Result of Creditors Meeting
             



RESULT OF SECOND CREDITORS MEETING



The second meeting of creditors of Monto Minerals Ltd (Company) and
its subsidiary companies: Monto Resources Pty Ltd and Eulogie
Resources Pty Ltd was held at Monto Town Hall, 51 Newton Street,
Monto QLD on 16 December 2008 at 10:00AM. The creditors resolved to
accept the proposed "Deed of Company Arrangement". The Deed will be
executed within 15 business days from 16 December 2008.


At the meeting a number of resolutions were passed giving effect to:
(a)  the Company, Monto Resources Pty Ltd and Eulogie Resources Pty
Ltd entering into a Deed of Company Arrangement ("DOCA") with Ian
Hall and David McEvoy of PricewaterhouseCoopers to be appointed Deed
Administrators; and
(b)  the offer made by Belmont Park Investments Pty Ltd ("BPI") and
Panorama Ridge Pty Ltd  ("Panorama") as secured creditors of the
Company ("Offer").
.

The relevant terms of the Offer are as follows:

*                BPI and Panorama will forgive the secured debt in
  the sum of $12 million;
*                the shares in Monto Resources will be transferred to
  BPI and Panorama (on satisfaction of certain conditions precedent);
*                BPI and Panorama will replace existing bank
  guarantees in the sum of $1.1M with these monies made available to
  the unsecured creditors;
*                the listed shell of the Company will not form part
  of the Offer and any proceeds from any recapitalisation of that
  shell will be available to the unsecured creditors;
*                the loan between the Company and Monto Resources is
  to be forgiven (by way of capitalisation);
*                the funds available to unsecured creditors will be
  placed in the Company and distributed in accordance with the terms
  of the Minerals Deed;
*                the unsecured creditors of the Company and Monto
  Minerals are to be "pooled" to allow those unsecured creditors to
  claim against the funds remaining in Monto Minerals;
*                following the execution of any DOCA, the Company
  will pay BPI and Panorama the balance of their secured debt (after
  allowing for the forgiveness of $12 million).

The DOCA process and timing is as follows:
*                following execution of the DOCAs a number of
  pre-conditions will have to be met before Completion including:
-        the signing of formal sale documents with BPI and Panorama
in relation to the Offer
-        the replacement of the Security Deposits
-        the capitalisation of the inter-company debt between Monto
Resources and the Company
*                the completion of the sale of the shares in Monto
  Resources is anticipated to occur by March 2009 (depending on
  satisfaction of the pre-conditions)
*                Following completion and pursuant to the Monto
  Minerals DOCA:
-        the claims of creditors will be assessed pursuant to that
DOCA (likely April 2009)
-        the Deed Administrators of Monto Minerals will seek to
finalise the recapitalisation of the listed shell (likely March 2009)
-        there will be a distribution to employees before other
creditors (likely April 2009)
-        there may be an interim distribution following the
assessment of the claims of creditors
*                Final distributions are likely to occur by June of
  2009.


Subject to receiving an offer on the shell of Monto Minerals Ltd, a
meeting of Company shareholders will be called in the next 6 months
to examine the options of the shareholders including recapitalisation
of the corporate shell.

For further information please contact
Ian Hall, PricewaterhouseCoopers,+61 7 3257 5000
Richard Brown, Ambrian Partners Limited - +44 (0) 20 7634 4700

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