acquires mt padbury project

MONTEZUMA ACQUIRES MT PADBURY PROJECT
FROM INDEPENDENCE GROUP NL

• Montezuma to acquire 90% of the Mt. Padbury Project by meeting minimum
expenditure commitments for 2 years. Total expenditure is estimated at $210,000.
• Gold mineralization at the Wood Creek Prospect has been drilled to around 30m
depth over a strike length of approximately 400m.

Mineralization is open to the northwest and southeast. Results to date have highlighted gold values up to 9.2 g/t over a metre. Best results at Wood Creek include:

- WCRB012 - 4m @ 2.95 g/t Au from 3m (incl. 1m @ 9.2 g/t Au)
- WCAC069 - 6m @ 1.95 g/t Au from 28m (incl. 2m @ 3.48 g/t Au)
- WCRB018 - 11m @ 1.36 g/t Au from 8m (incl. 5m @2.06 g/t Au)

• Soil anomaly at Wood Creek extends over 800m X 400m and may extend under cover to the southeast. Multiple holes from the work to date ended in mineralization.
• Project may be prospective for calcrete hosted uranium mineralization. The uranium potential is untested to date.

The Board of Montezuma are pleased to announce that the Company has successfully negotiated an arrangement with Independence Group NL to acquire a 90% interest in the Mt. Padbury Project by meeting minimum expenditure commitments for two years.

Dolphin Resources Pty Ltd will retain a 10% free carried interest. The project lies approximately 100km north of Meekathara and 30km west of the Peak Hill gold mine in Western Australia. The project abuts the eastern boundary of Montezuma’s Robinson Range Uranium JV. The Mt. Padbury Project comprises one exploration licence E52/1529 covering approximately 214 km2.

Previous work over the project has included comprehensive surface geochemical sampling and RAB testing of the resulting gold anomalies at Rudd’s Ridge, Rudd’s Ridge East, Bare Flat and Wood Creek.

The Wood Creek prospect has returned the best results to date, with a surface anomaly extending over 800m X 400m coincident with a northwest trending regional structure. Gold mineralization at Wood Creek has been defined by RAB drilling over a strike length of approximately 400m, open to the southeast and northwest. The mineralized envelope is approximately 200m wide in the central section, suggesting excellent potential for a significant mineralized system.

The Wood Creek Prospect is progressively covered along strike to the southeast by material shedding from the Robinson Ranges, and it is likely that any surface geochemical anomalism is masked in that direction. This means that mineralization could continue beyond the boundary of the current soil anomaly.

RAB Drilling results to date from Wood Creek include:
• WCRB012 4m @ 2.95 g/t Au from 3m (incl. 1m @ 9.2 g/t Au)
• WCAC069 6m @ 1.95 g/t Au from 28m (incl. 2m @ 3.48 g/t Au)
• WCRB014 1m @ 5.11 g/t Au from 8m 5m @ 1.11 g/t Au from 11m
• WCRB018 11m @ 1.36 g/t Au from 8m (incl. 5m @2.06 g/t Au)
• WCRB021 2m @ 2.12 g/t Au from 1m 2m @ 2.41 g/t Au from 19m

Average drilling depth to date is approximately 30m and several holes finish in mineralization. Montezuma is of the view that results to date warrant testing at depth and intends to commence an RC programme to further test this target as soon as practicable.

The Company further intends to incorporate this newly acquired project into its exploration programme for uranium on the neighbouring Robinson Range Uranium JV.