I will be updating the site tonight with coverage Moneta Porcupine-ME.v. This stock is cheap at .23 cents and it finished up nicely today at .275cents.  Investors should take a close look at this stock.

The resource is growing and the company has been releasing nothing but great news. PEA news and a release update came out just a few weeks ago.  At over 4mil.oz of gold this stock has Buy Me writen all over it.

Coverage coming tonight.

All the best,

 

Lex Corp News Letter

Moneta's Golden Highway Gold Resources Increases to 1.1 Million Ounces Indicated Plus 3.2 Million Ounces Inferred

 
Moneta's Golden Highway Gold Resources Increases to 1.1 Million Ounces Indicated Plus 3.2 Million Ounces Inferred

TIMMINS, ON, Oct. 25, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta") announces an updated National Instrument 43-101 ("NI 43-101") mineral resource estimate on its 100% owned Golden Highway Project located east of Timmins, Ontario (Canada).

Ian C. Peres, President and CEO of Moneta commented, "The step out drilling undertaken in 2012 on our Golden Highway Project was a tremendous success with our exploration team adding 1.2 million indicated and inferred ounces at a discovery cost under $5 per ounce. We look forward to the next stage of development including the results from the upcoming Preliminary Economic Assessment and ongoing drilling to expand the resource."

Highlights, using US$1,200/ounce gold, include:

  • In-Pit and Out of Pit Mineral Resource Estimate:
    • Indicated: 1,091,000 ounces (31.1 Mt at 1.09 g/t Au); plus
    • Inferred:  3,204,000 ounces (83.3 Mt at 1.20 g/t Au);
  • The Mineral Resource Estimate increased by 55% to 3.2 million ounces inferred from the previous resource estimate of 2.1 million ounces (December 1, 2011 press release);
     
  • The original Southwest Zone pit dimensions have been optimized in this resource update;
     
  • Resource remains open in all directions for further expansion.

 

Ian C. Peres, President and CEO of Moneta commented, "This Preliminary Economic Assessment demonstrates robust economics under the conservative US$1,350/oz gold base case scenario.  With a positive view on gold, the Golden Highway asset becomes increasingly attractive. We are particularly pleased to see a robust 88% potentially economic portion of the resource based on our recent Oct 2012 NI 43-101 resource estimate. Our exploration focus continues with drilling the large untested areas within the conceptual pits as well as other adjacent and high priority targets on the Property."

PEA Highlights:

  • Life of mine metal production of 3.8 million ounces gold with 92% recovery;
  • Pre-production capital costs of $607 million.
  • Processing facility throughput of 25,000 tonnes per day ("tpd");
  • Life of mine average cash costs of $794 per ounce gold;
  • Average diluted mill head grade of 1.11 g/t gold;
  • Average annual production of 288,000 gold ounces;
  • Operating strip ratio of 5.6 : 1;
  • 12 year mine life