From Sedar:

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MONTELLO RESOURCES LTD.
FORM 51-102F3

MATERIAL CHANGE REPORT

1. Name and Address of Reporting Issuer
Montello Resources Ltd. ("Montello" or the "Company")
Suite 340, 1414 - 8th Street SW
Calgary, AB T2R 1J6
Canada

2. Date of Material Change
January 29, 2010

3. Press Release
A news release was issued on behalf of Montello on 1 February 2009 through the facilities of StockWatch and BayStreet.

4. Summary of Material Change
Following the issuance of cease trade orders by the Alberta Securities Commission and the British Columbia Securities Commission on January 29, 2010 and February 2, 2010, respectively, trading in Montello's common shares on the TSX Venture Exchange was suspended.

5. Full Description of Material Change
On January 29, 2010 and February 2, 2010, the Alberta Securities Commission (the "ASC") and the British Columbia Securities Commission (the "BCSC"), respectively, issued general cease trade orders against Montello as a result of the Company's delay in filing its audited financial statements for the financial year ended July 31, 2009, the related management's discussion and analysis and related CEO and CFO certifications (collectively, the "Annual Filings") as well as its interim unaudited financial statements, management's discussion and analysis, and related CEO and CFO certifications for the three month period ended October 31, 2009 (together with Annual Fillings, the "Required Disclosure"). Prior to the issuance of the general cease trade orders, Montello had applied for and received voluntary management cease trade orders issued by the ASC and the BCSC on December 1, 2009 and December 2, 2009, respectively, which were set to expire on January 29, 2010 (the "MCTOs"). Following lengthy discussions with its auditors, however, on January 28, 2010 Montello confirmed with the ASC that the Required Disclosure would not be ready prior to the expiry of the MCTOs. As a result, all trading in or purchasing, directly or indirectly, of the Company's securities was stopped and trading in Montello's common shares on the TSX Venture Exchange was suspended until such time as the cease trade orders are revoked or varied and the Company meets TSX Venture Exchange requirements in relation to reinstatement of trading.

6. Reliance on Confidentiality Provisions of the Acts
Not applicable.
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7. Omitted Information
Not applicable.

8. Executive Officer
Dennis Petke, Chief Financial Officer of Montello may be reached at 604-839-3722.

9. Date of Report
February 8, 2010.