Montello Files July 2010 Annual Filings

- Montello Resources Ltd (TSX Venture Exchange: MEO) is

pleased to announce that is has filed its annual filings for the year ended July 31, 2010.

The Annual Financial Statements, Annual Management Discussion and Analysis and

Officer Certifications were filed on SEDAR today.

Please be advised that the offices for Montello will be closed over the holidays and will

re-open January 4, 2011. During the first week in January 2011, Montello expects to file

its Interim Financial Statements and Management Discussion and Analysis for the three

months ended October 31, 2010.

Immediately thereafter, Montello will be applying to have its cease trade order revoked

by the ASC. Upon revocation, Montello will then apply for reinstatement of trading to the

TSX Venture Exchange (TSX-V), which as a result of the ASC cease trade, halted

trading in Montello’s common chares on January 29, 2010. The process of seeking

reinstatement by the TSX-V will begin as soon as possible; however, the timing as to

actual reinstatement is at the discretion of the TSX-V. Consequently, Montello is unable

at this time to provide a definite determination as to when Montello shares will resume

trading.

Montello appreciates the patience shown by its shareholders during this period.