Montello Resources Ltd.
TSX VENTURE : MEO

Montello Resources Ltd.

December 02, 2006 21:02 ET

ASC Extends Management Cease Trade Order "MCTO" to Montello

CALGARY, ALBERTA--(CCNMatthews - Dec. 2, 2006) - Montello Resources Ltd. ("the Company") (TSX VENTURE:MEO) has filed and the Alberta Securities Commission ("ASC") has accepted from Montello, a Management Cease Trade Order ("MCTO"). The MCTO was requested by Montello because the Company's financial statements will be delayed in filing for approximately one week. Montello's Share will trade at the open Monday morning as usual.

The delay in the filing of the financial statements was caused by increased audit procedures required by our acquisition of Moonshine Resources Ltd. during the year, the change of head office from Vancouver to Calgary, the complete change of Management and the Board of Directors, and a change of accountants by Moonshine. Although the effect of the MCTO is to order a cease in trading by Montello's management, we expect the financial statements to be filed shortly. When the year end filing is submitted to the regulatory authorities, the MCTO will become ineffective upon the earlier of the filing of the financial statements on or before February 1, 2007.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Cawker, CEO Chairman

For further information including detailed 3rd party internet links, previous news releases, and photos, please review our web site at www.montello.com (i.e. "Projects" and "Media Center"). Interested parties should contact Larry Myles lmyles@montello.com at (604) 408-7600 from 7:30 am PST to 3:30 pm PST Weekdays regarding questions as well as to provide updated email and telephone contact information. Our CEO Bill Cawker may also be reached at bcawker@montello.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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