TIMMINS, ON, Nov. 10, 2015 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (the
"Company") announces the completion of a non-brokered private
placement.
The Company issued 10,000,000 units at a price of $0.11 per unit ("Units") comprised of one common
share and one half of one purchase warrant exercisable at
$0.18 per full warrant for twelve
months for gross proceeds of $1,100,000 (the "Placement"). There were no
finder's fees or commissions paid. The Placement is subject to a
four month hold period and regulatory approval. The net proceeds
will be used for working capital and general corporate purposes.
The Company is currently evaluating the potential of a
standalone underground mining scenario of the identified high grade
gold within and below the proposed open pit, as reported in the
latest Golden Highway Preliminary Economic Analysis (PEA) and NI
43-101 resource estimate (2012). This standalone underground
scenario would utilize a ramp system and selectively mine the
higher grade blocks. It would result in significantly lower upfront
and ongoing capital expenditures, with a reduced surface footprint
and environmental impact.
There has been 50,000 metres of primarily in-fill drilling since
the (2012) NI 43-101 resource estimate that is expected to
materially improve the category of ounces in the next resource
update, irrespective of the mining approach. The standalone
underground provides a potential alternative, and does not preclude
or invalidate the PEA and NI 43-101 resource estimate which
proposed a combined open pit and underground mining approach.
Readers are cautioned that the standalone underground mining
scenario is not supported by a PEA and this differs from the
existing PEA which assumed a joint open pit and underground mining
approach.
About Moneta
Moneta holds a 100% interest in 5 core gold projects strategically
located along the Destor Porcupine Fault Zone in the world class
Timmins Camp with over 85 million
ounces of past gold production. Moneta's land position is one
of the largest after three gold producers including the highly
prospective Golden Highway Project. The Golden Highway
Project covers 12 kilometers of a highly prospective
volcanic/sedimentary belt along the Destor Porcupine Fault Zone and
currently hosts a NI 43-101 resource estimate of 1,091,000 ounces
indicated (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces
inferred (83.3 Mt at 1.20 g/t Au), clustered within four
kilometres. The Golden Highway Project hosts exceptional
infrastructure including paved highway access, water, electricity,
skilled labor force, and nearby mills.
Moneta's public documents may be accessed at
www.sedar.com. For further information on Moneta, please
visit our website at www.monetaporcupine.com or email us at
info@monetaporcupine.com.
This news release includes certain forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and we caution
against placing undue reliance thereon. We assume no obligation to
revise or update these forward-looking statements.
SOURCE Moneta Porcupine Mines Inc.