(TSX-V: MPS)
NEWS RELEASE
June 02, 2008
MPH
Ventures? Phase 2 Drilling Commences on
Pidgeon
Molybdenum Deposit in NW Ontario
Vancouver,
BC ? 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 has commenced.
Pidgeon Molybdenum Deposit location map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-Fig_41.gif
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:
http://www.mphventurescorp.com/i/misc/PM2.wmv
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
?Jim
Pettit?
________________________________
JAMES G. PETTIT
President
Share Outstanding
25.9 million
|