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(TSX-V:
MPS)
November
21, 2007
NEWS RELEASE
MPH Ventures
Acquires 2,900 Acres Surrounding
Its Pidgeon Molybdenum
Deposit, NW Ontario
Vancouver, BC – MPH Ventures Corp. (TSX-V:
MPS) (the “Company”) announces that
it has acquired approximately 2,900 additional acres surrounding its Pidgeon Molybdenum Deposit. The Company
announced on November 7th it has acquired 93.45% of the
outstanding shares of Pidgeon Molybdenum Mines Limited from Rio Algom
Limited, a wholly-owned subsidiary of BHP Billiton Ltd. and Goldcorp Inc. Pidgeon
Molybdenum Mines Limited holds a 100% interest in 210 hectares of mining claims under the name “Pidgeon
Molybdenum Deposit”. The Pidgeon Molybdenum Deposit is
accessible through the #1 Trans Canada Highway and is approximately 50
kilometres east from the city of Dryden, District of Kenora, Northwestern
Ontario.
MPH
Ventures announces that it has entered into an Option Agreement (the
“Agreement”) with Rubicon Minerals Corp., of Vancouver BC (“Rubicon”),
and Mr. Perry English, wherein the Company has been granted an option to
acquire a 100% interest in 10 mineral claims consisting of 59 Units (2360
acres) located in the Echo Township, Patricia Mining Division, northwestern
Ontario. Pursuant to the terms of the Agreement, the Company will pay
the sum of $95,000 and issue 125,000 shares to Rubicon over the four-year
term of the Agreement. The Property is subject to a 2% net smelter
return royalty (“NSR”). The Company has been granted an
option to acquire one-half of the NSR for $1,000,000. The Agreement is
subject to the acceptance of the TSX Venture Exchange.
The
Company is also pleased to announce that it has staked four claim blocks
consisting of 13 units (520 acres) located in the Echo Township, Patricia
Mining Division, NW Ontario. The claims are located adjacent east of
the Company’s Pidgeon Molybdenum Deposit and new Echo Township claims
noted above.
The acquisition of these claims
through option and staking has allowed the Company to create a buffer zone
around its Pidgeon Molybdenum Deposit. Based on a recently completed
technical report by Wardrop Engineering, the Company believes the Pidgeon
Moly Deposit has the potential for expansion outside its current
boundaries. The acquisition of these new claims will ensure any future
expansion potential will remain on MPH Ventures ground.
Work on the Pidgeon Molybdenum Deposit dates back to 1946 with diamond drilling carried out in
the 1950’s, 60’s, and 70’s. Several historical
resource estimates, produced in the 1950’s through to the late
1980’s, have been prepared on the Pigeon Molybdenum Deposit that
include reports by T. Bottrill for BHP Billiton (Sept. 17, 1979) and
consulting engineering firm Strathcona Mineral Services Ltd. for BHP Billiton
(July 16, 1980). These reports are the most recent and extensive on the
deposit and are believed to be the most reliable. The most recent
reports indicate the contained tonnage in the mineralized zone varies from
Strathcona’s report of 9,000,000 tons drill indicated at 0.096%
molybdenum to as much as T. Bottrill’s report of 55,000,000 tons
inferred with grades of 0.081% molybdenum. Both reports used a cut-off
grade of 0.04% molybdenum. The tonnage varies depending on the parameters
used and the assumptions made with respect to molybdenum grades, limits of the mineralization, and geometry of
the mineralized body. The historic estimates were based on a total of
76 variably spaced diamond drill holes completed on the property and the
historic resources were not calculated to National Instrument 43-101
standards and therefore cannot be relied upon.
MPH Ventures has not
yet completed the work necessary to verify the classification of the mineral
resource estimates and since the resource estimates are historical in nature
and predate and are non-compliant with National Instrument 43-101 standards,
the estimates should not be relied upon. For this reason, and in
conjunction with Wardrop Engineering Corp, MPH Ventures initiated a technical
report to confirm the historic data and plans to initiate an immediate
in-fill diamond drill program to provide sufficient reliable information to
complete a National Instrument 43-101 compliant resource estimate. This
diamond drill program will commence shortly.
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 gold,
silver, and molybdenum 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
23.6 million
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