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Gold/Mining/Energy : MONETA PORCUPINE ME.t

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To: denis J who wrote (307)	10/20/1997 6:14:00 PM
From: denis J	of 440

BEV & Robert et all NEWS NEWS NEWS NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: MONETA PORCUPINE MINES INC. TSE SYMBOL: ME OCTOBER 20, 1997 Moneta Reports Additional Nighthawk Lake Drill Results TIMMINS, ONTARIO-- BERLIN STOCK EXCHANGE SYMBOL: ME FRANKFURT STOCK EXCHANGE SYMBOL: MOP Moneta Porcupine Mines Inc. ("Moneta") reports additional assay results from Phase II stratigraphic drilling on Moneta's 100 percent owned Nighthawk Lake Property near Timmins, Ontario. All three drill holes encountered mineralization which confirms confidence in the gold zone: /T/ Hole Depth Width Gold Assay (m) (m drilled) (gm/t) 20 142.0 3.3 3.4 incl. 0.6 13.6 21 32.5 1.4 13.1 39.5 1.9 5.2 22 59.0 1.0 1.5 /T/ To date, 15 drill holes have been completed on a strike length of over 300m encountering mineralization at depths from 10m to 375m. Mineralization is hosted within an extensive carbonate and fuchisitic altered suite of ultramafic volcanics. The discovery location between the Timiskaming sediments to the north and the Destor Porcupine Fault Zone immediately south, has extremely high potential and has dramatically increased the value of Moneta's 104 claim units at Nighthawk Lake. Moneta has received significant expressions of interest in the Nighthawk Lake discovery from several major mining companies. It is our present intention to resume diamond drilling to trace the extent of mineralization and further improve confidence in the geological model. INTERNET HOME PAGE: monetaporcupine.com -30- Looking Good now if only the price of gold could do something positive all the best Denis J

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