11:28 AM EST - Moneta Porcupine Mines Inc. : Announced the commencement of its fall exploration drilling program on the Golden Highway Project, located 110 km east of Timmins, Ontario. The new drill program is focused on continuing to expand the Company's current gold resource base at Golden Highway as well as testing new gold targets. The planned drill program consists of an initial 20,000 m with additional drilling to be result driven. Drilling is to occur on areas away from the South West deposit, the subject of a recent PEA which returned an after-tax NPV5% of C$236 million and IRR of 30% at $1,500 U.S. ounce gold. The South West deposit PEA also showed the potential to produce up to 85,700 ounces per annum at a cash cost of $590 U.S. per ounce generating $49 million after-tax free cash flow annually, with initial capital of C$144 million repaid over 3.4 years. Moneta Porcupine Mines Inc.
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