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| | Thu Sep 6, 2007
President Jim Pettit Comments on Pidgeon Moly Deposit Acqusition
Publisher: Don Myers: Corporate Communications
Author: James Pettit: President
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| | Letter from the President,
MPH Ventures views the recent announcement to acquire control of Pidgeon Molybdenum Mines Ltd from BHP Billiton and Goldcorp as a positive first step to becoming a major player in the molybdenum exploration and mining business.
Management has viewed the Molybdenum sector as very bullish for some time now and as a sector we felt we wanted to be in. We spent a long time looking at many opportunities, but our basic requirements were such that we turned many down.
Our requirements stipulated the project be:
o Developed historically with tonnage and grade
o Close to infrastructure
o Easily expandable
The Pidgeon Moly Deposit came to us through a close associate who spend a significant amount of time going through the Ontario Gov't assessment files. He recalled this project from forty years ago and wondered what came of it. Through his research we discovered the owner of the property was Pidgeon Molybdenum Mines Ltd. Further research showed that the current majority owners of the Pidgeon Moly Deposit were BHP Billiton and Goldcorp.
As can happen when large companies go through several mergers and acquisitions, some projects get lost in the shuffle. This project went from Rio Algom to Billiton to BHP Billiton and from Dickenson Mines to Goldcorp. The historical data was found in storage in South Africa and proved to be in very good condition. It showed that this project fit our requirements.
The data developed historically showed the project had good grades up to 0.1% molybdenum and tonnage. The tonnage and grades varied according to the parametres and assumptions used by the various authors and reports done over the years. This was enough data available for us to make a decision to acquire the project. With almost 80 holes drilled and the system still open on strike, depth and width, we felt this was a prime opportunity to development a significant ore body in a relatively short period of time.
This project is just off the Trans Canada Highway and is close to rail and has power crossing the property. Plus the historical deposit is located from surface to 100 metres deep. All of this is essential to the low cost development of this project.
The Company looks forward to the up coming work and drill program this fall.
Jim Pettit
President
MPH Ventures Corp.
HIGHLIGHTS ON MPH VENTURES ACQUSITION OF MOLY DEPOSIT
* Purchased August 2007 the shares of Pidgeon Molybdenum Mines Limited from BHP Billiton and Goldcorp.
* Pidgeon Moly Property is located in the Kenora Mining District, 50 km east from Dryden N.W. Ontario.
* Accessible to the Trans Canada Highway, power lines, and railway.
* Pidgeon Moly Property has 76 historical holes drilled over the last 50 years. (potentially up to 55 million tons 0.08 Grade Molybdenum (Moly) on site based on historical data Compiled by "Rio Algom" and "Dickenson Mines" as a global resource)
* The known deposit is deliniated from surface to 100 metres deep and is open to depth. Open pitiable.
* The known strike length is about 1200 metres. Only about 300 metres has been tested. Project is open in all directions.
* Moly has risen in value from $3.00 per. lbs to $35.00 per lbs in just the past few years.
* Moly has no known substitute, a super alloy used for hardening steel, and as a high temperature / high pressure lubricant used in the auto industry.
* Wardrop Engineering has been commissioned to review all the historical data and produce compliant NI 43-101 resource calculation and recommendations for an immediate drill program with the view of expanding the resource. |
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| | You can view the Previous Update from the Field item: Thu Oct 29, 2009, Video Interview with President Jim Pettit
You can view the Next Update from the Field item: Tue Aug 21, 2007, MPH Ventures Reports No Exposure to non-performing Asset-Backed Commercial Paper
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