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Moneta Files NI 43-101 Technical Report on the Preliminary Economic Assessment Study of the South West Deposit, Golden Highway Project
Toronto, Ontario--(Newsfile Corp. - October 22, 2020) -  Moneta Porcupine Mines Inc. (TS...
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[{"type":"text","content":"Moneta Files NI 43-101 Technical Report on the Preliminary Economic Assessment Study of the South West Deposit, Golden Highway ProjectToronto, Ontario--(Newsfile Corp. - October 22, 2020) -  Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) (\"Moneta\" or the \"Company\") is pleased to announce the filing of the technical report covering the Preliminary Economic Assessment \"PEA\" study on the South West deposit located in the Golden Highway Project, 110 km east of Timmins, Ontario.\"We are pleased to have filed the Technical Report which supports the positive results from the preliminary economic assessment of the South West deposit and its robust project economics including an NPV5% of C$236 million and IRR of 30% at US$1,500 ounce gold,\" commented Moneta CEO, Gary O'Connor. \"The PEA study assumed underground extraction at only our South West deposit and has shown the potential to produce up to 85,700 ounces per annum at a cash cost of US$590 per ounce, with low initial capital of C$144 million repaid over 3.4 years with annual after tax cash flow of C$49 million. The excellent economics are afforded by the project's location in Canada's most prolific gold mining camp, Timmins Ontario, with extensive existing infrastructure and experienced and available services and workforce. We are now focussing on expanding the adjacent deposits and discovering new zones of gold mineralization with the start of our new 20,000 m drill program designed to continue to add value to the Golden Highway Project with a growing resource base. In addition to following up the three new discoveries from earlier this year, Moneta is currently updating the Windjammer South, 55 and new Westway resource estimates, expected to be released before the end of 2020.\" The Technical Report dated October 21, 2020 was prepared in accordance with National Instrument 43-101 standards for Disclosure for Mineral Projects (\"NI 43-101\") and has been filed on both SEDAR and the Company's website (www.monetaporcupine.com) and is now available for review. The Report was prepared by Mr. B. Terrence Hennessey, P.Geo., Mr. Richard M. Gowans, P.Eng., Mr. Barnard Foo, P.Eng., Mr. Christopher Jacobs, MIMMM, Mr. David Makepeace, P.Eng., and Mr. Nigel Fung, P.Eng., of Micon International Ltd. of Toronto, Canada, who are considered \"Qualified Persons\" un...