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Gold/Mining/Energy : MONETA PORCUPINE ME.t -- Ignore unavailable to you. Want to Upgrade?

To: D LEE who wrote (394)	4/24/1998 1:45:00 PM
From: arthur jordan	Respond to of 440

I wonder what's in store for Moneta now....will the share value go up? Moneta Porcupine Mines Inc ME Shares issued 38,888,751 Apr 23 close $0.155 Fri 24 Apr 98 News Release Mr Rod Whyte reports Lac Exploration, a subsidiary of Barrick Gold, has elected to terminate its option to earn a 60 per cent interest in 52 claims of Moneta's 138 claim Michaud property. As part of planning for this eventuality, Moneta over the past year has assembled by a systematic process of staking and acquisition, a 454 claim unit package centred around the identified 460,000 oz resource (2.4 mt at 6.1 g/t over a true width averaging 6.4m) of the Michaud Southwest zone. This comprises the largest contiguous advanced exploration property ever assembled by one entity along the Golden Highway section of the Destor Porcupine fault zone. Mines developed along the DPFZ have produced over 63 million oz of gold to date and created North America's largest mining camp. Moneta now holds a 100 per cent interest in 538 claim units and a 50 per cent interest in a further 218 claims along the Golden Highway, east of Timmins. Moneta, together with previous joint venture partners, has spent over $10 million on these properties, which span 8km of the DPFZ and contain at least eight known zones of gold mineralization. All work has been filed for assessment, allowing for minimal land holding costs for the foreseeable future. Moneta expects to negotiate a substantial joint venture with a new partner and is now able to pursue several serious expressions of interest. To this end, an independent report has been prepared by Southampton Associates on the Michaud property. This confirms that drilling to date has identified a gold bearing quartz carbonate stockwork system along 2.7km of strike and to depths of 1000m. Drillhole density in only a small window of this 2.7km trend has been used as a basis for resource calculation in the Southwest zone whereas the stockwork system with comparable gold grade has been traced along its entire length. Moneta believes that the system hosts at least a five million oz gold zone. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com