VANCOUVER, BC (FWB: IJA1) (the "Company") is pleased to provide
a progress report on the Company's ongoing phase 2 drill program on
its 100% owned Pidgeon Molybdenum Deposit project located at the
east end of Lateral Lake near the town of Dryden, northwestern
Ontario.
Pidgeon Molybdenum Deposit location map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-Fig_41.gif
MPH Ventures has now completed 24 drill holes in its ongoing
phase 2 drill program. Assays have been received for the first 5
holes only with partial assays received on hole #6. The phase 2
drill program consists of a series of step out holes and is
designed to intersect ore grade molybdenum within 100 metres of
surface.
The drilling continues to confirm the Company's opinion that a
possible mineable open pit situation exists for the Pidgeon
Molybdenum Deposit property. The Pidgeon Molybdenum Deposit
property has excellent infrastructure with an all weather road
going across the property, location to paved highway is only 10
kilometres to the south, and location to the major Trans Canada CN
rail line is only 10 kilometres to the north of the property.
The original Pidgeon Molybdenum Deposit property is known to
contain an indicated resource of 8.5 million tonnes of molybdenum
with an average grade of .09% per tonne Mo (see Wardrop Engineering
report filed on SEDAR November 27, 2007). A phase 1 drill program
completed in February 2008 confirmed the known resource potential
of the Pidgeon Molybdenum Deposit. This phase 2 drill program is
designed to significantly increase the size and tonnage of the
existing molybdenum deposit and MPH Ventures is confident that this
objective is being achieved.
The molybdenum mineralization continues to remain open ended to
both the northeast and to the southwest of the reported known
deposit. The Company remains optimistic that it will achieve the
goal of greatly increasing the size of the existing deposit with
this drill program. Possibly two to three fold.
Phase 2 drill holes #1 and #2 were collared in the known zone of
molybdenum to confirm past data indicating higher molybdenum grade
in the interior zone.
Drill holes #3 and #4 were designed to test the west southwest
extension of the main molybdenum zone with 50 metres spacing. Both
holes have encountered significant widths of molybdenite. These 2
holes now demonstrate that Pidgeon molybdenum zone continues in a
more westerly direction than previously indicated. This is a very
significant development as drill information indicates a
continuation of the main molybdenum zone to the west that has never
been previously drill tested.
Drill holes #5 and #6 are part of a larger series of drill holes
that are designed to test the northeast extension, along strike, of
the known molybdenum zone using 50 metres spacing. Only partial
assays have been received from drill hole #6. MPH Ventures is very
encouraged because drilling to date has confirmed the molybdenum
zone is expanding to the northeast.
2008 Phase 2 Drill Hole Map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-Phase-2-Drilling.jpg
DRILL HOLE SUMMARY
+---------------------------------------------------------+
| Hole No. | From (m) | To (m) | Length (m) | % Mo |
|----------------+----------+--------+------------+-------|
| | | | | |
|----------------+----------+--------+------------+-------|
| PM 08-1 | 49.3 | 55.3 | 6 | 0.51% |
|----------------+----------+--------+------------+-------|
| incl | 49.3 | 50.3 | 1 | 1.36% |
|----------------+----------+--------+------------+-------|
| | | | | |
|----------------+----------+--------+------------+-------|
| PM 08-2 | 70.3 | 75.3 | 5 | 0.06% |
|----------------+----------+--------+------------+-------|
| | 79.8 | 81.8 | 2 | 0.05% |
|----------------+----------+--------+------------+-------|
| | | | | |
|----------------+----------+--------+------------+-------|
| PM 08-3 | 22.4 | 26.0 | 3.6 | 0.12% |
|----------------+----------+--------+------------+-------|
| | 44.2 | 48.4 | 4.2 | 0.07% |
|----------------+----------+--------+------------+-------|
| | 50.5 | 57.5 | 5.0 | 0.05% |
|----------------+----------+--------+------------+-------|
| | 60.0 | 68.6 | 8.6 | 0.04% |
