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TIMMINS, ON, March 23 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) (the
"Company" or "Moneta") announces the completion of a $6,600,000 non-brokered private placement
("Placement").


The Company issued 11,428,571 common shares on a structured flow-through
basis at $0.49 per share for aggregate gross proceeds of $5,600,000 and
2,857,143 common shares at $0.35 for aggregate gross proceeds of
$1,000,000. The financing has been completed on a 'structured'
flow-through basis whereby two hard dollar institutional investors hold
the full 14,285,714 common shares for $6.6 million upon closing of the
financing.


Ian C. Peres, President and CEO, said, "We are pleased to expand
Moneta's shareholder base with two top-tier hard dollar institutional
investors who were the only participants in the current $6.6M
financing. The Company is now well funded to undertake robust
exploration programs over the next 18-24 months, excluding other
expected cash inflows. The Golden Highway Project remains the top priority exploration and development target, however
Moneta's four other highly prospective and underexplored core projects
will also be advanced."


The Company has contracted three drills and plans to complete up to
30,000 metres in the 2011 drill program. The objective of the 2011
drill program is to expand the newly identified gold zones, namely the 267 Zone, 162 Zone and 273 Zones, all part of the greater Southwest Zone, and located within the Company's 100% owned Golden Highway Project which covers 12km of highly prospective geology. In addition, several
highly prospective and newly identified 2011 targets, all located in
close proximity to the Southwest Zone, will be tested. The three drills have been in operation since late
January 2011 with drill results to follow in short order.


Proceeds of the Placement will be used for exploration and development
programs in the Porcupine and Golden Highway Camps and general working
capital purposes. Finders' fees paid in cash were $199,000, equivalent
to 3.0% of the gross proceeds. The Placement is subject to the
standard TSX four month hold period and to final regulatory approval.




About Moneta


Moneta is a long-established gold mineral exploration and development
company and former gold producer which owns one of the largest property
portfolios over approximately 10% of the Destor Porcupine Fault Zone
(from Timmins, Ontario to the Quebec border), one of the key structural
features in the Abitibi Greenstone belt in Ontario. Moneta owns 100%
of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum
and Denton Thorneloe (West Timmins) core projects located in the
Porcupine and Golden Highway Camps, one of the most prolific gold
producing regions in North America, with over 72 million ounces of gold
mined to date.







The TSX does not accept responsibility for the adequacy or accuracy of
this release.


Moneta's public documents may be accessed at >www.monetaporcupine.com or email us at info@monetaporcupine.com.


This news release includes certain forward-looking statements concerning
the future performance of our business, its operations and its
financial performance and condition, as well as management's
objectives, strategies, beliefs and intentions. Forward-looking
statements are frequently identified by such words as "may", "will",
"plan", "expect", "anticipate", "estimate", "intend" and similar words
referring to future events and results. Forward-looking statements are
based on the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to a
variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of financing,
as described in more detail in our recent securities filings available
at http://www.sedar.com/">www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and we caution
against placing undue reliance thereon. We assume no obligation to
revise or update these forward-looking statements.




For further information:

Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com