September 20, 2004
MONTANA RESOURCES ANNOUNCES CHANGES TO EXECUTIVE TEAM

Press Release
Monday, 9/20/04

Contact: Steve Walsh at (406) 496-3203

Montana Resources, LLP (“MR”) announced today a number of changes to its executive team.

Rolin P. Erickson has joined MR as Senior Vice President and will become MR’s President at the end of this year. Mr. Erickson has over 20 years’ experience in hard rock mining. His most recent position was Managing Director and General Manager of Society Ashanti Goldfields in Guinea, West Africa. Mr. Erickson has also been Vice President and General Manager of Montana Tunnels, and General Manager of Zortman Mining Inc. Originally from Miles City, Rolin and his family currently live in Clancy, Montana.

Steve Walsh, currently MR’s Vice President – Human Resources, will replace Charles Palagi as MR’s Vice President – Operations. Mr. Walsh has been with MR since 1988 and has served the company in a variety of roles; Steve earned a degree in Mining Engineering from Montana Tech in 1980.

Keith Graham currently MR’s Electrical Superintendent will replace Bob Solari as MR’s Vice President – Maintenance at the end of the year. Mr. Graham has been with MR since 1992, and has an Electrical Engineering degree from Montana State University.

Tim McHugh has joined MR as Vice President – Administration/Controller. A Butte native, Mr. McHugh passed the CPA exam and has earned a bachelors degree from Carroll College, a law degree from the University of Montana, and a masters degree in tax law from the University of Florida. Tim has been practicing in Billings, Montana as a tax attorney since 1999.

Frank Gardner, President of MR, said: “I’m very pleased that Rolin and Tim have chosen to join the MR team, and I know Steve and Keith will be great assets to MR’s operations. We have worked very hard over the past 9 months to search for MR’s ‘next generation’ of executives. In particular, we have tried to find people who understand and will continue the philosophy of MR as a low cost producer of copper. I think Rolin, Steve, Tim and Keith all fit that bill.”

Mr. Gardner will be stepping down as President of MR on December 31, 2004, and will return to the Management Committee of MR in 2005. Mr. Palagi and Mr. Solari will remain MR’s Vice President – Operations and Maintenance through the balance of 2004, and will continue with the company in a consulting role.

MR’s open-pit copper and molybdenum mine employs more than 350 people in Butte, Montana. Since operations began in 1986, MR has paid nearly $200 million in wages and paid over $100 million in state and local taxes.