Moneta Releases NI 43-101 Resource Estimate on Windjammer Gold Property

Moneta Porcupine Mines Inc. ("Moneta") (TSX: ME) (FRANKFURT: MOP) (XETRA: MOP) is pleased to announce that it has received an initial independent mineral resource estimate for the Windjammer South Zone ("Windjammer South") on its Golden Highway Project. The independent resource estimate was prepared by Cargill Consulting Geologists Limited ("Cargill") and complies with National Instrument (NI) 43-101 and Canadian Institute of Mining (CIM) guidelines for reporting mineral resources. It will form part of a report entitled "Technical Report on the Windjammer Project, Michaud and Garrison Townships, Ontario" to be filed on SEDAR.

The mineral resource estimate indicates that Windjammer South contains an Inferred Resource of 154,000 ounces of gold at an average grade of 2.3 grams/tonne ("g/t") based on 2.1 million tonnes. The estimate uses a cut-off grade of 1 g/t gold which was determined by Cargill as appropriate for a small tonnage potential mining operation in this location. Windjammer South remains open to both the east and the west of the mineralized strike and is completely open at depth as the deepest mineralized intervals used in the resource estimate lie between 250 and 300 metres.

The Inferred Resource is on strike from Moneta's 100%-owned Southwest Zone, which hosts an inferred historical resource of approximately 625,000 ounces of gold calculated by Barrick Gold Corporation (see "Historical Resource Estimate" below and Moneta Porcupine Mines Inc.: Meixner Report, SEDAR filing on April 21, 2005) and is located 1 km. from Windjammer South. Moneta plans to drill on the Southwest Zone later in the year and a resource estimate is expected in the coming months on this property as well.

Rod Whyte, Chairman of Moneta, commented "We are extremely pleased to be able to announce an initial NI 43-101 resource estimate for Windjammer South. This initial estimate is based on a limited amount of historical drilling on relatively wide spacing and we expect to be able to expand the resource significantly as we ramp up our drilling activity on the Golden Highway Project over the rest of 2008. Importantly, we are now ready to commission a NI 43-101 resource estimate on our prime asset, the nearby Southwest Zone".

NI 43-101 Mineral Resource Estimate and Methodology

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                                              Total   Contained
                                 Average    Tonnage        Gold   Contained
ESTIMATE                      Gold Grade   (million    (million        Gold
TYPE                PARAMETER       (g/t)    tonnes)      grams)    (ounces)
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Polygon       50m down/up dip        2.3        2.7         6.3     204,000
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Polygon(4)    25m down/up dip        2.3        2.1         4.8     154,000
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Block Model  ID(3) 25m radius        1.7        2.0         3.4     109,000
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Block Model  ID(2) 25m radius        1.7        2.0         3.3     107,000
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Block Model  ID(3) 50m radius        1.6        3.9         6.2     199,000
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Table 1. Resource Estimate Results
1. Minimum compositing intersection width of 2 metres which is equivalent to
   a true width of about 1.5 metres.
2. Minimum compositing intersection width of internal waste of 2 metres.
3. A specific gravity value of 2.81 being the average value of 25 core
   samples measured at Swastika Laboratories.
4. The Polygon Method extending 25m up/down dip is the highest confidence
   estimate and can be classified as an Inferred Resource.

The NI 43-101 resource estimate was developed over a 400-metre drilled strike length from 29 drill holes completed to-date on Windjammer South. A polygon-based method with 25-metre step-outs up-dip and down-dip from mineralized intersections was used as the basis for the NI 43-101 calculation with several other methods evaluated and used to confirm the results.

Geological data from core logs and composited mineralized intervals were plotted on a series of cross-sections across a 400-metre east-west trending strike length. Ten of the sections are separated by 25 metres and the two most easterly sections were plotted at 75 and 100 metres, respectively. The same information was also plotted on a series of (horizontal) plans with 50-metre separations. The mineralized zones were interpreted on the individual sections and continuity along strike was determined using the plans. Polygons were constructed based on the individual mineralized sections and extended 25 metres up and down dip.

A second methodology was evaluated based on establishing broad polygons using a 0.5 g/t cutoff to delineate the mineralized zones and a block model was developed. The grades of each block were estimated using Inverse Distance Squared (ID2) and Inverse Distance Cubed methods (ID3) at both 25 and 50-metre search radii using a 1 g/t gold cutoff. Block size was 5 metres on each side and the search ellipse was oriented vertically with the minor axis being one-half of the major axis. The results indicate that there is essentially no difference between the polygon and block model methods.