| ||Fri Dec 22, 2006|
Montello Resources Update
| ||MONTELLO RESOURCES LTD. ("Montello") (TSX Venture: MEO) is pleased to announce that it has closed its previously announced private placement of 6,419,000 units (the "Units") at $0.14 per Unit for gross proceeds of $898,600 Each Unit consists of one common share issued on a "flow-through" basis under the Income Tax Act (Canada) and one warrant (the "Warrant"), with each Warrant exercisable into one non-flow through Common Share at a price of $0.20 for a period of 15 months from the date of issuance. The common shares issued pursuant to the private placement will be subject to a four-month hold period expiring April 23, 2007.|
The proceeds from the Private Placement will be used to drill on the Company's Northwestern Alberta Properties.
MONTELLO RESOURCES LTD. (the "Company") also announces that it has granted 3,630,621 incentive stock options to directors, officers, and consultants at an exercise price of $0.11 per share until December 21, 2011, subject to the approval of the TSX Venture Exchange.
For further information please visit the Montello Resources website at www.montello.com and contact Chief Executive Officer Bill Cawker weekdays at email@example.com and/or Larry Myles weekdays at (604) 408-7600 from 7:30 am - 3:30 pm PST firstname.lastname@example.org.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill Cawker - CEO Chairman
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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