Moneta commences 10,000 metre drill program and defines new drill targets on Golden Highway Project



    TIMMINS, ON, Aug. 11 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME /
XETRA: MOP) ("Moneta") is pleased to announce that it has commenced a
multiphase exploration and development drill program and completed an induced
polarization ("IP") survey on the Golden Highway Project.
    Moneta has commenced a drill program consisting of up to 10,000 metres of
phased drilling. Primary objectives are to test for gold mineralization along
a 1,000 metre strike between Windjammer South and the Southwest Zone, to test
newly defined IP geophysical targets, to evaluate known gold mineralization
such as Windjammer North, to expand and further upgrade the NI 43-101
resources on Windjammer South, and to upgrade the non-compliant historical
resource of 625,000oz @ 5.98g/t on the Southwest Zone to NI 43-101 standards.
    Moneta has now completed a two stage tuned gradient IP survey with
several detailed sections, in the eastern area of the Golden Highway project.
The IP survey generated a high data density for geophysical modeling and
involved deep lithographic, structural and direct detection mapping of
Windjammer North and Windjammer South gold mineralization. The IP survey
results showed excellent correlation between gold mineralization in previous
drilling with significant new geophysical targets defined immediately north of
the iron formation, both to the east and west, and to the south primarily in
the Windjammer South area.
    Ian C. Peres, President & CEO said, "This IP survey has established
signature responses of the known Windjammer gold zones and their possible
extensions and generated new targets which increase the potential of the
underexplored areas of the eastern Golden Highway Project. We look forward to
a successful drill program and are pleased to have secured a top-tier drilling
company in this increasingly active Northeastern Ontario gold mining camp to
aggressively pursue these newly defined drill targets."

    About Moneta

    Moneta is a long-established gold mineral exploration and development
company and former gold producer which owns one of the largest regional
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. The properties are located
in the Golden Highway and Porcupine Camps near Timmins, Ontario, one of the
most prolific gold producing regions in North America, with over 72 million
ounces of gold mined to date. Moneta's current focus is on 10 identified gold
zones along a 12 km strike in the Golden Highway Camp.
    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 info@monetaporcupine.com.

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

    This news release includes certain forward-looking statements concerning
the future performance of Moneta, 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.





For further information:

For further information: Ian C. Peres, President & CEO and Director,
(416) 579-3040, iperes@monetaporcupine.com; Rod Whyte, Chairman, Tel: (44)
207-736-2212 (London, UK), rodwhyte@btinternet.com


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