D. Lee,
Here is the latest corporate data.
CORPORATE DATA November 3, 1998
ME TORONTO STOCK EXCHANGE
ME BERLIN STOCK EXCHANGE
MOP FRANKFURT STOCK EXCHANGE
Common Shares Issued 47,083,170
Warrants (unlisted) ex 20 cents 2,965,732
Share Price $0.10
Share Price Range (12 month) $0.39 - $0.035
Market Capitalization $4.7 million
Moneta Porcupine Mines Inc. (Moneta) is a long established Canadian junior mining company and has been listed on the Toronto Stock Exchange since 1910. The company has an experienced management team and a high quality exploration portfolio, comprising almost 10% of the prolific Porcupine Gold Camp, which has produced 63 million ounces of gold to date. Moneta's twelve Porcupine Camp gold properties are located along the 120 km of the Destor Porcupine Fault Zone (DPFZ)
which hosts world class mines operated by Barrick, Kinross and Placer Dome.
Moneta's corporate strategy has been to minimize exploration risk and maximize shareholder reward from it's large exploration portfolio by a combination of Joint Venture and sole risk exploration. The principal JV is with Cameco Gold which must pay $100,000 cash and commit $1.5m in exploration over 3 years to earn 60% of Moneta's Kayorum property. Moneta also has an active base metals JV nearby with Blackstone Resources Inc. who must spend $850,000 for a 70% interest. Moneta's greatest asset is the 315 claim Golden Highway project, east of Timmins. This large, well advanced exploration property is located on the DPFZ, has had over $10 million spent to date and has a 460,000 oz. gold resource (2.4mt @ 6.1 g/t) with multi million ounce potential. The most advanced base metal prospect (Fripp Township) contains a known high grade and near surface copper zone.
In 1997, Moneta undertook $510,000 of sole risk exploration and focused on the Nighthawk Lake gold property with minor expenditure on the Kamiskota base metal properties. Moneta's 106 claim Nighthawk Lake properties are located between the Royal Oak and Echo Bay operations which have estimated gold resources in excess of 3 million ounces. Moneta has successfully drilled exploration targets in a similar geological setting with highly encouraging assay results. Moneta's wholly owned US interests comprise a freehold gold property and an integrated perlite producer with significant reserves. Moneta also receives income in the form of option payments and management fees.
Regards,
Mike Benson |
