MPH Ventures Corp.
TSX VENTURE : MPS
FRANKFURT : IJA1

MPH Ventures Corp.

February 09, 2011 11:33 ET

MPH Ventures Options Gould Gold Property to Prodigy Gold Inc. in Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) - MPH Ventures Corp. (TSX VENTURE:MPS) (FRANKFURT:IJA1) (the "Company") announces that it has signed an option agreement with Prodigy Gold Incorporated that allows Prodigy to earn up to a 100% interest in the 112 ha Gould Gold property (the "Property") located adjacent to the Magino Mine gold property in the Township of Finan, Ontario.

The principal terms of the option agreement, subject to TSXV approval, are as follows:

  • Prodigy will pay MPH $10,000 and issue to MPH 50,000 common shares of Prodigy ("Shares") following acceptance by the TSXV of this transaction;
  • Prodigy can earn a 60% interest in the Property within two years of TSXV approval by paying MPH an additional $35,000, issuing MPH an additional 150,000 Shares and incurring expenditures of $250,000;
  • Prodigy can earn a 100% interest in the Property within three years of TSXV approval by paying MPH an additional $25,000 ($70,000 in aggregate), issuing MPH an additional 200,000 Shares (400,000 Shares in aggregate), incurring additional expenditures of $500,000 ($750,000 in aggregate) and granting MPH a net smelter returns royalty of 1%, which may be repurchased for $1,000,000;
  • The Property is subject to an additional 2% net smelter returns royalty held by prior owners, half of which may be acquired for $1,000,000.

About MPH Ventures:

MPH Ventures is focused on the development of its wholly owned molybdenum and gold projects located throughout Ontario. Management of MPH has extensive expertise in identifying and adding value to exploration projects throughout Ontario, Canada. The Company is in the process of completing an update of its NI 43-101 resource estimate of its 100% owned Pidgeon Molybdenum Deposit Project in Ontario. Since acquiring the project from BHP Billiton and Goldcorp in 2007, MPH Ventures has drilled over 40 holes on the project and has hit significant molybdenum intersections within open pit parameters.

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

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS 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: 800-567-8181
    604-687-3119 (FAX)
    or
    MPH Ventures Corp.
    Don Myers
    Director
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@mphventurescorp.com
    www.mphventurescorp.com