"Moneta" Acquires Nighthawk Lake Claims From "Rio Algom".

TIMMINS, Ontario--(BUSINESS WIRE)--March 1, 1996--MONETA PORCUPINE MINES (TSE:ME) MONETA PORCUPINE MINES INC. ("Moneta") announces that it has entered into an agreement to acquire ten patented claims in Cody and Matheson Townships from Rio Algom Exploration Inc. ("Rio Algom").

These properties result in Moneta having northern and southern claim groups on Nighthawk Lake. The southern group enhances Moneta's significant land and water claims which now constitutes a six kilometer arc along the border of the Royal Oak properties from north west of the Nighthawk Lake Mine to immediately north west of the high grade Hopson Zone.

Moneta has now consolidated a major (96 claim units) position at Nighthawk Lake and has completed IP and Mag programs on some of the property. Moneta expects to drill several targets this spring at Nighthawk Lake.

Moneta has extensive gold and base metal properties in the Timmins and Golden Highway Mining Camps of Ontario, Canada. It is participating in joint ventures with several of the world's largest mining companies and is exploring actively on its own account. The Company is based in Timmins, Ontario and has been listed continuously on the Toronto Stock Exchange since 1910. Moneta recently acquired National Perlite Products Company, an integrated perlite producer in Idaho and is negotiating project finance to reactivate early production.

CONTACT: Moneta Porcupine Mines Inc.

Rhoderic Whyte, 017/955-9020

017/955-9021 (Fax)

London, England

or

Moneta Porcupine Mines Inc.

Francis Yungwirth

C.E.O.

705/264-2296

705/267-7490 (Fax)

Timmins, Ontario