Company Information for Moneta Porcupine Mines Inc

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Company Statement

Moneta Porcupine Mines Inc. (Moneta) is a long established Canadian mining exploration company which holds an extensive and highquality exploration portfolio in the prolific Porcupine and Golden Highway Gold Camps of Northeastern Ontario. These camps have produced over 70 million ounces of gold to-date from at least 26 individual mines, each with more than 100,000 ounces of production. Moneta’s 10 gold properties, eight of which are 100% owned, are located along 120 km. of the Destor Porcupine Fault Zone (DPFZ) corridor. The DPFZ hosts active mines operated by Newmont Mining Corporation and The Porcupine Joint Venture (Placer Dome Inc. (51%) and Kinross Gold Corporation (49%)).

Current Operations

Moneta Porcupine Mines Inc. (Moneta) is a long-established Canadian minerals exploration company and former gold producer, which holds an extensive, high-quality exploration portfolio in the prolific Porcupine and Golden Highway Gold Camps near Timmins, Ontario. These camps have produced over 70 million ounces of gold from some 26 mines (each of which have generated more than 100,000 ounces).

Moneta’s 10 gold properties are located along 120 km. of the famous Destor Porcupine Fault Zone. Most of the historic production in the region is associated with the Destor, including significant mines currently operated by The Porcupine Joint Venture (owned by Goldcorp). Aggressive exploration programs are being undertaken along its length by a number of junior companies. Moneta is currently active on three prime Destor gold properties which include the Golden Highway Project, Nighthawk Lake and North Tisdale, the latter two in the Porcupine Camp.

Moneta’s exploration is focused on gold and its strategy includes sole-risk and joint venture exploration, optioning properties, and earning into strategic properties held by third-parties. As a result of its exciting recent acquisition of the Windjammer Project (Windjammer), Moneta’s primary exploration target is now the “Golden Highway Project” centered in Michaud Township, 100 km. east of Timmins, in particular, the “southern corridor”. Moneta has built a mostly contiguous land package over the years of 655 claim units (10,606 hectares) of which slightly more than half are subject to third-party agreements.

Prior exploration has led to the discovery of several promising gold zones on the Golden Highway property, including the Southwest Zone, which has a historical inferred resource of 624,500 ounces (3.25 million tonnes averaging almost 6 grams/tonne from a prior joint venture resource estimate developed by Barrick Gold). The resource estimate was completed in the mid-to-late 1990s when gold traded in the range of $250 to $350 per ounce. The Golden Highway Project also includes the 50/50 Michaud Joint Venture with Acrex Ventures Ltd. (65 claim units), which has produced several new discoveries (55 and Western Zones), and three option agreements with St Andrew Goldfields Ltd. (“St Andrew”) as well as the former Newmont-Moneta Joint Venture.

In early November 2007, Moneta entered into an agreement with Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (Newmont), to acquire Newmont’s interest in a joint venture known as the Windjammer Project. The Windjammer property is contiguous on the east with the Golden Highway property. Moneta issued 4.4 million common shares to Newmont in connection with the acquisition (with a hold period of 12 months). Moneta now holds a 50% interest and acts as the operator of the Windjammer Joint Venture. Moneta has also granted Newmont an option for a period of 12 months to participate in any equity financing on a pro rata basis.

Windjammer is comprised of two mining leases (22 mining claims) in Garrison and Michaud Townships covering 356 hectares. In the 1980s, drilling by Noranda Inc. identified widespread gold mineralization in a number of zones and resulted in two separate gold discoveries, Windjammer South and Windjammer North, which have had little further development in the intervening period. Windjammer South lies one kilometre easterly along strike on the Destor in the southern corridor from Moneta’s Southwest Zone. Both zones are open on three sides and at depth.

Windjammer South in combination with Moneta’s Southwest Zone and the 55 Zone represents a southern corridor strike length of approximately four kilometres with gold mineralization occurring within altered Timiskaming sediments along the entire length. Several exploration holes drilled in the areas in between Windjammer South and the Southwest Zone produced intersections and grades similar to those of both zones, which were not followed up with any further drilling. The analysis of the prior drilling and new digital modeling of Windjammer South indicate that the deposit is likely part of the same geological system as the Southwest Zone. The acquisition of Windjammer has enabled Moneta to explore and develop the entire area on an integrated basis.

Geographical Spread

Ontario-Quebec border

Board of Directors and Key Management

Broker/Analyst Reports

10/02/07 - Paxton Report

Major Shareholders

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