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Gold/Mining/Energy : Montello Resources -- Ignore unavailable to you. Want to Upgrade?

To: JP who wrote (3577)	9/23/1999 4:13:00 PM
From: Bob Basil	Read Replies (2) \| Respond to of 4256

News Release montello.com Montello financing; net-locate demos; diamond exploration Montello Resources Ltd MEO Shares issued 38,348,269 1999-09-22 close $0.15 Thursday Sep 23 1999 Mr. Patrick Power reports Montello has completed the first closing of the private placement announced by Stockwatch July 6, 1999, and has forwarded $150,000 (U.S.) to AVL Information Systems Inc. Net-locate has successfully conducted several demonstrations of the net-locate.com vehicle monitoring system. The current system has proven to be extremely accurate in pinpointing not only vehicle location, speed and direction, but also interfaces well with a user friendly Web site www.net-locate.com. The positive input we have received from the commercial fleet management sector has motivated net-locate to make some innovative new enhancements to the net-locate system and has prompted Montello to introduce the technology to several new prospective end-users. The net-locate.com Web site will be enhanced to accommodate the demand from these new sectors. Further to the news release in Stockwatch April 16, 1999, Montello, together with its joint venture partner Kennecott Canada Exploration Inc. (Kennecott 60/Montello 40) has commenced an extensive geochemical diamond indicator mineral sampling program in Manitoba. Kennecott's crews have been on the ground for approximately three weeks. Kennecott has completed the first phase of caustic fusion on the kimberlites which were discovered last year on the Legend property, Northern Alberta. No macrodiamonds (.5 millimetre or greater) were discovered in any of the seven pipes. Kennecott has completed microdiamond analysis on three kimberlites with the Legend kimberlite producing two microdiamonds (largest dimension being less than .5 millimetres) and the remaining two pipes have yielded zero diamonds. Montello anticipates final caustic fusion results on the remaining kimberlites to be completed within the next several weeks. Montello has also reached an agreement to enter into a separate joint venture with two private companies, Panther Enterprises Inc. and Intrepid Geophysics Ltd., to conduct oil and gas exploration in Alberta. Montello will provide extensive geophysical data collected from properties totalling over four million acres. This data will be reinterpreted for oil and gas potential. Montello has compiled this collection of high-resolution data over the past several years during numerous exploration surveys.