TORONTO, Nov. 21, 2013 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") announces the appointment of Ken D. Tylee as Vice President Exploration and the nomination of Roger Aubertin to the Board of Directors.
Mr. Tylee has over 30 years of experience in the world class Timmins Gold Camp in Ontario with Kinross/Placer Dome/Goldcorp, Noranda and Canamax. His extensive experience includes intimate knowledge across most geological settings from the Quebec border, through Timmins, to the western limits of the Destor Porcupine Fault Zone.
Mr. Tylee was most recently a Senior Exploration Geologist at Goldcorp Inc. where he spent 19 years responsible for surface exploration in northeastern Ontario and underground exploration at Hoyle Pond, currently the highest grade gold mine in the Timmins Camp. Mr. Tylee was also responsible for project generation and led site visits and the assessment of numerous property submittals within the Timmins area.
Mr. Tylee played a lead role on several exploration teams, with an exceptional track record of 4 discoveries moving into gold production, including the Hollinger Pit and Holloway Mine within the current Holt McDermott complex.
Ian C. Peres, President and CEO stated, "Mr. Tylee adds considerable depth to our technical team and will be instrumental in growing our NI 43-101 resources and advancing our other key gold projects. His underground experience at Hoyle Pond will be particularly important in advancing the structural interpretation and growth in our high grade gold resource in the Southwest Zone, in addition to other high grade targets on our Golden Highway project."
Mr. Aubertin commented, "We are pleased to add Mr. Tylee to our technical team with his extensive experience in the Timmins camp and exceptional track record of exploration successes. I will continue to be directly involved as an executive director and look forward to working closely with Mr. Tylee and the technical team to advance Golden Highway as well as our other properties."
Prior to joining Moneta, Mr. Aubertin was Exploration and Site Project Manager at Detour Gold Corporation where he was responsible for planning and oversight of a 450,000 metre delineation drill program resulting in 14.9M oz in gold reserves at its Detour Lake Mine, currently in production in northeastern Ontario.
Moneta holds a 100% interest in 5 core gold projects strategically located along the highly prospective Destor Porcupine Fault Zone in the world class Timmins Camp, one of the best mining jurisdictions in the world with over 75 million ounces of past gold production and unmatched infrastructure including paved highway access, water, electricity, skilled labor force, and nearby mills.
A Preliminary Economic Assessment (Dec 2012) for the flagship Golden Highway project generated a Net Present Value of $748M using US$1,350 gold based on the NI 43-101 resource estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au) plus 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres of similar geology.
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 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.
SOURCE: Moneta Porcupine Mines Inc.
For further information:
Ian C. Peres, President and CEO