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Change at the top for Matheson-area gold explorer

Ian Peres resigns as president of Moneta Porcupine Mines
Moneta Porcupine Mines winter drilling
(Moneta Porcupine Mines photo)

Ian Peres has resigned as president and chief financial officer of Moneta Porcupine Mines, the company announced Aug.31.

The Toronto mining company said Peres will remain as a director and will support the transition to the successor CFO.

Gary O'Connor remains as CEO and chief geologist. 

The company controls six gold projects as part of its larger Golden Highway Project, 110 kilometres east of Timmins, between McEwen Mining's Black Fox Mine and Kirkland Lake Gold's idled Holt and Holloway mine complex.

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The company's 618-square-kilometre holdings cover 12 kilometres of prospective ground along the Destor-Porcupine Fault Zone, a geological feature historically known for producing more than 85 million ounces of gold.

The company is expected to release a preliminary economic assessment on its South West deposit later this year, which will examine several mine development scenarios.

"I am leaving Moneta at a time when I believe it is well positioned with recent corporate advances and gold poised for continued strength," said Peres in a statement. "I would like to thank all the shareholders for their support over the years and I am looking forward to the pursuit of another exciting initiative."

"On behalf of the board, we thank Ian for his many valuable contributions during his 12-year tenure, and wish Ian the very best in his future endeavours," said board chairman Alex Henry in a statement.