|----------------+----------+--------+------------+-------|
| | | | | |
|----------------+----------+--------+------------+-------|
| PM 08-4 | 26.5 | 38.4 | 11.9 | 0.41% |
|----------------+----------+--------+------------+-------|
| incl | 26.5 | 31.0 | 4.5 | 1.50% |
|----------------+----------+--------+------------+-------|
| | | | | |
|----------------+----------+--------+------------+-------|
| PM 08-5 | 47.9 | 76.3 | 28.4 | 0.08% |
|----------------+----------+--------+------------+-------|
| incl | 47.9 | 58.1 | 10.2 | 0.11% |
|----------------+----------+--------+------------+-------|
| | 67.3 | 76.3 | 9.0 | 0.12% |
|----------------+----------+--------+------------+-------|
| Partial Assays | | | | |
|----------------+----------+--------+------------+-------|
| PM 08-6 | 40.2 | 50.3 | 10.1 | 0.20% |
+---------------------------------------------------------+
The current drilling continues to substantiate a positive .09%
molybdenum average grade on the property, with higher grade
intersections also being seen in many holes.
Compilation of all data collected during this phase 2 drill
program combined with the phase 1 drill program and historical
exploration data continue to confirm that significant molybdenum
mineralization is present within the pegmatite vein swarm along the
contact of the Archean age Lateral Lake Stock. This zone has an
arcuate strike length of approximately 10 Kilometres. This round of
drilling highlights the fact that the main molybdenum zone is not
closed off. The Company continues to expand its drill program along
strike of the known molybdenum deposit area.
GEOLOGY OF THE PIDGEON MOLYBDENUM DEPOSIT
The Pidgeon Molybdenum Deposit is a unique deposit as it is not
considered a porphyry deposit. Molybdenite at the Pidgeon
Molybdenum Deposit property is located in a pegmatitic phase of a
large granite intrusive body. The pegmatite occurs as a continuous
phase along the linear margin of the granite for a strike length of
approximately 10 kilometres. The pegmatite averages 30 meters in
true thickness and has a shallow dip. The linearity of the zone and
a uniform shallow dip make the deposit very amenable to open pit
extraction.
Molybdenite appears to have been emplaced late in the system and
may be controlled by an extensive fracture network. Grades in any
given section are highly variable however the average content
between individual sections shows the grade has significant
continuity with an average overall grade of 0.09% molybdenum.
In addition to the margin of the granite, recent drilling has
identified molybdenum bearing pegmatitic phases within the granite
itself as well as mineralized pegmatite splays into the
granite.
These recently identified aspects of the deposit indicate new
prospective settings as the resource continues to be expanded.
Molybdenum continues to trade on the open market at a price of
approximately $34.00 (US) per pound. At .09% molybdenum, the
Pidgeon Molybdenum Deposit property has an average grade of
approximately 2 pounds Mo per tonne.
Drill core is sawn into halves, with one-half being sent for
analysis and the other kept for future reference. All samples were
prepared and analyzed at TSL Laboratories in Saskatoon using a four
acid digestion method. A stringent program of quality control is
employed throughout the exploration program with standards,
duplications and blanks being entered into the sample stream at 30
sample intervals.
MPH Ventures has also initiated a large surface stripping
program with a D5 tractor and a backhoe. This will enable the
geologists to have a fresh look at previously unexposed molybdenum
zones that lie near surface. Geological surface mapping will better
enable the Company to further expand the known Pidgeon molybdenum
zone.
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.
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.
Copyright � Hugin AS 2008. All rights reserved.
Suite 2230 - 885 West Georgia Street Vancouver, BC, Canada, V6C
3E8 www.mphventurescorp.com TSX Venture Exchange Symbol: MPS
Telephone: (604) 687-3376 Email: Email Contact Facsimile: (604)
687-3119
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