Mr. Ian Peres reports

MONETA AMENDS BOUGHT DEAL FINANCING

Moneta Porcupine Mines Inc. has amended the terms of the previously announced bought-deal financing (see press release dated Feb. 23, 2012).

Moneta has agreed to amend the Feb. 23, 2012, agreement with the syndicate of underwriters, led by Stonecap Securities Inc., whereby the underwriters have now agreed to purchase, on a bought-deal basis, 10 million common shares from treasury of the company at a purchase price of 30 cents per common share for gross proceeds of $3-million, previously 35 cents per common share for gross proceeds of $5-million. The company also grants the underwriters an option to purchase up to an additional 1,667,000 common shares at the issue price, exercisable up to 48 hours prior to closing of the offering, for additional gross proceeds of up to $500,100.

The net proceeds of the offering will be used for exploration at the company's Golden Highway project, working capital and general corporate purposes.

The offering will be made by way of private placement to accredited investors in all provinces of Canada. The offering is expected to close on or about March 27, 2012, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the relevant securities regulatory authorities. The common shares will be subject to a four-month hold period.

We seek Safe Harbor.