Montello Resources Ltd.

Montello Resources Ltd.

April 23, 2007 22:55 ET

Drilling Funds in Place for Morgan Highpoint #1 Well Tyrkalo to Concentrate on Morgan Highpoint Project as President of Montello Resources USA Ltd.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) - Montello Resources Ltd. (TSX VENTURE:MEO) is pleased to announce that we have received US $2.4 Million from Austin Developments Ltd. (TSX VENTURE:AUL), for the Morgan Highpoint Project. Funds are in place to commence drilling on a 50-50 basis.

In a strategic move to expedite the completion of the pre-drill portion of the Morgan Highpoint Project, and in anticipation of expected increase in day-to-day operational duties, Dwayne Trykalo, President, C.O.O. and Director of Montello Resources Ltd. (the "Public Parent") is stepping down to focus solely as President of Montello's wholly owned operating subsidiary company, Montello Resources USA Ltd. effective immediately.

Mr. Tyrkalo states, "The time is right for me to focus 100% solely on the commencement of our planned drilling program at Morgan Highpoint. I am excited about the bigger potential picture that lies ahead in Tennessee. In my new capacity, I will report directly to the Executive and Board of Directors of the Public Parent, and be accountable for expediting a more aggressive timetable in the U.S."

The Board of Directors has elected Mr. Bill Cawker to the role of President of Montello Resources Ltd. in addition to his current duties. Mr. Randy Marshall, V.P. of Operations, Production, and Engineering, assumes the duties of C.O.O.


Bill Cawker - CEO and Chairman

Montello Resources (TSX VENTURE:MEO) trades on the TSX Venture Exchange. For further information please review our web site at . Interested parties please contact Larry Myles (604) 408-7600 if you wish to be on our mailing list.

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

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