Monument closes Magnetite transaction at Mengapur
VANCOUVER, Feb. 6, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced that it has received TSX Venture Exchange acceptance for, and has closed, its previously-announced Oxide Magnetite Purchase and Profit-Sharing transaction.
Pursuant to the terms of the Oxide Magnetite Purchase and Profit-Sharing Agreement with Malaco Mining Sdn. Bhd. ("Malaco") and its group of companies and shareholders, Monument issued 25 million common shares to Malaco in consideration for a profit-sharing arrangement with respect to the oxide magnetite top soils on Area C of the Mengapur Project, as well as approximately 1.2 million tonnes of previously stockpiled oxide magnetite top soils.
The Company plans to build a magnetite concentrate processing plant on the Mengapur Project in order to produce marketable-grade magnetite from these oxide magnetite top soils. Further information regarding the Company's development plans for the oxide magnetite on the Mengapur Project is contained in the Company's news release of January 31, 2014.
The common shares issued to Malaco are subject to a statutory four month hold period expiring on June 6, 2014.
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the industry. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the 100% owned, development stage, Mengapur Polymetallic Project. The Company employs 330 people in Malaysia 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 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
"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."
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 for building and operating magnetite production facilities, the Company's plans to extracting and process magnetite from surface materials, the grade of the stockpiled materials being purchased by Monument, and all of the other 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: the risks regarding production referred to in this news release; the risk that the market price of gold, copper, magnetite and other metals decreases significantly; 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: the Company's assumption that the stockpiled materials and the surface materials on Area C will contain the grade of magnetite that the Company expects; the Company's expectation that process facilities can be built on budget; 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 information, except in accordance with applicable securities laws.
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