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(TSX-V: MPS)
NEWS RELEASE
December 12, 2008
MPH
Ventures Acquires Additional 11% in Red Lake
Gold Property,
NW Ontario
Vancouver,
BC ? MPH Ventures Corp. (TSX-V:
MPS) (FWB: IJA1) (the ?Company?) announces the
acquisition from Skyharbour Resources Ltd. (TSX-V: SYH) of a further
11% interest, from 39% to 50%, in its Heyson gold property located in Red
Lake, Northwestern Ontario. For consideration, the Company will pay
Skyharbour Resources 500,000 shares of MPH Ventures. This will now
create a 50% / 50% joint venture on the Heyson project between MPH Ventures
and Skyharbour Resources. The 7,000 acres Heyson property lies in the
southern portion of the central Red Lake
gold belt, 5 km south of the operating Goldcorp
Red Lake
and Campbell
gold mines.
Location
Map of the Heyson Property in Red Lake,
NW Ontario:
http://www.mphventurescorp.com/s/Image.asp?i=maps/Heyson.gif
A
previous till sampling program on the Heyson property undertaken by MPH
Ventures and Skyharbour identified areas on the property that might host
significant gold mineralization. The companies identified a large,
well-defined "gold-in-till" anomaly (Sully Creek Till Anomaly) on
the property. The width of the anomaly covers 350 metres along a strike
length of 1.5 kilometres. Sampling indicates the source of the gold-in-till
anomaly is on the property. Past drilling by MPH Ventures and Skyharbour
Resources tested the Sully Creek Till Anomaly and identified gold values
within a distinct hematite-epidote alteration system with the most
significant intercept grading 59.4 grams per tonne Au over 0.4 metres.
The
above transaction is subject to TSX Venture Exchange approval.
In
other news, MPH Ventures announces it is scaling back further exploration on
its 100% owned 3,400 acres Pidgeon Molybdenum Deposit project located at the
east end of Lateral Lake, Echo Township, northwestern Ontario. Due to
current market conditions and weak base metal commodity prices, MPH Ventures
has had to curtail further expenditures on its 100% owned Pidgeon Molybdenum
Deposit project. The Company believes the Pidgeon Molybdenum Deposit
project is a very viable project given higher molybdenum prices and has the
potential to become a significant surface deposit in a very mining friendly
location with immediate proximity to infrastructure.
The
Company?s goals since acquiring the Pidgeon Molybdenum Deposit in 2007 from
BHP Billiton and Goldcorp was to develop and expand the know resource from
8.5 million tonnes of 0.01% Mo inferred resource to 20 million tonnes of
0.01% Mo drill indicated in the first year. The drilling completed to
date indicates that the size of the molybdenum deposit has been substantially
increased. The drilling also indicates that the known molybdenum zone is open
along several trends to the west and east and suggests significant new
tonnage can also be developed in these directions. The stripping and drilling
carried out in 2008 by MPH Ventures indicate that significant new tonnage
could also be added along the footwall on the known mineralized body along
its entire length of approximately 1700 metres, as this area has never been
adequately drilled. The Company believes a possibility for further
expansion to a potential open pit situation exists on the Pidgeon Molybdenum
Deposit property.
The
Company now owns 100% of the patented claims that comprise the Pidgeon
Molybdenum Deposit and will hold the project in good standing until such a
time as market conditions and base metal commodity prices improve.
MPH
Ventures Corp. is a precious metal and molybdenum exploration company focused
on mineral development within Canada.
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
Shares Outstanding
34.7 million
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