MPH Ventures Corp.
TSX VENTURE : MPS

MPH Ventures Corp.

November 21, 2007 09:00 ET

MPH Ventures Acquires 2,900 Acres Surrounding Its Pidgeon Molybdenum Deposit, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - MPH Ventures Corp. (TSX VENTURE:MPS) (the "Company") announces that it has acquired approximately 2,900 additional acres surrounding its Pidgeon Molybdenum Deposit. The Company announced on November 7th it has acquired 93.45% of the outstanding shares of Pidgeon Molybdenum Mines Limited from Rio Algom Limited, a wholly-owned subsidiary of BHP Billiton Ltd. and Goldcorp Inc. Pidgeon Molybdenum Mines Limited holds a 100% interest in 210 hectares of mining claims under the name "Pidgeon Molybdenum Deposit". The Pidgeon Molybdenum Deposit is accessible through the #1 Trans Canada Highway and is approximately 50 kilometres east from the city of Dryden, District of Kenora, Northwestern Ontario.

MPH Ventures announces that it has entered into an Option Agreement (the "Agreement") with Rubicon Minerals Corp., of Vancouver BC ("Rubicon"), and Mr. Perry English, wherein the Company has been granted an option to acquire a 100% interest in 10 mineral claims consisting of 59 Units (2360 acres) located in the Echo Township, Patricia Mining Division, northwestern Ontario. Pursuant to the terms of the Agreement, the Company will pay the sum of $95,000 and issue 125,000 shares to Rubicon over the four-year term of the Agreement. The Property is subject to a 2% net smelter return royalty ("NSR"). The Company has been granted an option to acquire one-half of the NSR for $1,000,000. The Agreement is subject to the acceptance of the TSX Venture Exchange.

The Company is also pleased to announce that it has staked four claim blocks consisting of 13 units (520 acres) located in the Echo Township, Patricia Mining Division, NW Ontario. The claims are located adjacent east of the Company's Pidgeon Molybdenum Deposit and new Echo Township claims noted above.

The acquisition of these claims through option and staking has allowed the Company to create a buffer zone around its Pidgeon Molybdenum Deposit. Based on a recently completed technical report by Wardrop Engineering, the Company believes the Pidgeon Moly Deposit has the potential for expansion outside its current boundaries. The acquisition of these new claims will ensure any future expansion potential will remain on MPH Ventures ground.

Work on the Pidgeon Molybdenum Deposit dates back to 1946 with diamond drilling carried out in the 1950's, 60's, and 70's. Several historical resource estimates, produced in the 1950's through to the late 1980's, have been prepared on the Pigeon Molybdenum Deposit that include reports by T. Bottrill for BHP Billiton (Sept. 17, 1979) and consulting engineering firm Strathcona Mineral Services Ltd. for BHP Billiton (July 16, 1980). These reports are the most recent and extensive on the deposit and are believed to be the most reliable. The most recent reports indicate the contained tonnage in the mineralized zone varies from Strathcona's report of 9,000,000 tons drill indicated at 0.096% molybdenum to as much as T. Bottrill's report of 55,000,000 tons inferred with grades of 0.081% molybdenum. Both reports used a cut-off grade of 0.04% molybdenum. The tonnage varies depending on the parameters used and the assumptions made with respect to molybdenum grades, limits of the mineralization, and geometry of the mineralized body. The historic estimates were based on a total of 76 variably spaced diamond drill holes completed on the property and the historic resources were not calculated to National Instrument 43 101 standards and therefore cannot be relied upon.

MPH Ventures has not yet completed the work necessary to verify the classification of the mineral resource estimates and since the resource estimates are historical in nature and predate and are non-compliant with National Instrument 43-101 standards, the estimates should not be relied upon. For this reason, and in conjunction with Wardrop Engineering Corp, MPH Ventures initiated a technical report to confirm the historic data and plans to initiate an immediate in-fill diamond drill program to provide sufficient reliable information to complete a National Instrument 43-101 compliant resource estimate. This diamond drill program will commence shortly.

David J. Busch, B.A., B.Sc., PGeo., MPH Ventures' Project Manager, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.

MPH Ventures Corp. is a gold, silver, and molybdenum exploration company focused on mineral development within Canada and Latin America.

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

James G. Pettit, President

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • MPH Ventures Corp.
    James G. Pettit
    President
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    or
    MPH Ventures Corp.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@mphventurescorp.com
    Website: www.mphventurescorp.com