GENERAL MONETA INFO: good fundamental reading
-from a "last summer" outlook for Canadian Mining Companies.
Moneta wraps up an article as follows:
Operating since 1906, Moneta Porcupine Mines Inc.
is one of Canada's oldest mining companies
and is currently involved in a number of joint venture
exploration and development projects.
The company has quietly acquired 10 per cent of the
geologically significant land in the Porcupine Gold Camp
-land which ought to give Moneta an increasingly solid
JV bargaining position as time goes on.
Moneta Porcupine's land lies interspersed among
the holdings of such household names as Barrick Gold,
Placer Dome Canada, Falconbridge, Battle Mountain,
Echo Bay, Kinross, Royal Oak and Band-Ore.
The company's most advanced gold project is
the Michaud Properties, where Moneta and previous
partners have spent more than $6 million in exploration
to identify several gold zones. Subsequently, Moneta has
negotiated joint venture agreements with Barrick Gold Corp.
Barrick has publicly stated that Michaud should provide
future mill feed for the Holt McDermott operation,
located 20 km to the east. Michaud is well-advanced
toward becoming a multi-million ounce resource.
On trend from the Michaud and immediately west of the
recently commissioned Jonpol Mine (1.3 million tons
at 0.23 oz/t) is Moneta's Garrison Property.
Moneta holds a 100 per cent interest in 127 unpatented claims
and can earn a 75 per cent interest in 16 patents from
Jonpol by spending $1.5 million over five years.
The interests are subject to an agreement in which
Alto Minerals can earn 65 per cent by spending $4 million
by October 2002 and by delivery three installments of shares
and warrants. Gold has been identified in several zones.
A third property of note is the North Tisdale,
where Moneta owns 100 percent of 216 claims north of Timmins.
Moneta and previous joint venture partners have spent more
than $2 million on the property since 1986.
Favorable geological settings for gold mineralisation
are present along structures and contacts between mafic
and ultramafic volcanics and sediments.
Moneta Porcupine shares have traded a 52-week range of
$0.36 to $0.75 and are currently priced around $0.40.
To read more in its context, go to:
info-mine.com
remembering pog has changed and Moneta is now $0.20.
Has all else remained constant? Any changes should
be popping up on this thread. perhaps we should list them.
Readers should not use this entry as a reason to buy,
but more easily to understand Moneta at a glance.
Dave |
