Mr. Gary O'Connor reports

MONETA COMPLETES TECHNICAL REVIEW AND COMMENCES DRILLING NEW TARGETS ON GOLDEN HIGHWAY PROJECT

Moneta Porcupine Mines Inc. has completed a comprehensive technical review of its gold projects and has commenced the 2017 diamond drill program on newly generated targets on the company's Golden Highway project located approximately 110 kilometres east of Timmins, Ont.

Highlights:

• The company has initially mobilized one drill rig, with plans to add up to three additional drill rigs, to drill test newly developed drill targets on the Golden Highway project.
• The discovery zone is the first of the new targets generated to be drill tested.
• The discovery zone is seen to consist of six steeply dipping parallel structures over a height of 275 metres open to depth and a strike length of 250 metres.
• Historically drilling of the discovery zone has returned assays of up to 7.20 metres of 6.24 grams per tonne gold and 7.00 metres of 5.86 grams per tonne gold.

Strategic target review

The company has spent the summer of 2017 completing a strategic review of all projects and targets within the company's portfolio of gold projects within the Timmins gold camp, which resulted in an extensive program, including the reinterpretation and relogging of the geology, mineralization style and structural setting of historical targets, as well as the sampling of previously unsampled historical drill core. The strategic review has generated a number of higher-grade targets displaying the size and grade potential to warrant drill testing. The initial priority has been on the Golden Highway project, where the company has historically outlined a large low-grade, open-pit resource along and adjacent to the Destor-Porcupine fault zone (DPFZ). The discovery zone is the first of the new targets to be drill tested within the current approximately 20,000-metre program to be completed by the end of the year with up to four drill rigs.

Discovery zone

The discovery zone is located on a southern splay of the DPFZ and is hosted within altered komatiitic ultramafic rocks of the Kidd-Munro assemblage to the north and within the sheared fault contact with greywacke units of the Timiskaming-age sedimentary rocks to the south. The faulted contact dips steeply to the south (approximately 75 degrees). A total of six structural zones have been modelled within a south-dipping structural corridor over an aggregate width of 35 metres and trending east-northeast, parallel to the DPFZ. The structures have been traced for a strike length of 250 metres and over a height of 275 metres and remain open in both directions. The individual mineralized zones dip at the same orientation as the DPFZ and are noted by strong quartz veining, quartz stockwork and pyrite alteration.

The ultramafic rocks have been altered to grey-green and green carbonate (fuchsite) with pervasive ankerite and chlorite-pyrite fracture filling and alteration of the sediments and ultramafic units. Quartz (silica) alteration and veining are associated with mineralization often with fluorite rims. Mineralization occurs within the altered and sheared ultramafic units, quartz feldspar and feldspar porphyry dikes, and quartz-cemented breccia zones. Altered clasts of quartz feldspar and feldspar porphyry dikes occur as clasts within the breccia zones.

The initial drill program designed to confirm and test the extent and grade of the zones will consist of a total of six drill holes for 2,230 metres with three new holes and three drill extensions of historical holes that stopped short of the prospective sedimentary-ultramafic contact zone. An additional two holes for 1,140 metres are planned should results warrant. The discovery zone target is located outside of the historical resource.

Quality assurance/quality control procedures

All drilling conducted by Moneta will be oriented. Drill core will be sawn and half sent for drying and crushing to minus two millimetres, with a one-kilogram split pulverized to minus 75 micrometres (200 mesh). A 50-gram charge will be fire assayed and analyzed using a AAS finish for gold. Samples above 10 grams per tonne gold will be analyzed by fire assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization will be assayed by metallic screen fire assay. Moneta will insert independent certified reference material, blanks, pulp repeats and sample duplicates with the samples as well as complete third party check assays. Gary O'Connor, MAusIMM, has reviewed the contents of this press release.

About Moneta Porcupine Mines Inc.

Moneta holds a 100-per-cent interest in five 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, Kayoram and Denton projects. The Golden Highway project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a historical National Instrument 43-101 indicated resource estimate of 1,091,000 ounces (31.1 million tonnes at 1.09 grams per tonne gold) and 3,204,000 ounces inferred (83.3 million tonnes at 1.20 grams per tonne), clustered within four kilometres.

We seek Safe Harbor.