MPH Ventures Corp.
TSX VENTURE : MPS

MPH Ventures Corp.

December 07, 2006 09:00 ET

MPH Ventures Corp.: 50% Interest in Lateegra's M10 Property in Ecuador to be Acquired

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 7, 2006) - MPH Ventures Corp. (TSX VENTURE:MPS) (the "Company") announces it has signed a formal Option Agreement with Lateegra Gold Corp. (TSX VENTURE:LRG) ("Lateegra"), through their wholly-owned subsidiary Lateegra Ecuador S.A., for the acquisition by MPH Ventures of a 50% interest in Lateegra's wholly owned mining concession under the name of M10 massive sulphide prospect.

M10 Ecuador Property Area Map: http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-EC-M10.gif

The M10 property is located in the Pichincha province 50 kilometres west-southwest of Quito Ecuador immediately north of and adjoining Cornerstone Capital Resources and Coastport Capital's La Plata gold-rich VMS (volcanic massive sulphide) deposit and covers an area of 4,915 hectares. The M10 property was identified by Ing Fredy Salazar, who spent several years as a senior geologist for Newmont Gold and provided consulting services for Aurelian Resources. Mr. Salazar was instrumental in the identification of the land package known as the Condor project held by Aurelian Resources and the El Condor project held by Lateegra located in the emerging gold belt in southern Ecuador.

The exploration target on the M10 concession is the continuation of the La Plata polymetallic volcanogenic massive sulphide (VMS) trend. Mineralization at La Plata and in the area occurs at or near the north-south-trending contact between intermediate and felsic volcanics. Recent results from the drilling on La Plata by Cornerstone and Coastport Capital returned significant massive sulphides returning in hole LP-06-02, 6.7 metres (true width of 4.4 metres) averaging 11.1 grams per tonne gold, 77.9 grams per tonne silver, 23.44 per cent zinc, 1.02 per cent copper and 3.19 per cent lead; and 8.9 metres averaging 31.61 grams per tonne gold, 289.39 grams per tonne silver, 18.16 per cent zinc, 5.86 per cent copper and 1.61 per cent lead in hole LP-06-01 (see Stockwatch news dated June 22, 2006, Cornerstone Capital Resources). The M10 concession covers 7.5 kilometres of potential strike length of favorable geology. Documented mineral showings are reported to exist on the property including the El Diablo showing located on the south limits of the property.

Lateegra has agreed to grant the option to the MPH Ventures to acquire a 50% interest in the M10 property in consideration of the MPH Ventures undertaking a work program on the property aggregating $2,500,000 over 4 years, issuing an aggregate of 600,000 shares to Lateegra over 3 years, and paying a one time cash payment of $50,000.

MPH Ventures Corp. is a mineral exploration company. 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 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