Montello Resources under general cease trade order

2010-02-01 13:36 ET - News Release

Mr. Peter Brown reports

MONTELLO RESOURCES LTD. ANNOUNCES CEASE TRADE ORDER

On Jan. 29, 2010, the Alberta Securities Commission issued a general cease trade order against Montello Resources Ltd. for failure to file its audited financial statements, management's discussion and analysis, and related chief executive officer and chief financial officer certifications, for the year ended July 31, 2009, and its interim unaudited financial statements, interim management's discussion and analysis, and related CEO and CFO certifications, for the three-month period ended Oct. 31, 2009.

Montello had been subject to a voluntary management cease trade order (MCTO) issued by the Alberta Securities Commission on Dec. 1, 2009, related to the delay in its filing of the annual disclosure, which was set to expire on Jan. 29, 2010. The company, after lengthy discussions with its auditors, confirmed with the ASC that the required filings would not be ready prior to the expiry of the MCTO. As a result, the company's securities will be suspended from trading on the TSX Venture Exchange until such time as the cease trade order has been revoked and the company meets TSX Venture Exchange requirements in relation to reinstatement of trading, including meeting tier maintenance requirements.

The company is actively working with its auditors to finalize the required filings, which the company expects to be completed by the end of February.

We seek Safe Harbor.