Moneta Porcupine Mines Inc.Moneta Porcupine Mines Inc.
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Aug 07, 2008

August 7, 2008, Timmins, Ontario - Moneta Porcupine Mines Inc. ("Moneta") announces that it has reached the stage of its development where a full-time CEO is required.

Kevin Snook had advised the Board that he will stand down as President, CEO and Director.

Ian C. Peres has been appointed as CEO and Director, subject to regulatory approval. Rod Whyte will assume the role of President, and his position of Chairman will be relinquished.

Rod Whyte said, "The Board is grateful to Kevin for his valuable contribution in advancing the Golden Highway Project, and in giving the Board time to recruit his successor. Mr. Peres is an ideal candidate to take the Company to the next and more advanced stage.

Mr. Peres was most recently COO and CFO of Augen Capital Corp. (TSX-V: AUG), a Toronto-based merchant bank specializing in equity financing for junior mining companies. Mr. Peres was also former CFO and Director of Energy Fuels Inc. (TSX: EFR), a company, which, in the period he held office, completed a $30M institutional financing and was transformed from a $3M base metals exploration company into a $300M advanced uranium exploration company.

About Moneta
Moneta (TSX: ME / Xetra/Frankfurt Stock Exchange: MOP) is a long-established Canadian minerals exploration company and former gold producer. The Company holds an extensive, high-quality gold exploration portfolio with four gold projects in the prolific Golden Highway and Porcupine Camps near Timmins, Ontario. The area along the Destor Porcupine Fault Zone is one of the most prolific gold producing areas in North America with over 70 million ounces of gold mined to date. Moneta's strategy includes sole-risk and joint venture exploration, optioning properties, and earning into strategic properties held by third-parties. The Company is operated by an experienced management team and maintains a low-cost, efficient Timmins-based exploration operation with its own field office and equipment.

Historical Resources
Moneta's base metal interests include properties with historical resource estimates which are not compliant with National Instrument 43-101 ("NI 43-101"). These estimates are sourced from various government and company archives which provide information on the geology and extent of the mineralization. It should be noted that a "qualified person" has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. Moneta is not treating the historical estimates as current mineral resources or mineral reserves as defined by NI 43-101 and the historical estimate should not be relied upon.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Ian C. Peres, CEO and Director
416-579-3040
iperes@monetaporcupine.com

Rod Whyte, President and Director
London, UK
Tel: (44) 207 736 2212
rodwhyte@btinternet.com

The Company's public documents may be accessed at www.sedar.com
For further information on the Company, 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.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

 
 

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