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Moneta files NI 43-101 report of 1.1 million ounces indicated plus 2.1 million ounces inferred at Golden Highway project near Timmins
TIMMINS, ON, Jan. 18, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta") is pleased to report the filing of its National Instrument 43-101 ("NI 43-101") independent technical report for the Windjammer South, the Southwest Zone and the 55 Zone, all located on its 100% owned Golden Highway Project located east of Timmins, Ontario (Canada).
Highlights from the NI 43-101 resource estimate (December 1, 2011 press release) include:
Mineral Resource Estimate:
Indicated: 1,071,000 ounces (33.5 Mt at 1.00 g/t Au); plus
Inferred: 2,069,600 ounces (47.8 Mt at 1.35 g/t Au);
In-Pit Mineral Resources (included in the Mineral Resource Estimate):
Indicated: 1,001,600 ounces (32.9 Mt at 0.95 g/t Au); plus
Inferred: 1,280,000 ounces (40.6 Mt at 0.98 g/t Au);
Strong potential for both in pit and out of pit resource growth.
"We have received comments from retail and institutional investors that the gold resource news we released on December 1, 2011 is a game changer for both Moneta and the entire Timmins Gold Camp. These comments included numerous references to the fact that Moneta's market capitalization is severely disconnected from the perceived value of our current gold resources. Accordingly, the Moneta board has elected to implement a Shareholder Rights Plan for the protection of all shareholders."
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