TIMMINS, ON, Feb. 19 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME /
XETRA: MOP) ("Moneta") is pleased to announce that a vesting order issued by
the Ontario Mining and Lands Commissioner has increased its interest to 100%
in the Windjammer Property. Moneta acquired the Windjammer property from
Newmont Canada Limited in November 2007.
The Windjammer Property ("Windjammer") is located in the southern part of
the Abitibi greenstone belt in north-eastern Ontario and consists of two
mining leases consolidating 22 claim units. The leases straddle the
Destor-Porcupine Deformation Zone, a key structural setting hosting
significant gold deposits of the Abitibi greenstone belt.
Noranda Inc. completed 53 drill holes totaling 19,000 metres from 1987 to
1989. This work identified two gold zones in two distinct geological settings,
namely Windjammer South, in Timiskaming sediments associated with iron
formation, and Windjammer North, in altered mafic to ultramafic volcanics.
Both zones are open on strike and to depth with significant untested
Moneta completed 21 drill holes totaling 6,914 metres in 2008 on
Windjammer South adding new sections, expanding existing sections, and filling
in data gaps. Hole MWJ08-11, a highlight, returned 3.41g/t over 27 m (please
refer to November 28, 2008 press release for further details).
Moneta engaged Cargill Consulting Geologists Limited in December 2008 to
incorporate the data from the 2008 Windjammer South drill program and update
the NI 43-101 resource calculation and technical report. This update is
expected to be reported in the near term.
"We are pleased to announce the 100% interest in Windjammer which is on
strike with our core Southwest Zone. The updated NI 43-101 resource
calculation for Windjammer South is pending and is expected to yield a
significant increase in gold resources," said Ian C. Peres, Chief Executive
Officer of Moneta.
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 prolific Golden Highway
and Porcupine Camps near Timmins, Ontario. The area along the Destor Porcupine
Fault Zone is one of the most prolific gold producing areas in North America
with over 70 million ounces of gold mined to date.
The Company's public documents may be accessed at www.sedar.com.
For further information on the Company, please visit our website at
www.monetaporcupine.com or email us at email@example.com.
The TSX does not accept responsibility for the adequacy or accuracy of
This news release may contain forward-looking statements reflecting the
Company's objectives, estimates, expectations and the impact of acquisitions
on the Company's financial performance. By their very nature, these types of
statements involve risks and uncertainty. Consequently, reality may differ
materially from the Company's projections or expectations.
For further information:
For further information: Ian C. Peres, CEO and Director, (416) 579-3040,
firstname.lastname@example.org; Rod Whyte, President and Director, London, UK,
Tel: (44) 207-736-2212, email@example.com