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Gold/Mining/Energy : MONETA PORCUPINE ME.t

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To: Crocodile who wrote (224)	5/13/1997 5:56:00 PM
From: Brad Rylott	of 440

To All - here is the release May 13, 1997 Trading Symbols ME TORONTO STOCK EXCHANGE ME BERLIN STOCK EXCHANGE MOP FRANKFURT STOCK EXCHANGE MICHAUD DRILL PROGRAM: APRIL UPDATE Moneta Porcupine Mines Inc. ("Moneta") announces additional drill results from the 1997 exploration program on the Michaud Properties in which a subsidiary of Barrick Gold Corp ("Barrick") is earning 60% - 70% interest by the expenditure of $6.5 million. Highlights for April include: Hole Depth(m) Au (g/t) Length(m) 199 432 5.0 1.7 205 320 4.1 4.1 208 288 7.0 4.4 210 440 5.1 14.3 incl 12.2 4.6 211 224 3.7 4.1 216 377 6.0 4.1 In April, exploration and definition drilling in the Central Block of the Southwest zone (Moneta 40%) comprised 12 holes for 4329.5m. Three additional mineralized zones have been identified east of the major fault zone which offsets the West Block and Central Block to a vertical depth of 400m. Exploration drilling in the West Block for April totalled 3 holes for 681m. Results from the West Block include 5 g/t over 1.5m, 5.0 g/t over 1.7m and 5.2 g/t over 1.5m and 3.4 g/t over 3.0m. One exploration hole was drilled on the Eastern Block for 109m and includes 3.0 g/t over 3.0m and 2.9 g/t over 3.4m. Diamond drilling totals 20,030m for 1997 to date, and 6 additional holes will be commenced by mid-May. Further drilling and assay results will be available in one month. Moneta's 1996 annual report, now available, contains further information including a geological plan of the Southwest Zone. FOR FURTHER INFORMATION PLEASE CONTACT: INTERNET HOME PAGE: timmins.vianet.on.ca Rod Whyte (Chairman) Fran Yungwirth (CEO) London, England 011 44 171 736-2212 Timmins, Ontario (705) 264-2296 Everything looks positive - Brad

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