Symbol: TSX: ME   

TORONTO, June 19, 2020 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Corporation") announced approval of each of the matters set out in the Corporation's Management Information Circular dated May 12, 2020 at the 2020 Annual Meeting of Shareholders held via webcast on June 18, 2020 (the "Meeting").

The total number of shares represented by shareholders present in person and by proxy at the Meeting was 112,075,979, representing 35.98% of the Corporation's outstanding shares.

The eight director nominees proposed by management were elected by a show of hands with proxies received as follows:

Final voting results, on all matters voted on at the Meeting, are available on SEDAR at www.sedar.com.

Mr. Alex Henry, CPA, CA has been appointed as Chairman of the Board of Directors. Mr. Henry is the managing partner of Hampton-Metrix Capital Partners Inc. and has served on Moneta Porcupine's board since 2005. Since 1981, Mr. Henry has held various positions in the investment banking industry. He has managed private placements, public equity financings and alternative investment products both in Canada and internationally. Mr. Henry qualified as a Chartered Accountant with Touche Ross LLP (now Deloitte LLP) in Toronto, Ontario.

Mr. Mark Ashcroft, P.Eng. has been appointed to the Corporation's board of directors effective June 18, 2020. Mr. Ashcroft has experience in engineering mining in Canada and overseas. Mr. Ashcroft is currently the President, CEO and Director of Aurelius Minerals Inc. and has previously held roles in various institutional brokerage and advisory businesses including five years in debt and commodities financing in the Metals and Mining team of Barclay's Capital in London, UK.

Mr. Warren Bates and Mrs. Patricia Sheahan did not stand for re-election. The board wishes to thank Mr. Bates and Mrs. Sheahan for their contributions over their considerable tenure on the board and wishes them well in their future endeavours.   

About Moneta
The Corporation holds a 100% interest in 6 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, DeSantis East, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource estimate comprised of an indicated resource of 556,500 ounces gold contained within 3.82 Mt @ 4.53 g/t Au and a total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t Au in the inferred category at a 3.00 g/t Au cut-off. A preliminary economic assessment on the South West deposit located within the Golden Highway Project commenced in Q1, 2020. The results of the PEA are due to be delivered later in 2020. The study will review several development scenarios for the South West deposit which was the subject of a resource update in November 2019.

The Corporation's public documents may be accessed at www.sedar.com. For further information on the Corporation, please visit our website at www.monetaporcupine.com or email us at [email protected].

SOURCE Moneta Porcupine Mines Inc.

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