Moneta Porcupine Mines Inc.

Moneta Porcupine Mines Inc.

November 07, 2007 10:21 ET

Moneta Acquires Interest in Windjammer Gold Property From Newmont

TIMMINS, ONTARIO--(Marketwire - Nov. 7, 2007) - Moneta Porcupine Mines Inc. ("Moneta") (TSX:ME)(BERLIN:ME)(FRANKFURT:MOP)(XETRA:MOP) is pleased to announce that it has entered into an agreement with Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (TSX:NMC)(NYSE:NEM)(ASX:NEM) ("Newmont") to acquire Newmont's interest in a joint venture known as the Windjammer Project ("Windjammer"). The Windjammer property is contiguous to Moneta's Golden Highway Project centered in Michaud Township, 100 km. east of Timmins, Ontario.

Moneta will issue 4,380,000 common shares to Newmont as consideration for the acquisition which will have a hold period of 12 months. Newmont holds a 50% interest and acts as the operator of the Windjammer joint venture and Moneta will assume all of Newmont's rights, obligations and liabilities under the joint venture and associated mining leases. Moneta has also granted Newmont an option for a period of 12 months from closing to participate on a pro rata basis in any equity financing completed by Moneta during the period. Completion of the transaction and participation in an equity financing are subject only to regulatory and TSX approval.

To view Figure 1. Windjammer Property in the Golden Highway Camp east of Timmins
Please click on the following link:

The Windjammer joint venture holds two mining leases comprising 22 mining claims in Garrison and Michaud Townships covering 356 hectares. Drilling in the 1980s by Noranda Inc. ("Noranda") identified widespread gold mineralization in a number of zones and resulted in two separate gold discoveries, Windjammer South and Windjammer North, which have had little further development in the intervening period. Windjammer South lies one kilometre easterly along strike from Moneta's Southwest Zone, which has an inferred historical resource of approximately 625,000 ounces of gold calculated by Barrick Gold Corporation ("Barrick") (Moneta Porcupine Mines Inc.: Meixner Report, SEDAR filing on April 21, 2005; see "Historical Resource Estimate" below).

Windjammer South in combination with Moneta's Southwest Zone and the 55 Zone discovered by the Michaud Joint Venture (50/50 with Acrex Ventures Ltd. ("Acrex")) represents a strike length of approximately four kilometres with gold mineralization occurring within Timiskaming sediments along the entire length. Several exploration holes drilled in the area between Windjammer South and the Southwest Zone produced intersections and grades similar to those found in both zones and were not followed up with further drilling.

Rod Whyte, Chairman of Moneta, stated "The acquisition of the interest in Windjammer is a key building block in our Golden Highway strategy. Our analysis of the prior drilling and digital modeling of Windjammer South indicate that the deposit is part of the same geological system as Moneta's Southwest Zone and the acquisition of Windjammer will now enable Moneta to explore and develop the area on an integrated basis".

Moneta intends to complete a National Instrument (NI) 43-101 technical report on Windjammer defining a resource to current standards as soon as possible. The property lies within the "area-of-interest" of the Michaud Joint Venture. Acrex has agreed to waive its area-of-interest rights under the Michaud Joint Venture and will not be participating in future exploration of Windjammer.

Technical data in this press release has been obtained from Newmont based on drilling conducted by Noranda, and has been compiled and analyzed by Moneta. As of the present time, only a limited review of the drill hole data and the quality assurance and quality control procedures has been undertaken by Moneta and no reliance should be placed on such data.

Windjammer South

The Windjammer property is located immediately adjacent to the east of Moneta's Golden Highway Project and Windjammer South lies just south of the Destor Porcupine Fault Zone ("Destor") on strike from Moneta's Southwest Zone. Drilling on Windjammer South consisted of 35 drill holes totaling almost 11,000 metres in the 1980s, in addition to a number of holes drilled prior to that time.

The drilling identified several gold bearing zones within a mineralized system currently extending for 400 metres along strike to a depth of 350 metres. The system dips moderately to the southeast and is open in both directions along strike and to depth. Intersections reported include 9.4 grams/tonne (g/t) over 9.7 metres and 5.6 g/t over 6.5 metres (core lengths) among broad intersections of lower-grade material.

Windjammer South appears to closely resemble the style of mineralization in the nearby Southwest Zone. Gold mineralization is typically hosted by fine quartz veining within a restricted window of variably altered (hematite, silica and sericite) Timiskaming sediments which form the hanging wall to a sequence of banded magnetite iron formations.

To view Figure 2. Windjammer Drill Holes please click on the following link:

Windjammer North

The Windjammer North discovery is located one kilometre north of Windjammer South on the northern boundary of the Destor and is on strike with Moneta's Last Chance, Twin Creek, Miller and Landing Zones. In total, this area represents a largely unexplored strike length of 5.3 kilometres. Moneta's historical drilling on these zones produced several encouraging gold intersections which included 11.3 g/t over 3.7 metres, 20.6 g/t over 1.2 metres, 8.6 g/t over 2.5 metres, 13.0 g/t over 3.1 metres and 13.0 g/t over 1.8 metres (core lengths).

Windjammer North has been defined by 23 holes totaling 9,500 metres drilled by Noranda over a strike length of 400 metres with reported intersections including 6.4 g/t over 5.9 metres (core length). Gold mineralization is hosted in altered mafic volcanic rocks within ultramafic volcanics and typically consists of quartz carbonate veining in high strain zones with pyrite, ankerite, silica, fuchsite and sericite alteration.

Historical Resource Estimate

In respect of the historical resource estimate of the Southwest Zone calculated by Barrick set out above, a "qualified person" has not done sufficient work to classify such historical resource estimate as a current mineral resource or mineral reserve. Moneta is not treating the historical estimate as current mineral resources or mineral reserves as defined by NI 43-101. The resource estimate lists Probable, Possible and Potential tonnages. Moneta believes that these categories, in the case of the resource estimate, are indicative of an "inferred resource" as defined by the Canadian Institute of Mining Standards on Mineral Resources and Reserves in NI 43 - 101. The historical resource estimate should not be relied upon.

About Moneta

Moneta has 10 gold projects in the Porcupine and Golden Highway Camps near Timmins, Ontario, located primarily along the Destor, which include the Southwest Zone and the 50/50 Michaud Joint Venture properties as part of Moneta's Golden Highway Project. Moneta is in the process of aggregating and compiling drill and geological data on the Southwest Zone, Windjammer and surrounding areas in a comprehensive digital geological model which includes the Michaud Joint Venture drill programs. The data is being used, in part, to complete a re-interpretation of the Timiskaming sedimentary corridor.

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 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.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

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