DOUGLAS, Isle of Man, March 25, 2013 /CNW/ – Wolseley Ventures Limited
of 19, Peel Road, Douglas, Isle of Man, IM1 4LS (the “Offeror“) acquired, on March 22, 2013, an aggregate of 17,500,000 units (“Units“) of Montana Exploration Corp. (“Montana“), each Unit being comprised of one common share (“Common Share“) of Montana and one class A warrant of Montana (“Class A Warrant“) at a price per Unit of $0.20 (the “Offering“) pursuant to an investment agreement dated January 30, 2013 (the “Investment Agreement“) for aggregate gross proceeds of $3,500,000. Each Class A Warrant
entitles the holder to purchase one Common Share at an exercise price
equal to $0.25 per Common Share for a period of one year from the date
of issuance.

Upon closing of the Offering, the Offeror also received an option (the “Option“) to require Montana to purchase all of the shares of Shining
Mountains, LLC (“AcquisitionCo“), an affiliate of the Offeror, for a purchase price equal to the net
asset value of AcquisitionCo, to a maximum of $6,900,000, of which cash
in such net asset value calculation may not exceed $4,050,000. The
purchase price of AcquisitionCo will be paid by Montana through the
issuance of up to 18,157,894 Common Shares at a deemed price of $0.38
per Common Share.

Immediately following the closing of the Offering, the Offeror had
beneficial ownership of, and control and direction over, directly or
indirectly, approximately 23% of the issued and outstanding Common
Shares on an undiluted basis and approximately 47% on a fully diluted
basis, assuming the full exercise of the Offeror’s Class A Warrants and
the Option.

The acquisition of securities in Montana by the Offeror is for
investment purposes. The Offeror may from time to time dispose of, or
acquire, additional securities of Montana. The Units were sold to the
Offeror in reliance upon the prospectus exemption in Section 2.3 of
National Instrument 45-106 Prospectus and Registration Exemptions.

This press release is issued pursuant to National Instrument 62-103 –
The Early Warning System and Related Take-Over Bid and Insider
Reporting Issues, which also requires a report to be filed with
regulatory authorities in each of the jurisdictions in which Montana is
a reporting issuer containing information with respect to the foregoing
matters (the “Early Warning Report“). A copy of the Early Warning Report will appear with Montana’s
documents on the System for Electronic Document Analysis and Retrieval
and may also be obtained by contacting Janan Paskaran on behalf of the
Offeror at 403.776.3728.

The Toronto Stock Exchange has not reviewed and does not accept the
responsibility for the accuracy or adequacy of this press release.

SOURCE Wolseley Ventures Limited