Moneta files NI 43-101 report of 1.1 million ounces indicated plus 2.1 million ounces inferred at Golden Highway project near Timmins

TIMMINS, ON, Jan. 18, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta") is pleased to report the filing of its National Instrument 43-101 ("NI 43-101") independent technical report for the Windjammer South, the Southwest Zone and the 55 Zone, all located on its 100% owned Golden Highway Project located east of Timmins, Ontario (Canada).

Highlights from the NI 43-101 resource estimate (December 1, 2011 press release) include:

• Mineral Resource Estimate:
• Indicated: 1,071,000 ounces (33.5 Mt at 1.00 g/t Au); plus
• Inferred:   2,069,600 ounces (47.8 Mt at 1.35 g/t Au);
• In-Pit Mineral Resources (included in the Mineral Resource Estimate):
• Indicated: 1,001,600 ounces (32.9 Mt at 0.95 g/t Au); plus
• Inferred:   1,280,000 ounces (40.6 Mt at 0.98 g/t Au);
• Strong potential for both in pit and out of pit resource growth.

The Report has been filed and is available under Moneta's profile at www.sedar.com or Moneta's website via the following link: http://www.moneta.com/Projects/Technical-Reports.aspx.

The Golden Highway Project update includes initial NI 43-101 resource estimates on the 55 Zone and Southwest Zone, in addition to an updated NI 43-101 resource on Windjammer South. An additional seven gold zones, including the newly-discovered Gap Zone, are not currently included in this NI 43-101 resource estimate.

The NI 43-101 Technical Report was co-authored by Eugene Puritch, P.Eng., Antoine Yassa, P.Geo., Tracy Armstrong, P.Geo., and David Burga, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario, all Independent Qualified Persons, as defined by National Instrument 43-101.

About Moneta

Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills.  The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt similar to that which has hosted the bulk of the 85 million ounces mined to date in the Timmins Camp.

Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
[email protected]