Moneta Drills 2.21 Grams/Tonne Gold Over 47.3 Metres on Windjammer Gold Property

TIMMINS, ONTARIO -- (MARKET WIRE) -- 05/21/08 -- Moneta Porcupine Mines Inc. ("Moneta") (TSX: ME)(FRANKFURT: MOP)(XETRA: MOP) is pleased to announce the assay results from a recent three-hole drill program completed on the Windjammer South Zone ("Windjammer South") of its Golden Highway Project. The assay results reflect and confirm historical drilling on the property, which intersected frequent wide alteration zones with typical gold values ranging between 0.5 grams/tonne (g/t) and 2.0 g/t, as well as intervals with much higher gold values.

The Windjammer South drilling was conducted, in part, for a National Instrument 43-101 resource estimate expected to be completed on the zone and released by mid-June 2008. MWJ07-01 and MWJ07-02 were drilled to verify assays from prior drill holes on the property. WMJ07-03 was drilled into a historically untested area in the centre of Windjammer South and returned 47.3 metres (drilled width) grading 2.21 g/t. Prior drilling by Noranda Inc. ("Noranda") from 1987 to 1989 on Windjammer South consisted of 35 drill holes totaling approximately 11,000 metres.

The summary table below sets out the significant
composite intersections from the recent drill program.

    DDH           FROM         TO  INTERVAL     ASSAY
               (metres)   (metres)  (metres)     (g/t)
    MWJ07-01      91.0       96.7       5.7      0.95
                 111.7      121.7      10.0      1.24
                 170.3      201.5      31.2      0.93
                 210.2      218.2       8.0      6.04
     incl. (ii)  217.5      218.2       0.7     46.61(i)

    MWJ07-02     233.0      250.6      17.6      1.41
     incl.       233.0      237.9       4.9      2.02
     and         243.5      248.0       4.5      2.28
                 268.6      304.6      36.0      1.26
     incl.       279.3      284.3       5.0      2.41
     and         292.9      298.6       5.7      2.09
     (ii)        330.6      331.4       0.8      4.40(i)
                 360.9      368.9       8.0      1.29

    MWJ07-03     194.8      197.8       3.0      1.91
                 211.0      216.5       5.5      1.50
                 266.7      277.3      10.6      0.99
                 300.8      348.1      47.3      2.21
     incl.       322.3      329.5       7.2      2.24
     and         340.1      344.5       4.4      5.69(i)
     and (ii)    346.2      347.2       1.0      9.55(i)

(i)  Only metallic assay results used where completed.
(ii) Sediment/iron formation contact in noted intervals.
1.   Simple weighted-average of duplicates and checks used.
2.   Intervals are drilled widths in metres.
3.   Drill hole dips are -60 degrees (MWJ07-01 & -02) and
     -65 degrees (MWJ07-03)

Mineralized alteration zones in Windjammer South typically contain intervals with higher gold values; such as 46.6 g/t over 0.7 metres intersected in MWJ07-01. Narrow gold intercepts with elevated grades are seen throughout the zones reflecting scattered stringers and veins. Gold grades tend to increase approaching the banded iron formation which is generally interpreted as the sub-vertical northern boundary of the mineralization. A similar style of mineralization is found in Moneta's Southwest Zone located approximately 1 km. west-southwest along strike.

Moneta recently also completed an eight-hole drill program on the '55' Zone under the Moneta-Acrex (50/50) Michaud Joint Venture to better define and extend the gold mineralization. Final assay results are pending.

Moneta has also recently commenced a drill program on the "Southern Corridor" of the Golden Highway Project which includes the Southwest Zone, Windjammer South and '55' Zone. The program is drilling initially on Windjammer South and is expected to continue on other zones to the end of 2008. Its overall objective is to extend known mineralized zones and evaluate new targets along the Southern Corridor.

About Moneta

Moneta (TSX: ME) is a long-established Canadian gold exploration company and former gold producer. The Company holds an extensive, high-quality exploration portfolio with four primary gold projects in the prolific Golden Highway and Porcupine Camps near Timmins, Ontario. Moneta's gold projects are all on or near the famous Destor Porcupine Fault Zone, which is the key structural feature of one of the most prolific gold-producing areas in the world with over 70 million ounces of gold produced to-date.

Moneta's exploration focus is on the "Southern Corridor" of its Golden Highway Project, which hosts at least 4 km. of mineralized strike length. The Company is operated by an experienced geological and management team which maintains a low-cost, efficient Timmins-based exploration operation with its own field office and equipment.


Diamond drill core logging and sampling follows industry best practices. Logged and sample marked core is sawn in half with one-half bagged and tagged for shipment to the assay laboratory with the remaining half returned to the core box for storage and future reference. Blanks and a range of standards are inserted into the sample steam at regular intervals. Up to 15% of the pulps are submitted to a second laboratory as checks. Initial assays and routine duplicates as well as later gold metallic analyses were completed by Swastika Laboratory, while check assays and their duplicates were completed by Expert Laboratories. Both laboratories used standard 30g fire assay techniques.

Qualified Person

R. Skeries, P.Geo., is the Qualified Person for the purposes of National Instrument 43-101.

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 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.

Moneta Porcupine Mines Inc. (London, UK)
Rod Whyte
+44 207 736 2212

Moneta Porcupine Mines Inc. (Toronto, Ontario)
Kevin Snook
President & Chief Executive Officer
(416) 861-1300

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