Monterey Minerals Inc. provided a corporate update pertaining to the company's exploration strategy at the wholly-owned Alicia gold and base metals project in Alicia Municipality, Philippines ("Alicia Project"). Monterey's Board of Directors has decided that the Company will not continue exploration work at the Alicia Project and as such, have reached an agreement with the original property vendor (the "Vendor") to return the Alicia Project back to the Vendor, in return for the extinguishment of all liabilities due to the Vendor and the Vendor's assumption of all future liabilities associated with the Alicia project. The company will now shift its focus to its wholly owned Cobalt Mountain Project in British Columbia, Canada.