The transfer agent confirmed via telephone May 20th, 2009 shares outstanding for the 6 quarters immediately below:

April 30, 2009	199,425,406	January 30, 2009	191,525,406
October 31, 2008	191,525,406	July 31, 2008	189,637,686
April 30, 2008	189,637,686	January 31, 2008	188,076,686

OUTSTANDING SHARE DATA for 4^th Quarter Fiscal 2008 Year Ended July 31, 2008

Changes in issued common shares during the year ended July 31, 2008 was as follows:

• The Company completed a private placement of 8,202,166 units at $0.18 per unit for gross proceeds of $1,476,390. The units consisted of one common share and one share purchase warrant exercisable at $0.30 per share. The Company issued 8,202,166 warrants in connection with this private placement for a fair value of $426,513. 820,217 number of warrants were issued to brokers.

• The Company issued 480,000 units pursuant to a flow through arrangement at $0.13 per unit for gross proceeds of $62,400.

• 12,928,780 units of common shares were issued by the Company on exercise of share purchase warrants at various prices ranging from $0.11

• The Company issued 13,999,855 common shares on exercise of stock options at various prices ranging from $0.10 to $0.11 for total cash proceeds of $1,617,717. The fair value assigned to these options exercised of $0.155 has been transferred to share capital from contributed surplus. to $0.20 per share for total proceeds of $1,625,206. The fair value assigned to these warrants exercised of $538,301 has been transferred to share capital.

• The Company has a stock option plan for the benefit of directors, officers, employees and consultants administered by the Board of Directors, in which up to 10% of the issued and outstanding common shares are reserved for issuance. All share options granted vest immediately. (*All were cancelled in the fiscal 2009 year and cannot be issued for one year from that date(s) in accordance with TSX Venture Exchange Regulations*)

• A summary of the status of the stock option plan as of July 31, 2008 and changes during the year then ended is presented below:
  
  The following table summarizes information about options outstanding at July 31, 2008:
  
  

  Number of Shares		Exercise Price	Expiry Date
  150,000		$0.135	March 10, 2012
  11,500		$0.11	April 19, 2012
  1,600,000		$0.14	September 6, 2012
  2,150,000		$0.155	October 2, 2012
  1,000,000		$0.21	October 30, 2012
  1,000,000		$0.10	March 4, 2013
  2,600,000		$0.10	May 28, 2013
  4,275,000		$0.10	June 1, 2013
  3,500,000		$0.10	June 8, 2013
  16,286,500

• Share purchase warrants outstanding
  
  A summary of the status of Warrants issued and outstanding at July 31, 2008 and changes during the year then ended, is presented below:
  
  The Company has the following share common share purchase warrants outstanding at July 31, 2008:
  
  

  Number of Warrants		Average Exercise Price	Expiry Date
  Balance, July 31, 2007	30,921,658	$0.11-$0.20	September 15, 2007 to December 13, 2008
  Exercised	(750,000)	$0.20	November 18,2007
  Exercised	(7,914,209)	$0.11	September 30, 2008
  Exercised	(903,571)	$0.20	March 21, 2008
  Exercised	(3,261,000)	$0.13	December 13, 2008
  Granted	9,022,383	$0.30	October 18,2008
  Expired	(2,039,565)	$0.20	September 15, 2007
  Expired	(1,078,884)	$0.20	November 18, 2007
  Expired	(5,515,429)	$0.20	March 21, 2008
  Expired	(330,000)	$0.13	May 29, 2008
  Balance, July 31, 2008	18,151,383	$0.21

• The Company has the following share common share purchase warrants outstanding at July 31, 2008:
  
  

  Number of Warrants	Exercise Price	Value $	Expiry Date
  9,129,000	$0.13	447,321	December 13, 2008
  9,022,383	$0.30	469,164	October 18, 2008
  18,151,383		916,485

The transfer agent has confirmed that on November 30, 2007, there were 175,933,353 shares outstanding per the various dates below are:

October 31, 2007	174,957,993	October 31, 2006	113,327,552
July 31, 2007	142,363,552	July 31, 2006	103,438,343
April 30, 2007	142,363,552	April 30, 2006	101,238,343
January 31, 2007	142,363,552

OUTSTANDING SHARE DATA for 4^th Quarter Fiscal 2007 Year Ended July 31, 2007

The Company's authorized share capital consists of unlimited common shares without par value. The Company has only one kind and class of shares and there are no unusual rights or restrictions attached to that class. As at July 31, 2007, the Company had a total of 142,363,552 common shares issued and outstanding (2006 - 103,438,353).

As of November 30, 2007, the Company had a total of 175,933,353 common shares issued and outstanding. As at November 30, 2007, the Company issued 11,449,855 common shares for the exercises of options with proceeds $1,249,006.71; the Company issued 12,417,780 common shares for the exercise of warrants with proceeds of $1,577,027.19 and on October 19, 2007 the Company by way of private placement issued 8,202,166 common shares at 18 cents per share with an attached share purchase warrant at 30 cents exercisable for one year for proceeds of $1,476,389.88 less share acquisition costs (finders fees).

Disclaimer: Data regarding Montello's Capital Structure (common shares outstanding, warrants, options) is gathered from sources deemed to be reliable. It cannot be guaranteed for accuracy as to whether it is current and up to date. The exercise or issuance of warrants or options from time to time will alter the totals, so the Company therefore provides the above data only as an indicator. Please refer to News Releases and Reports posted on www.sedar.com to help you ascertain its accuracy.