Wolfin, the company would like to raise a few million to start the drill program. They have drill targets in Windjammer but also along the 8km stretch of untested volcanics to the west of the 4.3MM resource. The drill targets along this stretch are very prospective because higher grades (ableit less continuous) are typically found in volcanics. Some promising holes along this stretch can quickly change the trajectory of this stock...a trajectory which I already think is very positive.
The company would like to raise money to start the drilling, but at the right price, not any price, so as to prevent excessive dilution. Doing so shouldn't be a problem if gold continues to show strength.
The next part of the post is only my opinion: There's a chance that moneta may be acquired before the capital is raised and drilling commences. Whoever is going to buy this company has been watching it closely and likely doesn't want the shareprice to pop because of promising drill results. They'd likely want to scoop it up before drilling happens and/or before gold makes another $100/oz run...which many think may happen this fall.
As a shareholder, I would prefer not to get bought out before the drilling program is complete and gold approaches approaches $1400/oz because if both happen, the buyout will be based on a higher ME shareprice.
Moneta Porcupine Mines Inc (TSX:ME) - Love it - ME in another year $10++ if fair market rules - Its Long hike back UP > - Gold Bugs Mother Mine index - Gold Bull Mother Mining Stocks BreakOut -
ME traded more than 100 year on TSE - one of the oldest longest traded company on TSE - lots of great hidden Au hard asset values and old mining properties in ME - MPUCF - :-))
The Moneta: From the earliest days of Timmins, immigrants from Italy arrived to work in the mines and start businesses in the town. Several owned farms on the outer fringes of the settled area, including Pine Street to the south, Dalton Road and Mountjoy Township to the west and McLean Drive in the north.
A common language and religion brought them together and homes were built near the Moneta Mine, which was located in Tisdale Township and near the intersection of Railway and Knox Avenue. The word 'moneta' in Italian means money and it lent itself to the name of the neighbourhood. Eventually the area of town known as The Moneta encompassed most of the south-east quadrant of the old Town of Timmins.
By 1921, there was a school called Moneta Public School. Because of its location, it was originally under the authority of the Tisdale Public School Board, because Tisdale's western boundary was Mountjoy Street south and McLean Avenue in the north. The school was later re-named Flora MacDonald, to honour a well-respected teacher and principal.
One of the earliest social clubs in The Moneta was the Moneta Recreation Club - an active organization that promoted language, culture, sports and recreation in the tight-knit community. Another fraternal group, The Dante Club, later added to those activities. The outlying farms provided meat, milk, eggs and produce for the many grocery stores located in The Moneta. Names like Ziliotto, Spadafore, Colavincenzo, Dimarco, Toffanello, Scullino and Mazucca were found on the grocery stores and meat markets. Every service needed, was available to the local residents. There were barber shops, a dairy, a car dealership, clothing stores, bakeries, hardware stores and even an ice house that supplied ice for home refrigeration in the days before electric refrigerators were commonplace.
Drawn by a common religion, the Italian community built their own Sacred Heart Roman Catholic Church. In 1950, parish priest Rev. Arthur Cerino wrote and produced a play, "Our Lady of Fatima". Diana (Pollon) Hopkins provided a copy of the cast photograph and a 32 page program that was given to the attendees on the night of June 25, 1950 at the Palace Theatre. It contains the familiar family names of many of the Italian community in Timmins at the time - names like Ferrari, Loreto, Promane, Marinig, Gentile, Crocco, Giardine, Colameco and Bernardi - all working together with the play as a common goal.
It's hard not to reminisce as one recalls Dino Leggio as a young hockey player or Ed DiTulio, a popular trumpet player, or Rita Zamin, a bookkeeper at Moisley & Ball Drugs or Dorothea Mascioli, a nurse and choir director. These few, and at least 70 others, were part of the cast and crew who delighted the sold-out audience that warm evening in 1950.
The booklet's advertisers bring even more memories. There is a double ad from Henry Giallonardo which was in both English - "Henry's Pharmacy, Prescription Specialist, Phone 800, Prompt Delivery Service" and Italian - "Farmacia di Enrico, Specialista in Ricette, Telefono 800, Pronto Servizio". The Fern Cottage advertisement reminded me of the three Zincone brothers who owned the popular Third Avenue restaurant. Mascioli Contruction and Timmins Garage still operate today but under the leadership of another generation, as does Degilio's Arctic Home Furnishings, formerly Arctic Refrigeration.
Intermarriage and youth out-migration has diminished the presence of many of the ethnic groups that once formed the backbone of Timmins, but the Italian community of The Moneta has remained strong. Their history, language and culture have been well preserved through the ties that brought them together so many years ago.
ME traded more than 100 year on TSE - one of the oldest longest traded company on TSE - lots of great hidden Au hard asset values and old mining properties in ME - MPUCF - :-))
Moneta Porcupine Mines Inc (TSX:ME) has found a lot more Gold Resources expansion by exploration drilling since 2011 trading @ $0.45 and should be worth plenty more with the rich Gold hard assets -
Great ME Au resources discovered for open pit mining -
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