/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
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
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.
For further information:
For further information: Robert F. Baldock, President and CEO, Monument
Mining Limited, Park Place, Suite 500, 666 Burrard Street, Vancouver, B.C.,
Canada, V6C 3P6