Page 40 By Gregory Reynolds Economics support Moneta Porcu pine Mines Inc s belief that its Gold en Highway Project can become a new mine and mill Moneta s primary gold exploration and resource development focus is the Golden Highway Project centered in Michaud T ownship 100 km east of T immins along Highway 101 a ma jor all season route Moneta has a 100 ownership interest in the lar ge ly contiguous land package of 692 claim units or approximately 10600 hectares that contain a signifcant gold resource A Prelim inary Economic Assessment PEA was completed on the Golden Highway in 2012 The PEA incorpo rated the NI 43101 Mineral Resource Estimate relea sed Oct 25 2012 of 311 Mt at 109 gt Au Indicated plus 833 Mt at 120 gt Au Inferred and demonstrated robust economics in es tablishing a new gold mine and mill complex on the property Pretax Net Present V alue is 748 million 5 discount rate with a 244 internal rate of return and 41 year payback period using US1350 gold price A verage annual produc tion of 288000 gold ounces and a 12 year mine life was forecast There are no royalties or encumbrances on the project The managem ent team is headed by Ian Peres president CEO and director with Richard Boulay as chief fnancial offcer and director Roger Aubertin as vice presi dent of exploration and Rainer Skeries as ex ploration manager Moneta holds a 100 interest in fve core gold projects strategi cally located along the Destor Porcupine Fault Zone in the world class T immins Mining Camp with over 85 million ounces of his toric gold production Moneta s land position is one of the lar gest after three gold producers in the area inclu ding the highly pro spective Golden Highway Project which covers 12 kilometers of a vol canicsedimentary belt along the Fault Zone and hosts a NI 43101 resource estimate of 43 million ounces gold comprising 1091200 ounces Indi cated 311 Mt at 109 gt Au plus 3203800 ounces Inferred 833 Mt at 120 gt Au clustered within four kilometres The Golden Highway Project has exceptional infrastructure including paved highway and allseason access roads water electricity skilled labor force and nearby mills Moneta was incorporated in the Prov ince of Ontario on Oct 14 1910 making it the longest continuous operating gold company under one name in the history of the province Unfortunately the company is in the process of changing its name to W indjammer Gold Ltd Back in April Peres said the 11Moz gold Indicat ed and 32Moz gold Inferred on our 100 owned Golden Highway has generated signifcant attention and the board of direct ors has determ ined that rebranding under a new name is in the best interests of the company and its shareholders The proposed name W indjammer Gold refects the importance of the extensive gold mineralizat ion in near at depth and along strike of the W indjammer zones that form part our lar ge and growing gold resource lo cated east of T immins The company is a former gold producer but has no properties currently in production and no production revenues at the present time Consolidated assets were 8697642 at June 30 2013 as compared to 10950833 as at Dec 31 2012 Cash and equivalents were 6663809 at June 30 2013 with the vast majority of the decline directly related to explo ration and evaluation expenditures as compared to 9082092 at Dec 31 2012 Exploration and evalu ation as sets were 1715909 at June 30 2013 as compared to 1683430 at Dec 31 2012 representing the capitaliza tion of project acquisition costs and expensing of historically capitalized deferred exploration expenditures Consolidated liabilities excluding the noncash deferred premium on fow through shares liability of NIL 2012 1385287 were 635282 at June 30 2013 as compared to 610664 at Dec 31 2012 As of June 30 2013 the company had a total of 193642382 Dec 31 2012 193472382 common shares outstanding and 5870000 Dec 31 2012 6734083 stock options out standing with an average exercise price of 024 Dec 31 2012 024 per share Moneta holds a 100 interes t in fve core gold projects strategically locat ed on or along the Destor Porcupine Fault Zone one of the key structural features in the Abitibi Greenstone Belt in Ontario with world class in frastructure Most gold mineralization in the re gion is associated with the Destor Moneta Por cupine Mines sees new mine and mill in time