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."
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."
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
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