MONETA PORCUPINE MINES INC. : http://www.monetaporcupine.com/ : QwikReport
Resources and Reserves
The Company's current NI 43-101 Mineral Resource Estimate (Oct 2012) on its 100% owned Golden Highway Project is, as follows:
* Open pit mineral resources are reported at a cut-off grade of 0.37 g/t gold and underground mineral resources are reported at a cut-off grade of 2.00 g/t gold.
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves.
Assay composites were capped up to 35 g/t based on geo-statistical support for each zone.
A modeling cut-off grade of 0.25 g/t Au was only used to create a three-dimensional wireframe for subsequent interpolation.
A block model was created with 10x10x10 metre blocks using inverse distance cubed grade interpolation.
Indicated Mineral resources were classified with a 35 metre search radius and a minimum of two drill holes.
A bulk density of 2.79 t/m3 was used for all tonnage calculations.
A gold price of US$1,200/oz and an exchange rate of US$1.00 = C$1.00 was utilized in the Au cut-off grade calculations of 0.37 g/t for open pit and 2.0 g/t for out of pit.
Open pit mining costs were assumed at C$1.60/t for mineralized material, C$1.60/t for waste rock and C$1.25/t for overburden, while out of pit mining costs were assumed at C$59/t, with process costs of C$11/t, G&A of C$2.00/t, and a 93% metallurgical recovery.
Totals in the table may not sum due to rounding.
Tables of varying cutoff grade sensitivity for in-pit and out of pit gold resources follow:
**Please refer to www.sedar.com for current and past NI 43-101 Technical Reports.