Moneta Porcupine Mines Inc.Moneta Porcupine Mines Inc.
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Aug 07, 2009

August 7, 2009, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / XETRA: MOP) ("Moneta") is pleased to announce completion of the final tranche of its non-brokered private placement ("Placement").

Moneta issued an additional 1,091,446 flow-through units ("Unit") at $0.17 per share for aggregate gross proceeds of $185,546. The terms of the Units are the same as the 9,696,789 Units completed on July 23, 2009. A total of 10,788,235 Units have been issued for gross proceeds of $1,834,000. Cash finders' fees paid were $70,733, equivalent to 3.86% of the gross proceeds.

Ian C. Peres, President & CEO said, "We are pleased to have completed the non-brokered private placement and now have over $2.3 million in our treasury dedicated to gold resource exploration and development".

Proceeds of the Placement will be used on exploration and development programs in the Porcupine and Golden Highway Camps. The Placement is subject to the standard TSX four month hold period and to final regulatory approval.

About Moneta

Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest regional property portfolios over approximately 10% (from Timmins, Ontario to the Quebec border) of the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario. The properties are located in the Golden Highway and Porcupine Camps near Timmins, Ontario, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date. Moneta's current focus is on 10 identified gold zones along a 12 km strike in the Golden Highway Camp.


FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Rod Whyte, Chairman
Tel: (44) 207-736-2212 (London, UK)
rodwhyte@btinternet.com

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.

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


 
 

You can view the Next News Releases item: Tue Aug 11, 2009, Moneta commences 10,000 metre drill program and defines new drill targets on Golden Highway Project

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