Tuesday, March 27, 2012
Moneta Announces Closing of Bought Deal Private Placement Financing

March 27, 2012, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX:ME)(OTC:MPUCF)(XETRA:MOP) (the "Company") announces the completion of its previously announced brokered private placement financing (Press Release March 16, 2012) consisting of the sale and issue of 10,000,000 common shares at $0.30 per share for aggregate gross proceeds of $3,000,000 (the "Offering") by Stonecap Securities Inc., as the lead underwriter of a syndicate including Industrial Alliance Securities Inc.

The net proceeds of the Offering will be used for exploration at the Company's Golden Highway project, working capital and general corporate purposes. The common shares issued under the Offering are subject to a four month hold period in Canada.

About Moneta

Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the Golden Highway Project which contains an Indicated resource of 1.07 million ounces gold (NI 43-101) and an Inferred resource of 2.07 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
iperes@monetaporcupine.com