Moneta completes final tranche of $1.83 million private placement

    TIMMINS, ON, Aug. 7 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME/XETRA:
MOP) ("Moneta") is pleased to announce completion of the final tranche of its
non-brokered private placement ("Placement").
    Moneta issued an additional 1,091,446 flow-through units ("Unit") at
$0.17 per share for aggregate gross proceeds of $185,546. The terms of the
Units are the same as the 9,696,789 Units completed on July 23, 2009. A total
of 10,788,235 Units have been issued for gross proceeds of $1,834,000. Cash
finders' fees paid were $70,733, equivalent to 3.86% of the gross proceeds.
    Ian C. Peres, President & CEO said, "We are pleased to have completed the
non-brokered private placement and now have over $2.3 million in our treasury
dedicated to gold resource exploration and development".
    Proceeds of the Placement will be used on exploration and development
programs in the Porcupine and Golden Highway Camps. The Placement is subject
to the standard TSX four month hold period and to final regulatory approval.

    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 For further
information on Moneta, please visit our website at or
email us at

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

For further information:

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

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890