Symbol: TSX: ME
TIMMINS, ON, Aug. 7, 2019 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC: MPUCF) (XETRA: MOP)
("Moneta") announced that it has entered into an Exploration
Agreement (the "Agreement") with the Wahgoshig First Nation
("Wahgoshig").
In accordance with the terms of the Agreement, Wahgoshig First
Nation and Moneta are entering into this Agreement to promote a
cooperative and mutually respectful relationship concerning
Moneta's mineral exploration of its mining claims ("Exploration
Activities"), including those which comprise the Golden Highway and
any additional mining claims or properties that are contiguous to
the existing claims that may be acquired, within the Wahgoshig
First Nation traditional territory. The parties agree that their
common objective is to promote a cooperative and mutually
respectful relationship concerning Moneta's exploration of its
mining claims including those which comprise the Golden Highway
project, while recognizing the importance of the environment. The
Wahgoshig First Nation is an Algonquin community whose traditional
territory straddles a large segment of Northeastern Ontario and Northwest Quebec, is located approximately 15
km from the Golden Highway Project.
Gary O'Connor, CEO and Chief
Geologist stated: "We recognize the aboriginal and treaty rights as
well as the importance of the traditional lands to the Wahgoshig
First Nation. Moneta are committed to developing a positive
relationship, which recognizes the need for all to mutually benefit
and co-exist. Through a process of mutual respect, ongoing dialogue
and regular interaction Moneta looks forward to working
cooperatively with Wahgoshig First Nation. We also feel that active
participation and a close relationship with the Wahgoshig First
Nation community will continue to create sound business
opportunities."
Brian Gelinas of Wahgoshig First
Nation stated: "We are pleased to have entered into this
exploration agreement with Moneta to ensure that all Exploration
Activities conducted within Wahgoshig First Nation Traditional
Territory are conducted for the mutual benefit of Wahgoshig First
Nation and Moneta".
Moneta has issued 50,000 common shares to Wahgoshig First
Nation, subject to regulatory approval. Further, in recognition of
the physical environmental impacts of Exploration Activities
conducted by Moneta within the traditional lands of the Wahgoshig
First Nation on the Golden Highway project, Moneta shall contribute
to the Wahgoshig First Nation Community Fund in undertaking such
Exploration Activities.
Moneta further announces that it has signed a definitive
agreement to acquire eight single and boundary cell mining claims
contiguous with the eastern edge of the Golden Highway project,
within Garrison Township. The mining claims cover the continuation
of favourable geology east of the current published resources on
the Golden Highway project. A total of eighty thousand common
shares were issued to the seller as final consideration, with no
royalty or other encumbrances.
About Moneta
The Company holds a 100% interest in 6 core gold projects
strategically located along the Destor-Porcupine Fault Zone in the
Timmins Gold Camp with over 80 million ounces of past gold
production. The projects consist of the Golden Highway,
North Tisdale, Nighthawk Lake,
DeSantis East, Kayorum and Denton
projects. The Golden Highway Project covers 12 kilometres of
prospective ground along the DPFZ of which 4 km hosts the current
43-101 mineral resource estimate comprised of an indicated resource
of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au and a
total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au
in the inferred category at a 3.00 g/t Au cut-off.
The Corporation's public documents may be
accessed at www.sedar.com. For further information on the
Corporation, please visit our website at
www.monetaporcupine.com or email us at
info@monetaporcupine.com.
This news release includes certain forward-looking
information and forward-looking statements, collectively
"forward-looking statements" within the meaning of
applicable Canadian securities legislation. 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 include, but are not limited to
information with respect to the future performance of the business,
its operations and financial performance and condition such as the
Company's drilling program and the timing and results thereof; and
the ability of the Company to finance and carry out its anticipated
goals and objectives.
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.