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Thursday, September 27, 2012
Moneta Announces Positive Metallurgical Results on Golden Highway Gold Project and Planned NI 43-101 Resource Update
September 27, 2012, Toronto, Ontario - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") announces positive results from its metallurgical test program ("Program") on its 100% owned Golden Highway Project, located 100km east of Timmins, Ontario (Canada).
The Company also announces that it has commenced an updated NI 43-101 Mineral Resource Estimate on the Golden Highway Project, which will now include three new and previously excluded gold zones. The previous Golden Highway Project NI 43-101 resource estimate totaled 3.1Moz of gold (Press release December 1, 2011).
Highlights:
- Recoveries of up to 96.4% Au for the 55 Zone, Gap Zone, Windjammer Central/South/North zones and Southwest Zone;
- Recoveries are consistent across all zones and suggest that the mineralization can be processed by one standardized milling method;
- The current metallurgical leach results are consistent with historical testing completed on the Southwest Zone by Barrick Gold and Windjammer North and South by Newmont Mining.
Mr. Peres, President and CEO of Moneta commented, "This is another important step in advancing our large flagship gold project. We are pleased that our Golden Highway mineralization responds well using standard, cost-effective milling options and generates very high metallurgical recoveries. The next step is to design the mill process flowsheet."
Six composite samples were prepared for each of the gold zones at the average resource grade of 1.0 g/t Au. Composites were tested using three different grind size bottle roll and cyanide leach tests to establish metallurgical recoveries and zone characteristics.
The Program was conducted by SGS Minerals Services under the supervision of Jake Lang, with oversight by EHA Engineering Ltd. for P&E Mining Consultants Inc., authors of the (December 2011) NI 43-101 Technical Report on the Golden Highway Project.
The contents of this press release have been approved by independent Qualified Persons Alfred Hayden, P.Eng of EHA Engineering Ltd. and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc.
About Moneta
Moneta holds a 100% interest in 5 core gold 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 highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone and hosts a NI 43-101 indicated resource of 1.07 million ounces gold (33.5 Mt at 1.00 g/t) plus a NI 43-101 inferred resource of 2.07 million ounces gold (47.8 Mt at 1.35 g/t) clustered within 4 kilometres.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
iperes@monetaporcupine.com
Moneta's public documents may be accessed at www.sedar.com.
For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
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