Thu Sep 13, 2012 MPH Ventures Files Updated NI 43-101 Resource Estimate on Pidgeon Molybdenum Project, NW Ontario
Vancouver, BC -- MPH Ventures Corp.(TSX-V: MPS) (OTC Pink: MPSFF) (Frankfurt: IJA1) (the "Company") is pleased to announce that it has filed a National Instrument 43-101 ("NI 43-101") Technical Report for its 3420 acre Pidgeon Molybdenum Project (the "Property") located approximately 50 kilometres east from the city of Dryden in the District of Kenora, Northwestern Ontario.
Pidgeon Molybdenum Mines Ltd. (PMML), a wholly owned subsidiary of MPH Ventures Corp., holds a 100% interest in a contiguous group of 13 mineral claims under a mining lease and 3 additional patented claims attached to the lease. The Company also owns 100% of four mineral claims, acquired by staking, and a 100% interest in 10 additional claims, acquired pursuant to an option agreement. Both groupings surround the mining lease and collectively these land positions make up the Property.
In 2007 Wardrop Engineering Inc. ("Wardrop") was commissioned to prepare an NI 43-101 compliant technical report for the Pidgeon Molybdenum deposit. Wardrop reviewed the historical data and estimated that the Pidgeon Molybdenum deposit contained an inferred resource of 8.5 million tonnes grading 0.099% Molybdenum (Mo). Since acquiring the project in 2007, the Company has drilled 47 holes on the project, 36 of which encountered significant molybdenum mineralization. The Technical Report prepared by Riverbend provides an independent updated resource estimation of the Pidgeon Molybdenum deposit. The updated NI 43-101 report estimated the resource of the Pidgeon Molybdenum deposit to contain 2.66 million tonnes of 0.117% Mo (6,856,000 lbs. Mo) in the Indicated resource classification and 12.39 million tonnes of 0.083% Mo (22,658,000 lbs. Mo) in the Inferred resource classification, both at a cutoff grade of 0.04% Mo.
The Technical Report also states that the Pidgeon deposit has the potential to be a large tonnage, low grade molybdenite deposit amenable to open pit mining methods. The deposit is open at both the west and east ends, as well as at depth. In addition, Riverbend noted the presence of molybdenite in a 1966 Rio Tinto drill hole, some 1.5 kilometres east of Lateral Lake. The west lens of the deposit was not tested in the most recent drill programs. The report recommends that MPH spend an additional $444,000 to drill 20 additional holes to test the west lens, and extend the limits of the deposit at both the east and west ends. If the results of this drilling are favourable, the Technical Report recommends a second phase of drilling consisting of 60 diamond drill holes to better define grade continuity at an estimated cost of $1,350,000. The Company is currently evaluating the Pidgeon Molybdenum Project as well as its other exploration properties and will make a decision on the direction the Company pursues with regards to its next round of exploration.
The Technical Report was prepared by Cliff Duke, P.Eng., of Riverbend Geological Services Inc. in accordance with National Instrument 43-101. Cliff Duke is a "Qualified Person" as defined by NI 43-101.
The Technical Report and mineral resource estimate was reviewed by Robert Marvin, P.Geo., CPG, who is a "Qualified Person" according to the definitions of NI 43-101. Bob has supervised and reviewed the preparation of the technical information and data included in this news release.
About MPH Ventures Corp.:
For further information on MPH Ventures Corp. (TSX-V: MPS) visit the Company's web site at www.mphventurescorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit
For further information contact myself or:
MPH Ventures Corp.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
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