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MPH Ventures' Phase 2 Drilling Commences on Pidgeon Molybdenum Deposit in NW Ontario
Vancouver, BC - MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) (the "Company") is pleased to announce a drill rig has been mobilized onto the Company's 100% owned Pidgeon Molybdenum Deposit project located at the east end of Lateral Lake near Dryden in NW Ontario and the next phase of drilling has commenced.
The phase 2 drill program has been designed with the intent of demonstrating that the molybdenum deposit can be increased significantly in size. The drill program will consist of up to 16 holes totaling approx. 3000 metres to extend the known molybdenum mineralization along both open ends of the deposit. The plan is to define molybdenum mineralization to a vertical depth of 100 metres, as this would conform to open pit design parameters.
The first phase of drilling completed in February 2008 consisted of 16 holes totaling 3061 metres, which confirmed the historic molybdenum resource data provided by Rio Algom and Strathcona Mineral Services (1978-1981) as well as providing evidence of both depth and lateral extensions of the known mineralized zones. This drilling has not only confirmed the significant historic molybdenum mineralization, it has highlighted the fact that the main zone is not closed off and is open along strike. Only the eastern margin of the Lateral Lake stock has been explored in any detail by Rio Algom and MPH Ventures resulting in the partial delineation of a 1.7 kilometre strike length of near surface molybdenum mineralization. The recommendations for the phase 1 drill program was set out in a National Instrument 43-101 report written for MPH Ventures by Wardrop Engineering Inc.
Past reports on the Pidgeon Molybdenum Deposit project from T. Bottrill for BHP Billiton (Sept. 17, 1979) and consulting engineering firm Strathcona Mineral Services Ltd. for BHP Billiton (July 16, 1980) indicate the contained tonnage in the mineralized zone varies from Strathcona's report of 9,000,000 tonnes drill indicated at 0.096% molybdenum to as much as T. Bottrill's report of 55,000,000 tonnes inferred with grades of 0.081% molybdenum. The historic estimates were based on a total of 76 variably spaced diamond drill holes completed on the property. The historic resources were not calculated to NI 43-101 standards and therefore could not be relied upon.
The location in Northwestern Ontario is a significant advantage this deposit has in terms of development. The molybdenum deposit is located in a stable and favorable political jurisdiction. Hydroelectric power and an all weather road cut through the property, rail transport is 30 kilometres away and the area has a strong mining infrastructure.
David J. Busch, B.A., B.Sc., PGeo., MPH Ventures' Project Manager, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
MPH Ventures Corp. is a molybdenum and precious metal exploration company focused on mineral development within Canada and Latin America.
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
"Jim Pettit" ________________________________ JAMES G. PETTIT President
For further information contact myself or: Don Myers MPH Ventures Corp. Director Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@mphventurescorp.com
THE TSX VENTURE EXCHANGE AND FRANKFURT EXCHANGE HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various 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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
