TIMMINS, ON, May 25 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME/XETRA: MOP) ("Moneta" or "Company") announces the retirement of Rod Whyte from its Board of Directors.
Rod Whyte, who has been chairman of Moneta for the last 16 years, has decided to retire and not stand for re-election at the annual general meeting to be held on June 10, 2010.
"Rod made a major contribution to building Moneta both in the Porcupine and Golden Highway camps while he served as Chairman," commented Ian C. Peres.
During Mr. Whyte's tenure, Moneta assembled a substantial property portfolio along the prolific Destor Porcupine Fault Zone. The Company's Golden Highway Project was built through a series of joint ventures and corporate transactions. The most important of these joint ventures was with Lac Minerals (Barrick) from 1994-1997 which resulted in the historical gold resource of 624,500 oz @ 6.0 g/t (3.0 g/t cut-off) on the Southwest Zone. The 55 Zone and Southwest Zone are a prime focus for the Company's ongoing 2010 exploration program and are yielding significant high grade assay results.
Rod Whyte commented, "This is the ideal time to step aside. It is Moneta's centenary year, the Company is in good shape and I am confident that Ian Peres and his experienced Canadian Board will advance Moneta's projects towards production."
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest property portfolios over approximately 10% (from Timmins, Ontario to the Quebec border) of the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario. Moneta owns 100% of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum and Denton Thorneloe (West Timmins) core projects located in the Porcupine and Golden Highway Camps, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at firstname.lastname@example.org.
SOURCE Moneta Porcupine Mines Inc.
For further information: For further information: Ian C. Peres, President & CEO, (416) 579-3040 (Toronto), (705) 264-2296 (Timmins), email@example.com