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Moneta to Acquire Garrison Project from O3 Mining to Create a Leading Canadian Gold Development Company with 4.0m Oz Gold Indicated and 4.4m Oz Gold Inferred
Toronto, Ontario--(Newsfile Corp. - January 14, 2021) -   Moneta Porcupine Mines Inc. (TS...
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[{"type":"text","content":"Moneta to Acquire Garrison Project from O3 Mining to Create a Leading Canadian Gold Development Company with 4.0m Oz Gold Indicated and 4.4m Oz Gold InferredToronto, Ontario--(Newsfile Corp. - January 14, 2021) -  Moneta Porcupine Mines Inc. (TSX: ME) (OTC PINK: MPUCF) (FSE: MOP) (\"Moneta\" or the \"Company\") is pleased to announce that the Company has entered into a definitive share purchase agreement (the \"Purchase Agreement\") with O3 Mining Inc. (TSX.V:OIII; OTCQX:OQMGF) (\"O3 Mining\") pursuant to which Moneta will acquire all of the issued and outstanding shares of Northern Gold Mining Inc., a wholly-owned subsidiary of O3 Mining, which owns 100% of the Golden Bear assets, including the Garrison Gold project (\"Garrison\") located adjacent to and contiguous with Moneta's Golden Highway project in the Timmins Gold Camp (the \"Transaction\").Under the terms of the Purchase Agreement, O3 Mining shall receive approximately 150 million common shares of Moneta (\"Moneta Shares\"). Upon completion of the Transaction, and prior to the financing described below, O3 Mining is expected to own approximately 30% of the outstanding Moneta shares. Concurrent with the Transaction, Moneta will raise approximately $20 million in equity. Transaction Highlights:Creation of a leading gold exploration and development company with 3,967,000 ounces (oz) gold (Au) in the indicated category and 4,399,000 oz Au in the inferred category located in the prolific Timmins Gold Camp3,335,000 oz Au open pit indicated gold resources and 2,270,000 oz Au open pit inferred gold resources632,000 oz Au underground indicated gold resources and 2,129,000 oz Au underground inferred gold resourcesAddition of 1,822,000 oz Au in the indicated category and 1,062,000 oz Au in the inferred category to Moneta's mineral inventory immediately adjacent to the Golden Highway projectSubstantial development and operating synergies through an integrated project Potential for a much larger scale project than originally envisioned for the Preliminary Economic Assessment (\"PEA\") on the South West deposit announced in September 2020Potential starter pit at Garrison with outcropping gold resources at higher grades and a lower strip ratio to augment the development of Moneta's open pit resourcesAddition of 9,269 hectares (ha) (92.69 square kilometres (sq.km)) of adjacent and...