Moneta Porcupine Mines Inc Moneta Extends 267 Zone in Southwest Zone: Drills 10.5M Quartz Vein within Large 49.4M Corridor by 24hgold

Keywords : Gold | Gold Producer | Iron | Storage |

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Appended below (with active links to our website), please find a press release disseminated today, December 17, 2010 for Moneta Porcupine Mines Inc. ("Moneta").

Today's release is another example of the consistent gold mineralization over substantial widths that we continue to intersect in the Southwest Zone. Robust gram / metre intervals with strong continuity in gold mineralization through the 267 Zone (located within the greater Southwest Zone) continue to expand potential tonnage and current year drilling has demonstrated that this 267 Zone can deliver high grade gold over substantial width within the large lower grade mineralized corridor.

We are particularly encouraged with the intersection of this substantial 10.5 metre (34 feet) thick vein which demonstrates the significant potential for a very large quartz-vein-hosted gold system.

The 267 Zone is one of several interpreted en echelon (parallel) structures striking northwesterly along the 12km east/west stratigraphy of our 100% owned Golden Highway Project. The 625,000oz historical resource, located above the 267 Zone, is also based on Barrick's interpretation of stacked or parallel northwesterly striking gold zones.

The NEW Moneta Board and management team are committed to aggressive ongoing exploration and I am pleased to report that we have contracted 3 drills for 2011 with a minimum commitment of 20,000 metres (and up to 30,000 metres) of drilling.

Please note that we are reporting 267E results only from the completed 267 Zone intersection. The 267E drilling remains in progress, continuing past the intersection of the 267 Zone, to test the westerly strike potential and interpreted steep plunge or dip of MSW-10-162A, 162B and 162D located to east, as well as the down-dip extension of the significant results reported in MSW-10-273 yesterday.

Do not hesitate to contact me with any questions.

Regards,

Ian C. Peres, CA
President & CEO
Tel. 416.579.3040 (Toronto)
Tel. 705.264.2296 (Timmins)

Friday, December 17, 2010
Moneta Extends 267 Zone in Southwest Zone: Drills 10.5M Quartz Vein within Large 49.4M Corridor

View News Release in PDF Format

December 17, 2010, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) ("Moneta") announces additional results from the ongoing 2010 drill program on the Southwest Zone, within the 100% owned Golden Highway Project ("GHP"), located along the prolific Destor-Porcupine Fault Zone, approximately 100km east of Timmins, Ontario.

Drill hole wedge MSW-10-267E ("267E") intersected the 267 Zone approximately 50 metres (164 feet) up-dip to the east from previously released drill hole wedge SW-10-267B. Two separate gold zones of 3.90 g/t over 11.50 metres and 3.91 g/t over 10.79 metres within a broad and variably intense ankerite alteration zone of 2.83 g/t over 49.40 metres were intersected. This drill hole wedge is the fourth intersection into the 267 Zone gold mineralization which has now been extended to approximately 80 metres (262 feet) along dip.

Ian C. Peres, President & CEO of Moneta, commented, "We continue to intersect robust gram / metre intervals with strong continuity in gold mineralization through the 267 Zone with this aggressive 50 metre step-out. Follow-up drilling is underway to test the strike and dip extension of the 267 Zone as well as the significant mineralization intersected in the 162 cluster to the east."

267E intersected a substantial 10.5 metre (34 feet) wide quartz vein within the 49.40 metre interval. This 10.5 metre vein, the largest ever intersected in the Golden Highway Project, along with previously reported veins of up to 5.5 metres in MSW-10-267B, appear to confirm the existence of dominant veins which will support the interpreted continuity as we continue to expand the 267 Zone.

Moneta is reporting results from the completed 267 Zone intersection. The 267E drilling remains in progress, continuing past the intersection of the 267 Zone, to test the westerly strike potential and interpreted steep plunge or dip of the significant gold mineralization intersected along the hanging wall (south) side of the Central Block iron formation in MSW-10-162A, 162B and 162D (see table below).

For a plan and cross section view of MSW-10-273, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2010-12-17_NRM1.pdf

For a map of Moneta's Golden Highway Project, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2010-12-17_NRM2.pdf

The summary results from drill hole wedge MSW-10-267E are as follows:

Drill hole	From (m)	To (m)	Vertical depth (m)	Width⁽¹⁾ (m)	Au⁽²⁾ (g/t)	g X m	Comments

MSW-10-267E	1011.30	1060.70	910	49.40	2.83	140	Fourth drill intersection into 267 Zone - 49m thick vein zone, including 10.5m quartz vein
incl.	1018.25	1029.75		11.50	3.90
and	1048.36	1059.15		10.79	3.91

(1) Drilled widths are currently reported (2) Metallic checks completed on all assays > 15.0 g/t
Previously reported (see November 17, 2010 press release)
MSW-10-267C	1030.69	1054.58	950	23.89	5.61	134	*Third drill intersection into 267 Zone* - W/NW- trending and steep SW-dipping.**
incl.	1038.00	1054.58		16.58	7.42
and	1038.00	1045.75		7.75	8.08
and	1048.88	1054.58		5.70	10.55
Previously reported (see October 28, 2010 press release)
MSW-10-267B	1058.00	1094.37	960	36.37	3.93	143	*Initial drill wedge into 267 Zone:* W/NW-trending and steep SW-dipping.**
incl.	1058.00	1078.00		20.00	5.85
incl.	1066.90	1076.65		9.75	9.05
Previously reported (see August 26, 2010 press release)
MSW-10-267	1064.85	1100.94	980	36.09	3.43	124	*New 267 Zone:* 50m thick quartz-carbonate vein zone: NW-trending and steep SW-dipping.**
incl.	1066.11	1081.70		15.59	4.16
incl.	1087.92	1098.15		10.23	4.10

Drill hole wedge MSW-10-267D ("267D") was drilled to the west and above 267E intersecting moderate to pervasive ankerite alteration interpreted to be the hanging wall of the 267 Zone. 267D was continued and returned 2.38 g/t Au over 25.08 metres, including 2.80 g/t Au over 18.36 metres and 3.37 g/t Au over 10.28 metres along the hanging wall (south) side of the Central Block iron formation.

R. Skeries, P.Geo. is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.

Assay Reporting

Diamond drill core logging and sampling follows general industry practices whereby logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Pulps and rejects are also stored. Blanks and a range of standards are inserted into the sample steam at regular intervals. Initial assays, metallics, and routine duplicates are completed by Expert Laboratories. Up to 15% of the pulps are submitted to a second laboratory as duplicates and checks. All laboratories used standard 30g fire assay techniques. Additional core sampling and assaying, including second cuts and metallics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise with assay values as simple averages of duplicates and gravimetric results.

About Moneta

Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest property portfolios over approximately 10% of the Destor Porcupine Fault Zone (from Timmins, Ontario to the Quebec border), one of the key structural features in the Abitibi Greenstone belt in Ontario. Moneta owns 100% of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum and Denton Thorneloe (West Timmins) core projects located in the Porcupine and Golden Highway Camps, one of the most prolific gold producing regions in North America, with

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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