Moneda Resources Retains Sponsor and Provides Update



    (TSXV - PXK.P)

    CALGARY, Oct. 8 /CNW/ - Further to its announcements of February 29 and
April 2, 2008, Moneda Resources Limited ("Moneda") announces that it has
retained Leede Financial Markets Inc., to act as sponsor in accordance with
the polices of the TSX Venture Exchange (the "Exchange"), and to provide a
sponsorship letter to the Exchange with respect to Moneda's proposed
Qualifying Transaction, being the proposed acquisition of Sapphire
Technologies Ltd. and AIW Corrosion Engineering Inc.
    Moneda has received the completed Comprehensive Valuation Report dated
July 16, 2008 ("Sapphire Report") on Sapphire Technologies Inc., prepared by
Evans & Evans, Inc, an independent third party valuator. The Sapphire Report
indicates a fair market value of between $900,000 to $1,100,000 for Sapphire
Technologies Inc. The letter of intent for the acquisition of Sapphire
Technologies provided for a purchase price equal to the greater of the amount
of $925,000 or the appraised value. As that price falls within the range of
values indicated in the Sapphire report, subject to Exchange acceptance, it is
anticipated that the final price will be $925,000. A preliminary Comprehensive
Valuation Report (the "AIW Report") has been prepared by Evans and Evans, Inc.
for AIW Corrosion Engineering Inc., which will be completed following the
receipt of updated financial information for the company for the current year.
The "AIW Report" is expected to be completed on or about October 31, 2008. The
letter of intent for the acquisition of AIW Corrosion Engineering provided for
a purchase price equal to the greater of the amount of $750,000 or the
appraised value.
    The following table sets out selected financial information for Sapphire
Technologies Inc. for the periods indicated. This information has been
prepared by management of Sapphire Technologies Inc. and has not been audited:

    
    -------------------------------------------------------------------------
                                           10 Months Ended    3 Months Ended
                                              May 31, 2008   August 31, 2008
    -------------------------------------------------------------------------
    Working Capital (deficit)                      $23,315          $144,980
    -------------------------------------------------------------------------
    Total Assets                                  $177,240          $446,654
    -------------------------------------------------------------------------
    Total Liabilities                             $146,444          $335,775
    -------------------------------------------------------------------------
    Total Revenues                                $638,676          $444,710
    -------------------------------------------------------------------------
    Total direct and indirect costs and
     Operating Expenses                           $602,814          $356,319
    -------------------------------------------------------------------------
    Net Income                                     $30,794           $80,083
    -------------------------------------------------------------------------

    The following table sets out selected financial information for AIW
Corrosion Engineering Inc. for the periods indicated. This information has
been prepared by management of AIW Corrosion Engineering Inc. and has not been
audited:

    -------------------------------------------------------------------------
                                                Year Ended   11 Months Ended
                                        September 30, 2007   August 31, 2008
    -------------------------------------------------------------------------
    Working Capital                               $160,452          $126,765
    -------------------------------------------------------------------------
    Total Assets                                  $281,233          $141,786
    -------------------------------------------------------------------------
    Total Liabilities                             $113,916           $30,612
    -------------------------------------------------------------------------
    Total Revenues                                $440,795          $524,900
    -------------------------------------------------------------------------
    Operating Expenses                            $363,449          $493,395
    -------------------------------------------------------------------------
    Net Income                                     $61,040           $12,637
    -------------------------------------------------------------------------
    

    AIW Corrosion Engineering Inc. is an Alberta corporation 100% owned by
A.I. (Sandy) Williamson of Calgary, Alberta.
    Formal agreements respecting these acquisitions are being prepared but
have not yet been finalized and are not anticipated to be finalized until the
determination of the Corporation's working capital and requirements and
proposed financing details respecting the Qualifying Transaction. The proposed
acquisitions of Sapphire Technologies Ltd. and AIW Corrosion Engineering Inc.
are both arms' length transactions. Details of Moneda's proposed non-brokered
private placement financing to fund the acquisitions will be determined after
its shares are reinstated to trading.
    The shares of Moneda will remain halted from trading until receipt by the
Exchange of satisfactory documentation.

    Leede Financial Markets Inc., subject to completion of satisfactory due
diligence, has agreed to act as sponsor in connection with the transaction. An
agreement to sponsor should not be construed as any assurance with respect to
the merits of the transaction or the likelihood of completion.
    Completion of the transaction is subject to a number of conditions,
including but not limited to, Exchange acceptance and if applicable pursuant
to Exchange requirements, majority of the minority shareholder approval. Where
applicable, the transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the transaction will be
completed as proposed or at all.
    Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection with the
transaction, any information released or received with respect to the
transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
highly speculative.

    
    The TSX Venture Exchange Inc. has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the content
    of this press release.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

                                                                (Signed)
                                                           ------------------
                                                           DAVID PRICE
    





For further information:

For further information: David Price, president of Moneda at (250)
475-3700

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MONEDA RESOURCES LIMITED

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