Moneta Porcupine

THE MONEY:
December 17, 2002
MONETA ANNOUNCES FINANCING
Moneta Porcupine Mines Inc. (“Moneta”) announces it has arranged a
non-brokered private placement financing with accredited investors,
exclusively in Europe. The financing is a placement of 1,666,667 common
shares at 15 cents each to raise $250,000. Each share has attached, a
half share purchase warrant. Each full warrant is exercisable for one
common share at 20 cents in the next year. The financing is subject to
final Regulatory Approval.
Proceeds will be used for working capital and general corporate purposes.
FOR FURTHER INFORMATION:
Visit our website at: www.monetaporcupine.com
Fran Yungwirth, C.E.O. Rod Whyte, Chairman
Timmins, Ontario London, U.K.
Tel: (705) 264-2296 Tel: 44 207 736-2212
moneta@vianet.on.ca rodwhyte@btinternet.com

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THE PROGRAMME:
To Launch Winter Drill Program on Golden Highway Project 12/18/02
Moneta Porcupine Mines('Moneta')is set to launch a major sole risk exploration program in Michaud Twp. on its wholly owned 422 claim Golden Highway Project in NE Ontario. Moneta's objective is to expand known gold zones (SW Zone 468,000 oz @ 6.1 g/t) and prove up additional gold zones that can collectively be developed to meet a 1.5 Moz resource threshold for the Golden Highway Project.

Phase One of this sole risk exploration was successfully completed in November 2002, deepening several historic diamond drill holes and discovering a new gold zone (the Independence Zone). It also included grid rehabilitation and importantly an Induced Polarization (IP) orientation survey employing innovative methodologies developed by Insight Geophysics. These technologies provide significantly greater resolution and to far greater depths than any previous IP technology applied to this section of the Destor Porcupine Fault zone.

The winter diamond drill program will be for a minimum of 3000m to test up to 9 gold zone targets prioritized according to geological setting and depth potential. Ground geophysical surveys will also be undertaken in areas with a lesser data density. Geophysical and biogical targets have been developed from a detailed review of Moneta's extensive data base and core library. All targets are in favourable geological settings characterized by the presence of gold
mineralization, structure, alteration, and host rock lithologies.

The Golden Highway Project will benefit from a dramatic increase in exploration activity in Winter 2003. In addition to Moneta's sole risk exploration, Moneta's JV partners, Acrex Ventures and Royal Victoria Minerals, are proposing drill programs within the immediate area.

Moneta is a long established Canadian mining exploration company that has been listed on the Toronto Stock Exchange since 1910. The company has an experienced management team and a high quality exploration portfolio in the prolific Porcupine and Golden Highway Gold Camps, NE Ontario, which have produced 68 million ounces of gold from 26 individual mines (100,000+ oz) to date. Moneta's 7 gold properties (6 are 100% owned) are located along 120 km of the Destor Porcupine Fault Zone (DPFZ) which hosts mines operated by Barrick, Newmont, and the Placer Dome/Kinross Porcupine JV.

Moneta has 5 active JV exploration programs with some $1.1 million of budgeted expenditures on its properties committed by other parties over the next 12 months. Moneta maintains all mining properties in good standing, has no debts or obligations, owns its own mining office and equipment outright and has a low cost base. Moneta also receives income in the form of royalties and management fees. The company is highly leveraged to a rising gold price recovery but with low downside risk.