TIMMINS, ONTARIO -- (MARKET WIRE) -- 05/13/08 -- Moneta Porcupine Mines Inc. (TSX: ME) (FRANKFURT: MOP) (XETRA: MOP) ("Moneta" or the "Company") is pleased to provide an update on its recent exploration and corporate activities.
Moneta acquired a 50% interest in the Windjammer Project ("Windjammer") located 90 km east of Timmins, Ontario from Newmont Canada, in November 2007, and became the project operator. Windjammer is contiguous on its western end to Moneta's Golden Highway Project, and the Windjammer South gold zone is on strike with Moneta's Southwest Zone, which has a historical, non NI 43-101 compliant, inferred gold resource of approximately 625,000 ounces (please see "Historical Resource Estimates" below).
Since the acquisition, Moneta has integrated the Windjammer drill and geological data into its digital regional model and created deposit models for Windjammer North and Windjammer South. A three-hole drill program was conducted on Windjammer South, mainly to verify assay results for prior drill holes completed by Noranda Inc. on the property. Assay results from this recent drilling are expected to be released shortly.
The results of the Windjammer geological modeling encouraged Moneta to retain D. George Cargill, Ph.D. ,P.Eng., to complete an independent mineral resource estimate on Windjammer South compliant with National Instrument 43-101 ("NI 43-101"). George Cargill was engaged, in part, because of his familiarity with the regional geology. The NI 43-101 resource estimate is expected to be released by mid-June 2008.
Dependent on the results of the NI 43-101 resource estimate on Windjammer South, Moneta intends to complete a similar resource estimate on the Southwest Zone to update the historical resource estimate on that deposit.
An 8-hole drill program on the 55 Zone, which is part of the 50/50 Michaud Joint Venture with Acrex Ventures Ltd., was announced in January 2008 and was completed on budget and on schedule. Assay results are expected to be released by the end of May 2008.
Moneta has commenced an exploration drill program on the "Southern Corridor" of the Golden Highway Project which comprises 4 km. of strike length immediately south of the Destor Porcupine Fault Zone. The program is intended to extend the known gold zones which include Windjammer South, the Southwest Zone and the 55 Zone, and also to evaluate other previously drilled mineralization on strike between the known zones. The program is expected to continue with one drill rig and periodically with two rigs until at least the end of 2008.
The Company has unveiled a new interim website in the past month, which can be accessed at www.monetaporcupine.com and is completing a permanent website, which is expected to be launched by the end of May.
Rod Whyte, Chairman of Moneta, is pleased to announce that all resolutions presented at the Shareholders Meeting held in Toronto on 7, May were passed, including a resolution adopting a new stock option plan, which has been filed on SEDAR at www.sedar.com. He also stated that "the Company is in excellent shape, with a healthy cash position and is taking on a significantly higher level of drill activity over the balance of 2008."
The investor presentation delivered at the Shareholders Meeting has been lodged on the Company's website and may be accessed at www.monetaporcupine.com.
Moneta is a long-established Canadian minerals exploration company and former gold producer. The Company holds an extensive, high-quality gold exploration portfolio with four gold projects in the well-established Golden Highway and Porcupine Camps near Timmins, Ontario. The area bordering the Destor Porcupine Fault Zone is one of the most prolific gold producing areas in the world with over 70 million ounces of gold mined to-date. Moneta's strategy includes sole-risk and joint venture exploration, optioning properties to third-parties, and acquiring or earning into strategic properties held by third-parties. The Company is operated by an experienced management team and maintains a low-cost, efficient Timmins-based exploration operation with its own field office and equipment.
Historical Resource Estimates
Moneta's interests include properties with historical resource estimates which are not compliant with NI 43-101. These estimates are sourced from various government and company archives, which provide information on the geology and extent of the mineralization. It should be noted that a "qualified person" has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. Moneta is not treating the historical resource estimates as current mineral resources or mineral reserves as defined by NI 43-101 and historical resource estimates should not be relied upon.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
The TSX does not accept responsibility for the adequacy or accuracy of this release.