MPH Ventures Corp.
TSX VENTURE : MPS
FRANKFURT : IJA1

MPH Ventures Corp.

December 12, 2008 09:00 ET

MPH Ventures Acquires Additional 11% in Red Lake Gold Property, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2008) - MPH Ventures Corp. (TSX VENTURE:MPS) (FRANKFURT:IJA1) (the "Company") announces the acquisition from Skyharbour Resources Ltd. (TSX VENTURE: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 VENTURE: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 and Frankfurt Exchange have not reviewed and do 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