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Gold/Mining/Energy : MONETA PORCUPINE ME.t

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To: Crocodile who wrote (297)	10/1/1997 2:51:00 PM
From: D LEE	of 440

Canadian Corporate News disclaimer FOR FURTHER INFORMATION PLEASE CONTACT: Moneta Porcupine Mines Inc. Rod Whyte Chairman (0171) 736-2212 London, England or Moneta Porcupine Mines Inc. Fran Yungwirth CEO (705) 264-2296 Timmins, Ontario NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: MONETA PORCUPINE MINES INC. Berlin Stock Exchange Symbol: ME TSE SYMBOL: ME OCTOBER 1, 1997 Moneta Confirms Nighthawk Lake Gold Discovery TIMMINS, ONTARIO--Moneta Porcupine Mines Inc. ("Moneta") reports completion of Phase II stratigraphic drilling and confirms the discovery of a significant gold mineralized alteration zone on Moneta's 100 percent owned Nighthawk Lake property near Timmins, Ontario. The discovery is on the Collins patented mining claims, a 15 claim block (188 ha) located 3km north of Royal Oak's high grade Hopson Zone and 4km west of Echo Bay's Aquarius Project which has a reported 1.3 million ounce resource. All 12 holes currently completed have intersected gold mineralization, generally in quartz veins within variably altered ultramafic volcanics. Drilling has tested 300m east-west, and depths from 30m to 300m. The zone is open both along strike and down dip/plunge. Highlights* of Phase II drilling are: /T/ DDH Depth Width Gold Value (m) (m drilled) (gm/t) 6 150.5 2.7 3.0 175.0 1.3 6.8 8 12.5 0.8 5.7 12 93.0 0.7 4.1 101.0 0.8 5.9 13 144.5 5.8 9.5 incl. 1.8 27.3 17 80.5 0.8 11.0 19 231.0 1.2 4.2 /T/ (x) See Table on following page for a detailed summary of drill results The Nighthawk Lake exploration program has been funded from the $510,000 flow through finance arranged by First Delta Securities in November, 1996. Initial drill targets were identified by 'Realsection IP' in a favourable geologic setting. Currently an orientation 'Mobile Metal Ion' survey is being evaluated in order to refine Moneta's ongoing exploration programs. Moneta plans a Phase III drill program in late fall to improve confidence in the postulated geologic model and to establish continuity of mineralization. /T/ NIGHTHAWK LAKE DRILL RESULTS: PHASE II DDH SECTION DEPTH AU MAIN INTERVAL INCLUDING (m) (m) ------------------- ----------------- g/tonne m drilled g/tonne m drilled --------------------------------------------------------------- 15 179.0 151.5 3.40 1.00 171.0 161.0 1.20 0.80 158.0 176.0 1.32 1.00 ----------------------------------------------------------------- 19 192.0 231.0 2.17 3.43 4.22 1.24 191.0 246.0 1.68 2.50 190.5 250.5 2.62 0.48 186.5 303.0 2.09 1.00 ----------------------------------------------------------------- 9 196.0 52.5 4.81 0.59 ----------------------------------------------------------------- 8 199.5 12.5 2.79 2.25 5.74 0.75 199.0 35.5 1.04 1.25 198.5 70.5 2.07 0.66 ----------------------------------------------------------------- 18 200.0 29.0 0.99 1.82 ----------------------------------------------------------------- 16 214.0 182.0 1.61 1.07 214.5 187.5 3.13 1.00 215.0 191.0 1.20 1.00 216.0 198.0 1.17 0.45 217.0 208.0 1.83 0.30 ----------------------------------------------------------------- 7 249.5 283.5 1.06 0.80 243.0 301.0 2.16 0.10 ----------------------------------------------------------------- 6 272.5 150.5 3.04 2.71 5.61 0.50 271.0 160.0 1.27 1.02 268.0 175.0 6.75 1.25 ----------------------------------------------------------------- 13 319.0 98.0 1.71 0.76 314.5 103.0 15.24 0.32 286.0 138.0 2.60 1.18 281.0 144.5 9.54 5.75 4.27 0.75 and 27.30 1.80 ----------------------------------------------------------------- 14 362.0 102.5 1.11 0.31 336.5 165.5 1.29 4.00 ----------------------------------------------------------------- 12 379.0 72.0 3.38 0.68 379.0 79.0 1.71 2.33 379.0 93.0 2.24 2.75 4.05 0.74 379.0 101.0 3.70 2.82 5.85 0.80 379.0 110.0 2.20 2.30 379.0 113.0 4.35 1.25 ----------------------------------------------------------------- 17 486.0 80.5 4.91 2.45 10.96 0.80 485.5 83.5 1.14 0.62 483.5 103.5 1.29 0.45 ----------------------------------------------------------------- /T/ Notes - All intersections are drilled widths. All assays are fire assays with higher grades re-assayed and verified by reputable Canadian assay laboratories. Assay results may be weighted averages of re-assays and checks. Intersections are listed from west to east on a metric N-S grid commencing at Line 0E. DDHs 10 and 11 were not drilled on the Collins property. Moneta is also traded on the Frankfurt Stock Exchange under the symbol MOP.

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