Moneta commences a 30,000 metre exploration program in its centenary year
TIMMINS, ON,
The 2010 exploration program is budgeted at
- advance the Golden Highway Project gold zones with focus on newly modeled high grade targets in the Southwest and 55 Zones; - advance the Southwest Zone historic resource (625,000oz @ 6g/t - 3g/t cutoff) to NI 43-101 standards; - advance the Timmins Camp properties: North Tisdale, Nighthawk Lake, and West Timmins (Denton).
SRK ENGAGED
In
New 3D modeling of the central block of the Southwest Zone (previously drilled by Barrick Gold) has identified a newly interpreted westerly plunge of high grade mineralization (using a 10 g/t cutoff) along the iron formation hanging wall contact. A detailed review of structural and mineralization parameters of significant historic drill holes from all three zones (
NEW OPERATIONAL CAPABILITY
Moneta has built up a team with the technical capability to advance its highly prospective property package in preparation for the most significant drill program in Moneta's 99 year history. Moneta is now able to access the resources and expertise of SRK but has also recently hired additional geologists with significant experience in the Abitibi Greenstone Belt (in Ontario). Also the technical expertise and oversight of the Board of Directors was enhanced with
3 DRILLS CONTRACTED FOR 2010
Moneta has contracted three drills for the 2010 exploration program and all three are now operational. The initial phase, the winter 2010 drill program, is primarily focused on newly defined high grade targets in the Southwest and 55 zones. The objectives include evaluation of the 55 Zone mineralization with new and varied drill hole orientations, firming up an interpreted westerly plunge of the higher grade (10 g/t +) Southwest Zone mineralization, and completion of drill hole wedges to test the significance of the mineralization intersected at depth in historical Hole 162 of the Southwest Zone that included high grade mineralization (17.59 g/t and 11.49 g/t both over 0.5m) associated with the iron formation contact area.
Ian C. Peres, President & CEO of Moneta commented, "We have committed
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
About Moneta
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
------------------------------------------------------------------------- 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 [email protected].
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.
For further information: Ian C. Peres, President & CEO, (416) 579-3040, [email protected]; Rod Whyte, Chairman, Tel: (44) 207-736-2212 (London, UK), [email protected]
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