BAsed on this -maybe DeBeers just missed. This is basically saying that ALR has four kims -if you consider that MEO is batting 100% these days. JP
MONTELLO/ABSOLUT ENTER INTO PROPERTY JOINT VENTURE IN ALBERTA
Absolut Resources Corp. (ALR-ASE) (“Absolut”) is pleased to announce that an
option agreement has been entered into with Montello Resources Ltd. (MEO-ASE)
(“Montello”) whereby Montello has the right to acquire up to a 51% undivided
interest in the 92,160 acre Jackpine Creek Property in the Buffalo Hills area
of northwestern Alberta. The claims lie within the central part of the
Buffalo
Head Craton, 60 km west of the Ashton Minerals diamond bearing kimberlites.
The terms of the agreement state that Montello can earn a 25% interest on or
before December 1, 1999 by paying to Absolut a total cash consideration of
$100,000, the issuance of 150,000 shares of Montello and entering into a work
program consisting of ground geophysics, on a minimum of four targets, and the
drilling and evaluation of a minimum of four targets. Montello will also
grant
Absolut a 2% NSR which may be bought out in whole or in part for $1,000,000
per
point. Upon vesting of its 25% interest, Montello may earn an additional 26%
(cumulative 51%) in increments, by committing to additional work commitments
totalling $4,000,000, additional cash payments of $450,000 and the issuance of
an additional 400,000 shares by December 1, 2003.
Montello has completed re-processing and interpretation of the existing,
detailed aeromagnetics/electromagnetics over the property in order to identify
possible kimberlite intrusions. A ground follow-up geophysics crew will be
mobilised next week (Tuesday, March2, 1999) in order to confirm these targets
for drilling. A review of indicator mineralogy is also ongoing by Montello's
consultants, with initial results considered encouraging. The first phase of
drilling will be completed before spring break-up, as permits have already
been
applied for.
ON BEHALF OF THE BOARD OF DIRECTORS
MONTELLO RESOURCES LTD.
Per: PATRICK POWER, President
ABSOLUT RESOURCES CORP.
Per: EDWARD A. SCHILLER, Vice-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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