Company Information for Moneta Porcupine Mines Inc

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Company Statement

Moneta Porcupine Mines Inc. (ME: TSX) is a long-established Canadian gold exploration company and former gold producer. The Company holds an extensive, high-quality exploration portfolio with four primary gold projects in the prolific Golden Highway and Porcupine Camps near Timmins, Ontario. Moneta's gold projects are all on or near the famous Destor Porcupine Fault Zone, which is the key structural feature of one of the most prolific gold-producing areas in the world with over 70 million ounces of gold produced to-date.

Moneta's exploration focus is on the "Southern Corridor" of its Golden Highway Project, which has at least 4 km. of mineralized strike length. The Company is operated by an experienced geological and management team which maintains a low-cost, efficient Timmins-based exploration operation with its own field office and equipment. 

Current Operations

PORCUPINE AND GOLDEN HIGHWAY GOLD CAMPS
Moneta's extensive, high-quality gold exploration portfolio is located in two prolific Timmins gold camps: Porcupine and Golden Highway. Together, these camps have produced over 70 million ounces of gold from some 26 mines, which each generated more than 100,000 ounces.

With the gold price clearly in a long-term uptrend, there has been greatly renewed interest in the Timmins' region and aggressive exploration programs have been mounted in both gold camps by a number of junior and senior companies.

The area around Timmins is part of the Abitibi Greenstone belt. Greenstone belts are very old geologic structures associated with much of the world's gold production.

Moneta's four primary gold properties are located along 120 km. of the famous Destor Porcupine Fault Zone (Destor). Most of the historic production in the Timmins region is associated with the Destor, including significant mines now operated by Goldcorp.

The Destor runs through the centre of Moneta's Golden Highway Project. In the Timmins area, gold has almost always been found in settings in which a major splay or other faults intersect or run off the Destor or where the Destor veers off an east-west line, particularly to the south; and both conditions exist on our property.

GOLDEN HIGHWAY PROJECT
Our primary development activities are now centred on our Golden Highway Project, which lies 90 km. east of Timmins in Michaud Township, just a few metres off of Highway 101, a major all-season route. The Golden Highway Project is a large mainly contiguous land package of 655 claim units (over 100 sq km), which is important since the assessment pool can be applied to most of the claims within the Project area. 

WINDJAMMER
The Golden Highway Project was dramatically enhanced by the acquisition of the contiguous Windjammer Property from Newmont Mining in November 2007, which added 4 km. of strike length and two known gold deposits. The acquisition for 4.38 million Moneta shares resulted in Newmont becoming a significant shareholder of Moneta, and Moneta becoming operator of the Windjammer Joint Venture.

Windjammer consists of two mining leases (22 mining claims) straddling Garrison and Michaud Townships, which were drilled in the mid-1980s by Noranda Inc. at a time when gold traded between $250 and $350 per ounce. Windjammer has seen little further development in the intervening period. Noranda encountered widespread gold mineralization in a number of zones and the work resulted in two separate gold discoveries, Windjammer South and Windjammer North. Both Windjammer zones are open on three sides and at depth.

Windjammer South in combination with Moneta's Southwest Zone and the 55 Zone represents the "Southern Corridor" of the Golden Highway Project with a strike length of approximately four kilometres and gold mineralization along the entire length, as can be seen from Figure 1.

The key advantage of the Windjammer acquisition is that it has enabled Moneta to explore and develop the entire Golden Highway Project area on an integrated basis. 

MICHAUD JOINT VENTURE
The Golden Highway Project is Moneta's key asset and includes the Michaud Joint Venture on the western end. The joint venture was formed in December 2004 between Moneta and Acrex Ventures Ltd., a Vancouver-based exploration company, after Acrex completed $1 million in exploration expenditures to earn a 50% interest in the property. Moneta acts as the operator. The Michaud Joint Venture has produced several new discoveries ("55" and Western Zones). Moneta will shortly be announcing assay results from the recent winter 2007/2008 exploration program in which eight drill holes were completed on the 55 Zone. 

SOUTHWEST ZONE
Moneta's prior exploration on the Golden Highway Project in the 1980s resulted in the discovery of several promising gold zones including the Southwest Zone, which has a historical inferred resource of 624,500 gold ounces. The Southwest Zone resource is based on 3.25 million tonnes averaging almost 6 grams/tonne with a cut-off of between 3 and 4 grams/tonne. The historical resource estimate was developed by Barrick Gold in a mid-to-late-1990s joint venture with Moneta was done at a time when gold traded in the range of $250 to $350 per ounce. The estimate is also based on cut-off grades which are above current gold cut-off grades in the region.

Historical resource means it was assessed prior to the implementation of National Instrument 43-101 standards. As yet, no "qualified person" has done the work to bring it to NI 43-101 standards, and resource statement should not be relied upon. Please see "Historical Resource Estimates" under Corporate. 

WHY CANADA? ONTARIO? TIMMINS?
There has been a long history of mining and mineral exploration in the Timmins region. As a result, it is one of the most favourable environments in the world for gold exploration:

• Canada is a stable political environment with well-developed judicial and governmental systems.
• Canada's "flow-through" tax provisions ensure the availability of capital even in relatively poor market conditions.
• Ontario is a highly-ranked mining jurisdiction globally in the Fraser Institute's annual survey.
• Ontario has a modern Mining Act and is a global centre for mining finance.
• Timmins has one of the best developed mining infrastructures in the world for both exploration and production.
• Power is readily available across the region.
• Much of the region is accessible from all-weather highways and, in Moneta's case, the furthest distance from any property to a paved highway is less than a few kilometres.
• Highly experienced surface and underground drill contractors operate across the region, along with virtually every other mining service.
• A mobile and experienced labour force has been present for many years.
• A large number of mills operate in the region with available capacity

Geographical Spread

Ontario-Quebec border

Board of Directors and Key Management

Broker/Analyst Reports

10/02/07 - Paxton Report

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