Moneta Porcupine Mines Inc.

Moneta Porcupine Mines Inc.

June 13, 2008 17:53 ET

Moneta Releases NI 43-101 Resource Estimate on Windjammer Gold Property

TIMMINS, ONTARIO--(Marketwire - June 13, 2008) - Moneta Porcupine Mines Inc. ("Moneta") (TSX:ME) (FRANKFURT:MOP) (XETRA:MOP) is pleased to announce that it has received an initial independent mineral resource estimate for the Windjammer South Zone ("Windjammer South") on its Golden Highway Project. The independent resource estimate was prepared by Cargill Consulting Geologists Limited ("Cargill") and complies with National Instrument (NI) 43-101 and Canadian Institute of Mining (CIM) guidelines for reporting mineral resources. It will form part of a report entitled "Technical Report on the Windjammer Project, Michaud and Garrison Townships, Ontario" to be filed on SEDAR.

The mineral resource estimate indicates that Windjammer South contains an Inferred Resource of 154,000 ounces of gold at an average grade of 2.3 grams/tonne ("g/t") based on 2.1 million tonnes. The estimate uses a cut-off grade of 1 g/t gold which was determined by Cargill as appropriate for a small tonnage potential mining operation in this location. Windjammer South remains open to both the east and the west of the mineralized strike and is completely open at depth as the deepest mineralized intervals used in the resource estimate lie between 250 and 300 metres.

The Inferred Resource is on strike from Moneta's 100%-owned Southwest Zone, which hosts an inferred historical resource of approximately 625,000 ounces of gold calculated by Barrick Gold Corporation (see "Historical Resource Estimate" below and Moneta Porcupine Mines Inc.: Meixner Report, SEDAR filing on April 21, 2005) and is located 1 km. from Windjammer South. Moneta plans to drill on the Southwest Zone later in the year and a resource estimate is expected in the coming months on this property as well.

Rod Whyte, Chairman of Moneta, commented "We are extremely pleased to be able to announce an initial NI 43-101 resource estimate for Windjammer South. This initial estimate is based on a limited amount of historical drilling on relatively wide spacing and we expect to be able to expand the resource significantly as we ramp up our drilling activity on the Golden Highway Project over the rest of 2008. Importantly, we are now ready to commission a NI 43-101 resource estimate on our prime asset, the nearby Southwest Zone".

NI 43-101 Mineral Resource Estimate and Methodology

Total Contained
Average Tonnage Gold Contained
ESTIMATE Gold Grade (million (million Gold
TYPE PARAMETER (g/t) tonnes) grams) (ounces)
Polygon 50m down/up dip 2.3 2.7 6.3 204,000
Polygon(4) 25m down/up dip 2.3 2.1 4.8 154,000
Block Model ID(3) 25m radius 1.7 2.0 3.4 109,000
Block Model ID(2) 25m radius 1.7 2.0 3.3 107,000
Block Model ID(3) 50m radius 1.6 3.9 6.2 199,000

Table 1. Resource Estimate Results
1. Minimum compositing intersection width of 2 metres which is equivalent to
a true width of about 1.5 metres.
2. Minimum compositing intersection width of internal waste of 2 metres.
3. A specific gravity value of 2.81 being the average value of 25 core
samples measured at Swastika Laboratories.
4. The Polygon Method extending 25m up/down dip is the highest confidence
estimate and can be classified as an Inferred Resource.

The NI 43-101 resource estimate was developed over a 400-metre drilled strike length from 29 drill holes completed to-date on Windjammer South. A polygon-based method with 25-metre step-outs up-dip and down-dip from mineralized intersections was used as the basis for the NI 43-101 calculation with several other methods evaluated and used to confirm the results.

Geological data from core logs and composited mineralized intervals were plotted on a series of cross-sections across a 400-metre east-west trending strike length. Ten of the sections are separated by 25 metres and the two most easterly sections were plotted at 75 and 100 metres, respectively. The same information was also plotted on a series of (horizontal) plans with 50-metre separations. The mineralized zones were interpreted on the individual sections and continuity along strike was determined using the plans. Polygons were constructed based on the individual mineralized sections and extended 25 metres up and down dip.

A second methodology was evaluated based on establishing broad polygons using a 0.5 g/t cutoff to delineate the mineralized zones and a block model was developed. The grades of each block were estimated using Inverse Distance Squared (ID2) and Inverse Distance Cubed methods (ID3) at both 25 and 50-metre search radii using a 1 g/t gold cutoff. Block size was 5 metres on each side and the search ellipse was oriented vertically with the minor axis being one-half of the major axis. The results indicate that there is essentially no difference between the polygon and block model methods.

