known as the Jackfish Property, that surrounds the Calling Lake
Area of Alberta to the Northeast and South, contiguous with the Buffalo
Diamonds Ltd. claim block. The interest has been acquired from the vendor,
Mr.
Edward Kruchkowski, for payment as follow:
(a) $35,000 upon signing;
(b) $190,000 to be paid as follows:
(i) $13,500 on or before February 12, 1999;
(ii) $13,500 on or before March 12, 1999;
(iii) $13,000 on or before April 12, 1999;
(iv) either $75,000 on or before January 12, 2000, or at the
election of Montello, which election must be made in writing and delivered to
Kruchkowski on or before October1, 1999, $37,500 on or
before October 12, 1999 and $37,500 on or before April 12, 2000; and,
(v) either $75,000 on or before January 12, 2001 or at the
election of Montello, which election must be made in writing and delivered to
Kruchkowski on or before October1, 2000, $37,500 on or
before October 12, 2000 and $37,500 on or before April 12, 2001; and,
(c) 100,000 common shares to be issued to Kruchkowski pursuant to the exercise
of the Option.
A further 10% interest in the Jackfish Property, along with a 50% interest in
over 1 million acres, known as the Tyrell Property, has been acquired from
Everest Mines and Minerals Ltd. for the payment of $50,000 and a $200,000 work
commitment on the properties. The Tyrell Property is in the area of the Chain
Lakes, Alberta. Everest will then hold the remaining 40% of the Jackfish
Property and 50% of the Tyrell Property.
Montello's interests in the properties are as follows: 60% of the Jackfish
Property and 50% in the Tyrell Property.
ON BEHALF OF THE BOARD OF DIRECTORS
MONTELLO RESOURCES LTD.
Per: “Patrick Power”
PATRICK POWER, 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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