Moneta provides resource estimate on Windjammer Gold property

Moneta Porcupine Mines Inc., Canadian gold exploration company, has received an initial independent mineral resource estimate for the Windjammer South Zone (Windjammer South) on its Golden Highway project.

The mineral resource estimate indicates that Windjammer South contains an Inferred Resource of 154,000 ounces of gold at an average grade of 2.3 grams/tonne (“g/t”) based on 2.1 million tonnes.

The estimate uses a cut-off grade of 1 g/t gold which was determined by Cargill as appropriate for a small tonnage potential mining operation in this location.

Windjammer South remains open to both the east and the west of the mineralized strike and is completely open at depth as the deepest mineralized intervals used in the resource estimate lie between 250 and 300 metres.

According to the company, the independent resource estimate was prepared by Cargill Consulting Geologists Limited (Cargill) and complies with National Instrument (NI) 43-101 and Canadian Institute of Mining (CIM) guidelines for reporting mineral resources.

Moneta plans to drill on the Southwest Zone later in the year and a resource estimate is expected in the coming months on this property as well.

Rod Whyte, Chairman of Moneta, said, we are extremely pleased to be able to announce an initial NI 43-101 resource estimate for Windjammer South.

This initial estimate is based on a limited amount of historical drilling on relatively wide spacing and we expect to be able to expand the resource significantly as we ramp up our drilling activity on the Golden Highway Project over the rest of 2008, he added.

Importantly, we are now ready to commission a NI 43-101 resource estimate on our prime asset, the nearby Southwest Zone, said Mr. Whyte.

The NI 43-101 resource estimate was developed over a 400-metre drilled strike length from 29 drill holes completed to-date on Windjammer South.

A polygon-based method with 25-metre step-outs up-dip and down-dip from mineralized intersections was used as the basis for the NI 43-101 calculation with several other methods evaluated and used to confirm the results.

Moneta holds an extensive, high-quality exploration portfolio with four primary gold projects in the prolific Golden Highway and Porcupine Camps near Timmins, Ontario. Moneta’s gold projects are all on or near the famous Destor Porcupine Fault Zone, which is the key structural feature of one of the most prolific gold-producing areas in the world with over 70 million ounces of gold produced to-date.

Moneta’s exploration focus is on the “Southern Corridor” of its Golden Highway Project, which hosts at least 4 km. of mineralized strike length.