The results of five estimation methods evaluated are presented in Table 1 above. The best results were 204,000 ounces of gold from 2.7 million tones at an average grade of 2.3 g/t using a 50-metre step-out up and down dip. Cargill has indicated the greatest confidence in the polygon-based estimate using a 25-metre down/up dip extension to provide an Inferred Resource of 154,000 ounces.

Windjammer South

Windjammer South is now part of Moneta's Golden Highway Project which lies approximately 90 km. east of Timmins, Ontario, after a controlling interest in the Windjammer Joint Venture was acquired in November 2007 from Newmont Canada Limited. The Windjammer Joint Venture holds two mining leases comprising 22 mining claims in Garrison and Michaud Townships straddling the Destor Porcupine Fault Zone and covering 356 hectares. Prior drilling from 1987 to 1989 by Noranda Inc. (53 drill holes totaling approximately 19,400 metres) 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 in combination with the Southwest Zone and the 55 Zone held by the Michaud Joint Venture form the "Southern Corridor" of the Golden Highway Project and represent a strike length of approximately four km. with gold mineralization occurring within altered 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.

Wide mineralized alteration zones in Windjammer South typically contain gold values ranging between 0.5 grams/tonne (g/t) and 2.0 g/t, as well as intervals with much higher gold values. Narrow gold intercepts with elevated grades are seen throughout reflecting scattered stringers and veins. Gold grades tend to increase approaching a banded iron formation which is generally interpreted as the sub-vertical northern boundary of the mineralization. A similar style of mineralization is found in the nearby Southwest Zone and analysis of the prior drilling and digital modeling of Windjammer South indicate that the deposit is part of the same geological system as the Southwest Zone.

The acquisition of the Windjammer property has enabled Moneta to explore and develop the area on an integrated basis. A recent three-hole drill program was completed on Windjammer South which confirmed historical drilling on the property. WMJ07-03 was drilled into a historically untested area in the centre of Windjammer South and returned 47.3 metres (drilled width) grading 2.21 g/t.

Moneta has recently commenced a drill program on the Southern Corridor of the Golden Highway Project which is drilling initially on Windjammer South and is expected to continue on other zones to the end of 2008. Its overall objective is to extend known mineralized zones and evaluate new targets along the Southern Corridor. Moneta also recently completed an eight-hole drill program on the '55' Zone under the Moneta-Acrex (50/50) Michaud Joint Venture to better define and extend the gold mineralization in hat area. Final assay results are pending.

Qualified Persons

Cargill is an independent geological consulting firm of which George Cargill, Ph.D., P.Eng., is the principal consulting geologist and Qualified Person for the NI 43-101 Inferred Resource contained in this press release. In early 2008, Moneta engaged Cargill to prepare an initial independent technical report compliant with NI 43-101 guidelines and complete an initial independent estimate of the mineral resources in Windjammer South. The NI 43-101 technical report will be filed on SEDAR within 45 days.

The resource estimate prepared by Cargill was based on a three-dimensional (3-D) geologic and mineralization model that integrated over 9,412 meters of drilling in 29 holes and included a block model. This drilling has been audited and validated by Cargill in accordance with CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and with NI 43-101 guidelines.

The technical content of this release has been reviewed by Rainer Skeries, P.Geo., Moneta's Consulting Geologist. By virtue of their academic backgrounds and professional experience, Mr. Cargill and Mr. Skeries are both "qualified persons" as defined by NI 43-101.

About Moneta

Moneta (TSX:ME) is a long-established Canadian gold exploration company and former gold producer. The Company holds an extensive, high-quality exploration portfolio with four primary gold projects in the prolific Golden Highway and Porcupine Camps near Timmins, Ontario. Moneta's gold projects are all on or near the famous Destor Porcupine Fault Zone, which is the key structural feature of one of the most prolific gold-producing areas in the world with over 70 million ounces of gold produced to-date.

Moneta's exploration focus is on the "Southern Corridor" of its Golden Highway Project, which hosts at least 4 km. of mineralized strike length. The Company is operated by an experienced geological and management team which maintains a low-cost, efficient Timmins-based exploration operation with its own field office and equipment.

Historical Resource Estimates

Moneta's projects include properties with historical resource estimates which are not compliant with NI 43-101. These estimates are sourced from various government and company archives which provide information on the geology and extent of the mineralization. It should be noted that a "qualified person" has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. Moneta is not treating the historical estimates as current mineral resources or mineral reserves as defined by NI 43-101 and historical estimates should not be relied upon.

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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