CALGARY, ALBERTA, November 19, 2009 - Montello Resources Ltd (TSX Venture Exchange Symbol "MEO") today announces that the filing of its audited annual financial statements, management's discussion and analysis, and related CEO and CFO certifications for the financial year ended July 31, 2009 (the "Required Filings"), will be delayed beyond the filing deadline of November 30, 2009. Montello has been advised that additional time will be required to complete the preparation of its annual financial statements due to the Company's vigorous and wholesale review and re-design of its financial reporting and internal control procedures, including the appointment of a new CFO. The company-wide transformation follows an extensive review by management of the Company's historical approach to its financial reporting and disclosure procedures. The review was undertaken to build on the momentum achieved after the resumption in trading of the Company's securities on the TSX-V following the revocation of a cease trade order issued against the Company by the Alberta Securities Commission in April of 2009. The Company has acted aggressively to identify, isolate and correct prior inefficiencies and expects to be in a position to file the annual disclosure within 60 days of the filing deadline. Additionally, the Company has engaged a new independent auditor to assist with the preparation of the Required Filings.

Montello currently plans to remedy the default and file the Required Filings as soon as it is able to do so. Montello also intends to satisfy the provisions of the alternate information guidelines of section 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") as long as it is in default of the filing requirements. These provisions require Montello to file a bi-weekly default status report in the form of news releases containing any material changes to the information in this release; all actions taken by Montello to remedy the default; particulars of any failure by Montello to fulfill these provisions; any subsequent defaults of Montello requiring a default announcement; and any other material information concerning the affairs of Montello not previously disclosed. Montello intends to issue the first default status report on December 3, 2009.

This default announcement is made under section 4.3 of National Policy 12-203, which came into effect December 15, 2008, and replaces previous policies under which provincial securities commissions could grant extensions to filing deadlines.