Monument Acquires Package of Additional Adjacent Land
Mon Jan 21, 9:31 AM
ca.news.finance.yahoo.com
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VANCOUVER, Jan. 21 /CNW/ - Monument Mining Limited (TSX-V:MMY and FSE:D7Q1) ("Monument" or the "Company") is pleased to announce that the Company has entered into a Letter Of Intent ("LOI") to acquire an additional exploration land package adjacent to its present Selinsing Gold Project and adjoining exploration target Buffalo Reef.
On January 14, 2008, Monument signed the LOI with Famehub Venture Sdn Bhd. ("Famehub"). Pursuant to the LOI, Famehub has agreed to sell and Monument has agreed to purchase a land package of approximately 32,000 acres of prospective exploration land and associated data base.
This land is located to the east of Selinsing's Gold Project and Buffalo Reef exploration property, commencing approximately 500 metres from the existing ground held under the above two project's eastern boundaries.
The consideration is comprised of CAD$1,500,000 cash and 7,000,000 fully paid shares in Monument and 3,500,000 share purchase warrants exercisable at $1.00 for two years from the date of issuance. The total value is $5,000,000.
The parties agree that this LOI document will be the basis of a legally binding agreement that will be prepared by jointly agreed legal counsel. The agreement is subject to completion of due diligence, Board and regulatory approval by both parties.
Mr. Robert Baldock, President and CEO of the Company, said: "We are very excited about this land package and data-base acquisition as it consolidates our area holdings. It is invaluable to secure this nearby land and advance our current exploration program by joining the Selinsing Gold Project and Buffalo Reef Property with the potential for additional exploration success to the east.
The acquisition provides significant potential value to our shareholders by building on the knowledge in the immediate surrounding area of Selinsing and Buffalo Reef. Approximately AUD$40.0 M of past expenditure on exploration programs and an exploration data-base created by predecessors was also acquired. Monument management now intends to increase its efforts to aggressively expand its mineral exploration program".
Monument has filed on SEDAR its "Preliminary Assessment Selinsing Gold Project, Malaysia NI43-101 Technical Report", dated November 27, 2007 on December 27, 2007 (the "November 2007 Selinsing Preliminary Assessment Report"), and prepared in accordance with National Instrument 43-101 ("NI 43-101") by Michael Andrew, Bask., MAusIMM, and Frank Blanchfield, BE, MAusIMM, of Snowden Mining Industry Consultants Pty Ltd. ("Snowden").
The Company also filed on SEDAR an Annual Information Form ("AIF") on January 16, 2008.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclosures in this release, including management's assessment of the Company's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such.
Contacts
Robert F. Baldock
President and CEO
Monument Mining Limited
Park Place
Suite 500
666 Burrard Street
Vancouver
B.C.
Canada
V6C 3P6 |
