CALLING LAKE AND CHAIN LAKES PROPERTY JOINT VENTURED WITH ABADDON
Montello Resources Ltd. (“Montello”) has entered into an option agreement to
sell to Abaddon Resources Inc. (“Abaddon”) 50% of Montello's 60% interest in
the Jackfish (Calling Lake) (60% Montello/40% EVR) and Tyrell (Chain Lakes)
(50% Montello/50% EVR) Properties located in Alberta.
Pursuant to the terms of the agreement, cash payments and a share issuance
will
be made by Abaddon to Montello as follows:
(a) $42,500 and 50,000 shares upon signing;
(b) $6,750 on February 12, 1999;
(c) $6,750 on March 12, 1999;
(d) $6,500 on April 12, 1999;
(e) $37,500 on January 12, 2000; and
(f) $37,500 on January 12, 2001.
The Jackfish Property consists of approximately 742,000 acres and is
located in
the Calling Lake Area. The Tyrell Property consists of approximately 979,000
acres and is located near the Chain Lakes Area situated on the Hearne
Craton in
southern Alberta.
The respective parties' interests in the properties are now as follows:
Jackfish Property (30% MEO/30% ABA/40% EVR) and Tyrell Property (25% MEO/25%
ABA/50% EVR).
ON BEHALF OF THE BOARD OF DIRECTORS
MONTELLO RESOURCES LTD.
Per: 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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