VANCOUVER, Nov. 12, 2014 /CNW/ - Monument Mining Limited
(TSX-V: MMY and FSE: D7Q1) ("Monument" or the
"Company") announces that it completed the acquisition of a
100% interest in the Tuckanarra Gold Project located in the
Murchison District in Western
Australia from Phosphate Australia Limited ("POZ"), a
company whose ordinary shares are listed on the Australian Stock
Exchange, pursuant to the terms of the Tenement Purchase Agreement
previously announced in the Company's news releases dated
August 28, 2014 and October 27, 2014. The acquisition was
closed after the completion by the Company of due diligence and
receipt of required regulatory approvals and final approval by the
Board of Directors of Monument.
Pursuant to the Tenement Purchase Agreement, the Company has
acquired, free and clear of any encumbrances, a 100% interest in
the Tuckanarra Gold Project through its 100% owned subsidiary
Monument Murchison Pty Ltd consisting of two exploration licenses,
six prospecting licenses, and a mining lease covering a total of
416km2 in the Murchison Mining District in Western Australia and containing historical
indicated and inferred JORC compliant resources as previously
disclosed in the Company's news release dated August 28, 2014. There are no private royalty
encumbrances.
As consideration for acquiring Tuckanarra Gold Project, the
Company paid to POZ the total sum of A$2,000,000 in cash and issued to POZ 10,000,000
Monument common shares at a deemed issue price of C$0.25 per share, which shares are subject to a
statutory hold period expiring four months and a day from the date
of issue.
As previously disclosed, the Company plans to conduct a
confirmation, in-fill and expansionary drilling program, including
duplicating the metallurgical studies previously carried out with a
view to producing a scoping study review.
Mr. Baldock, CEO and President of the Company said: "The
Tuckanarra Project is at the exploration stage. The acquisition is
a strategic move to consolidate a large land position in the
prospective Murchison historic gold producing region in WA."
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an
established Canadian gold producer that owns and operates the
Selinsing Gold Mine in Malaysia.
Its experienced management team is committed to growth and is
advancing several exploration and development projects in
Malaysia and Australia, including the development stage,
Mengapur Polymetallic Project in Malaysia and the Murchison Project and
Tuckanarra Project in Western
Australia. The Company employs approximately 300 people and
is committed to the highest standards of environmental management,
social responsibility, and health and safety for its employees and
neighboring communities.
Robert F. Baldock,
President and CEO
Monument Mining Limited
Suite 1580, 1100 Melville Street
Vancouver B.C. Canada V6E 4A6
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Forward-Looking Statement
This news release includes statements containing
forward-looking information about Monument, its business and future
plans ("forward-looking statements"). Forward-looking statements
are statements that involve expectations, plans, objectives or
future events that are not historical facts and include the
Company's plans with respect to its mineral projects and the timing
and results of proposed programs and events referred to in this
news release. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". The forward-looking statements in this news release are
subject to various risks, uncertainties and other factors that
could cause actual results or achievements to differ materially
from those expressed or implied by the forward-looking
statements. These risks and certain other factors include,
without limitation: risks related to general business, economic,
competitive, geopolitical and social uncertainties; uncertainties
regarding the results of current exploration activities;
uncertainties in the progress and timing of development activities;
foreign operations risks; other risks inherent in the mining
industry and other risks described in the management discussion and
analysis of the Company and the technical reports on the Company's
projects, all of which are available under the profile of the
Company on SEDAR at www.sedar.com. Material factors and
assumptions used to develop forward-looking statements in this news
release include: expectations regarding the estimated cash
cost per ounce of gold production and the estimated cash flows
which may be generated from the operations, general economic
factors and other factors that may be beyond the control of
Monument; assumptions and expectations regarding the results of
exploration on the Company's projects; assumptions regarding the
future price of gold of other minerals; the timing and amount of
estimated future production; the expected timing and results of
development and exploration activities; costs of future activities;
capital and operating expenditures; success of exploration
activities; mining or processing issues; exchange rates; and all of
the factors and assumptions described in the management discussion
and analysis of the Company and the technical reports on the
Company's projects, all of which are available under the profile of
the Company on SEDAR at www.sedar.com. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements, except
in accordance with applicable securities laws.
SOURCE Monument Mining Limited