Scaling up plans due to new acquisition $Moneta Porcupine Mines is a gold explorer and mine developer. The company has six core projects just outside of Timmins Ontario, in one of the most prolific gold-producing belts in the world.
New Aquisition
Moneta Porcupine Mines recently announced the acquisition of the O3 Mining Inc.’s assets.
These include the Garrison project, which hosts 2.9 million ounces in open pit resources.
The acquisition of the O3 assets increases Moneta’s land position by 73%, to create one of the largest undeveloped gold projects in North America with 4 million indicated and 4.4 million inferred ounces.
Additionally, the acquisition of the O3 Mining Garrison project will enable Moneta Porcupine Mines to develop the gold assets on a much larger basis and with a much larger throughput and a much larger scale of operations.
“We see a lot of upside for our shareholders and we’ll continue to de-risk and add to the value to our shareholder base,” says CEO, Chief Geologist & Director, Gary O’Connor.
Well Funded;
$Moneta Porcupine also has the funds to support its drill program this year, its resource update, and its PEA.
They also have funds to take them through to pre-feasibility next year.
“On top of the cash position of five and a half million, which we had in our bank at the beginning of this month, we recently announced the closing of a 22.6 million dollars financing, bringing us to over 27 million dollars in cash,” says O’Connor.
For more information on Moneta Porcupine Mines Inc. (TSX: ME, OTC: MPUCF)
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