Moneta Signs Exploration Agreement with First Nations Symbol: TSX: ME
Moneta Signs Exploration Agreement with
First Nations
Symbol: TSX: ME
TIMMINS, ON
,
Aug. 7, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME)
(OTC:
MPUCF)
(XETRA: MOP) ("Moneta")
announced that it has entered into an Exploration Agreement
(the "Agreement") with the Wahgoshig First Nation ("Wahgoshig").
In accordance with the terms of the Agreement, Wahgoshig First Nation and Moneta are entering
into this Agreement to promote a cooperative and mutually respectful relationship concerning
Moneta's mineral exploration of its mining claims ("Exploration Activities"), including those which
comprise the Golden Highway and any additional mining claims or properties that are contiguous to
the existing claims that may be acquired, within the Wahgoshig First Nation traditional territory. The
parties agree that their common objective is to promote a cooperative and mutually respectful
relationship concerning Moneta's exploration of its mining claims including those which comprise the
Golden Highway project, while recognizing the importance of the environment. The Wahgoshig First
Nation is an Algonquin community whose traditional territory straddles a large segment of
Northeastern Ontario
and
Northwest Quebec
, is located approximately 15 km from the Golden
Highway Project.
Gary O'Connor
, CEO and Chief Geologist stated: "We recognize the aboriginal and treaty rights as
well as the importance of the traditional lands to the Wahgoshig First Nation. Moneta are committed
to developing a positive relationship, which recognizes the need for all to mutually benefit and co-
exist. Through a process of mutual respect, ongoing dialogue and regular interaction Moneta looks
forward to working cooperatively with Wahgoshig First Nation. We also feel that active participation
and a close relationship with the Wahgoshig First Nation community will continue to create sound
business opportunities."
Brian Gelinas
of Wahgoshig First Nation stated: "We are pleased to have entered into this
exploration agreement with Moneta to ensure that all Exploration Activities conducted within
Wahgoshig First Nation Traditional Territory are conducted for the mutual benefit of Wahgoshig First
Nation and Moneta".
Moneta has issued 50,000 common shares to Wahgoshig First Nation, subject to regulatory
approval. Further, in recognition of the physical environmental impacts of Exploration Activities
conducted by Moneta within the traditional lands of the Wahgoshig First Nation on the Golden
Highway project, Moneta shall contribute to the Wahgoshig First Nation Community Fund in
undertaking such Exploration Activities.
Moneta further announces that it has signed a definitive agreement to acquire eight single and
boundary cell mining claims contiguous with the eastern edge of the Golden Highway project, within
Garrison Township. The mining claims cover the continuation of favourable geology east of the
current published resources on the Golden Highway project. A total of eighty thousand common
shares were issued to the seller as final consideration, with no royalty or other encumbrances.
About Moneta
The Company holds a 100% interest in 6 core gold projects strategically located along the Destor-
Porcupine Fault Zone in the Timmins Gold Camp with over 80 million ounces of past gold production.
The projects consist of the Golden Highway,
North Tisdale
, Nighthawk Lake,
DeSantis East
,
Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective
ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource estimate
comprised of an indicated resource of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au
and a total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au in the inferred category
at a 3.00 g/t Au cut-off.
The Corporation's public documents may be accessed at
www.sedar.com
. For further information
on the Corporation, please visit our website at
www.monetaporcupine.com
or email us at
.
This news release includes certain forward-looking information and forward-looking statements,
collectively "forward-looking statements"
within the meaning of applicable Canadian securities
legislation.
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 include, but are not limited to information with respect to the
future performance of the business, its operations and financial performance and condition such
as the Company's drilling program and the timing and results thereof; and the ability of the
Company to finance and carry out its anticipated goals and objectives.
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.
SOURCE
Moneta Porcupine Mines Inc.
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%SEDAR: 00003301E
For further information:
Gary V. O'Connor, CEO and Chief, Geologist, 416-357-3319; Ian C.
Peres, President and CFO, 416-579-3040
CO: Moneta Porcupine Mines Inc.
CNW 08:15e 07-AUG-19