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(TSX-V:
MPS)
January
09, 2008
NEWS RELEASE
Drilling Resumes
on Pidgeon Molybdenum Deposit Project,
NW
Ontario
Vancouver,
BC – MPH Ventures Corp. (TSX-V:
MPS) (the “Company”) announces that
drilling has resumed at its 3,420 acres Pidgeon Molybdenum Deposit project
situated approximately 50 kilometres east from the city of Dryden, District
of Kenora, Northwestern Ontario.
Pidgeon
Molybdenum Deposit claims map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-area-map.gif
The
Company completed 7 drill holes totaling 1210 metres by 2007 year end at its
Pidgeon Molybdenum Deposit project. All
samples have been submitted for analysis to the TSL laboratory in Saskatoon
and MPH Ventures expects to have the first batch of assay results available
for release shortly.
This
continuing 10,000 metre diamond drill program has been designed to verify and
confirm the historic data recently compiled by Wardrop Engineering Inc. The
2008 drill program will comprise a significant program of infill drilling to
improve the confidence of the molybdenum resource to a level sufficient for
an economic assessment.
"We
look forward to the continuation of our drill program at the Pidgeon
Molybdenum Deposit project, which should
advance the project to the next level", stated MPH Ventures President
Jim Pettit. "We have a fully winterized camp to support our drilling
activities and a strong cash position to aggressively pursue this exciting
project" stated Mr. Pettit.
MPH
Ventures received in November 2007 a National
Instrument 43-101 standard resource estimate from Wardrop Engineering
Inc. (“Wardrop”) based on historical data. Wardrop has determined
that the Pidgeon Molybdenum Deposit contains an inferred molybdenum resource
of 8.5 million tonnes grading .099% molybdenum and that the mineralization
has been calculated down to a total depth of 150 metres. The resource is
contained in a mineralized shell, which is about 1300 metres long and 60
metres thick. The
area containing the inferred resource in the report accounts for only 450
metres of the total strike length of the mineralized shell. The Pidgeon
Molybdenum Deposit remains open in all directions. There is very good
potential of increasing the resource by drilling off the deeper portions of
the mineralized shell as well as untested strike extensions.
Wardrop has recommended that
initial confirmation drilling would increase the confidence level of the moly
resource and move the resource from the inferred to the drill indicated
category. Wardrop also concludes there is a good chance of increasing the
tonnage of the resource, which could make the economics more attractive.
It is MPH Ventures intention to
quickly verify and confirm the existing resource as indicated by the Wardrop
Report as well as to undertake an expansion program with the goal of
significantly increasing the mineral resource of the Pidgeon Molybdenum
Deposit.
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.
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 gold,
silver, and molybdenum 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
Share Outstanding
25.7 million
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