Well, now, oddly enough we do have some news, finally...but the stock dropped another nickel to 42 cents, almost the year's low. What gives? This just doesn't look like that negative a release, at first glance. Anyone have deeper insight?
"Moneta Porcupine Mines Inc. ("Moneta") has agreed to the
assignment of an option to Alto Minerals Inc. ("Alto"), a
Vancouver based gold exploration company to acquire up to 65
percent of Moneta's interests in Garrison Township of Northeastern
Ontario. The Agreement calls for $4,000,000.00 in exploration
expenditures by October 2002, with expenditures of $500,000.00 by
October 1998. Alto will also issue to Moneta 50,000 shares, a
warrant to acquire a further 50,000 shares, and up to an
additional $100,000.00 worth of common stock over the first two
years of the Agreement.
"The Garrison Property is located in the Golden Highway area east
of Timmins and consists of 127 claim units in which Moneta has a
100 percent interest and 16 patented claims (the Jonpol JV) in
which Moneta is earning a 75 percent interest. The property
straddles the Destor Porcupine Fault Zone ("DPFZ") immediately
east of Moneta's Michaud Properties in which Barrick Gold Corp. is
spending $6.5 million to earn 60 - 70 percent interests.
"Gold mineralization has been found in several zones on the
Garrison Property within sediments and in association with an iron
formation parallel to the DPFZ. The Jonpol Mine, immediately west
along structure (1.3 mt at 0.23 opt) has recently commenced
production.
"Alto plans an extensive diamond drilling program both to follow up
on previous gold intersections and to test for a major rift which
potentially underlies the property. Moneta will be operator and
project manager. The agreement remains subject to regulatory
approval." |
