MPH Ventures Corp.
TSX VENTURE : MPS
FRANKFURT : IJA1

MPH Ventures Corp.

May 02, 2008 10:58 ET

MPH Ventures Not to Proceed With Option Agreement for Mineral Concessions Located in Ecuador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2008) - MPH Ventures Corp. (TSX VENTURE:MPS) (FRANKFURT:IJA1) (the "Company") announce that the Company will no longer be proceeding with its Option Agreement with Lateegra Gold Corp. ("Lateegra") regarding certain mineral concessions located in Ecuador.

Recently, the government of Ecuador has cancelled most of the mineral concessions in the country and suspended all operations within the country for at least 180 days.

As a consequence of the actions of the Ecuadorian government, it is no longer possible to proceed with the Option Agreement dated for reference December 4, 2006.

The expropriation and governmental decree restricting operations in Ecuador has triggered the "Force Majeure" clause in the Option Agreement (Section 13). In addition, these same governmental actions have frustrated the contract and it is no longer possible to carry forward as contemplated in the aforesaid agreement.

Al Cole, our VP Exploration, is now coordinating winding up operations within Ecuador and we will provide Lateegra with all data and information required under section 11 of the Option Agreement.

In other news, MPH Ventures announced on April 28, 2008 that a drill rig has been secured to start the next phase of drilling on the Company's 100% owned Pidgeon Molybdenum Deposit project located at the east end of Lateral Lake near Dryden in NW Ontario.

Pidgeon Molybdenum Deposit location map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-Fig_41.gif.

The first phase of drilling completed in February 2008 confirmed the historic molybdenum resource data provided by Rio Algom and Strathcona Mineral Services as well as providing evidence of both depth and lateral extensions of the known mineralized zones. The recommendations for the phase 1 drill program was set out in a National Instrument 43-101 report written for MPH Ventures by Wardrop Engineering Inc.

3D Video on Pidgeon Molybdenum Deposit drilling:
http://www.mphventurescorp.com/i/misc/PM2.wmv.

The drilling rig is expected to arrive on site within the next two weeks. The phase 2 drill program will include some infill and confirmation holes as well as testing along strike, as the Company feels the main zone is likely geologically connected with other poorly explored occurrences located along the district scale Lateral Lake stock - country rock contact zone.

MPH Ventures Corp. is a molybdenum and precious metal 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