TSX Venture Exchange Symbol: MPS
VANCOUVER, June 2 /CNW/ - MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1)
(the "Company") is pleased to announce a drill rig has been mobilized onto the
Company's 100% owned Pidgeon Molybdenum Deposit project located at the east
end of Lateral Lake near Dryden in NW Ontario and the next phase of drilling
Pidgeon Molybdenum Deposit location map:
The phase 2 drill program has been designed with the intent of
demonstrating that the molybdenum deposit can be increased significantly in
size. The drill program will consist of up to 16 holes totaling approx.
3000 metres to extend the known molybdenum mineralization along both open ends
of the deposit. The plan is to define molybdenum mineralization to a vertical
depth of 100 metres, as this would conform to open pit design parameters.
The first phase of drilling completed in February 2008 consisted of 16
holes totaling 3061 metres, which confirmed the historic molybdenum resource
data provided by Rio Algom and Strathcona Mineral Services (1978-1981) as well
as providing evidence of both depth and lateral extensions of the known
mineralized zones. This drilling has not only confirmed the significant
historic molybdenum mineralization, it has highlighted the fact that the main
zone is not closed off and is open along strike. Only the eastern margin of
the Lateral Lake stock has been explored in any detail by Rio Algom and MPH
Ventures resulting in the partial delineation of a 1.7 kilometre strike length
of near surface molybdenum mineralization. The recommendations for the phase 1
drill program was set out in a National Instrument 43-101 report written for
MPH Ventures by Wardrop Engineering Inc.
3D Video on Pidgeon Molybdenum Deposit drilling:
Past reports on the Pidgeon Molybdenum Deposit project from T. Bottrill
for BHP Billiton (Sept. 17, 1979) and consulting engineering firm Strathcona
Mineral Services Ltd. for BHP Billiton (July 16, 1980) indicate the contained
tonnage in the mineralized zone varies from Strathcona's report of 9,000,000
tonnes drill indicated at 0.096% molybdenum to as much as T. Bottrill's report
of 55,000,000 tonnes inferred with grades of 0.081% molybdenum. The historic
estimates were based on a total of 76 variably spaced diamond drill holes
completed on the property. The historic resources were not calculated to
NI 43-101 standards and therefore could not be relied upon.
The location in Northwestern Ontario is a significant advantage this
deposit has in terms of development. The molybdenum deposit is located in a
stable and favorable political jurisdiction. Hydroelectric power and an all
weather road cut through the property, rail transport is 30 kilometres away
and the area has a strong mining infrastructure.
David J. Busch, B.A., B.Sc., PGeo., MPH Ventures' Project Manager, is the
qualified person under the meaning of National Instrument 43-101 and has
reviewed the data in this News Release.
MPH Ventures Corp. is a molybdenum and precious metal exploration company
focused on mineral development within Canada and Latin America.
For further information on MPH Ventures Corp. (TSX-V: MPS) visit the
Company's web site at www.mphventurescorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
THE TSX VENTURE EXCHANGE AND FRANKFURT EXCHANGE HAVE NOT REVIEWED AND DO
NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
For further information:
For further information: contact myself or: Don Myers, MPH Ventures
Corp., Director, Telephone: (604) 687-3376, Toll Free: 1-800-567-8181,
Facsimile: (604) 687-3119, Email: firstname.lastname@example.org