/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
VANCOUVER, Sept. 12 /CNW/ - Monument Mining Limited (TSX-V:MMY and
FSE:D7Q1) ("Monument" or the "Company") is pleased to announce that the board
has approved a first stage $600,000 exploration program for the Buffalo Reef
project. This follows the recent closing of its RTO transaction, project
acquisitions and closing of a $10,000,000 private placement.
Commencement of Exploration Program.
The Company announces commencement of the first phase of exploration on
the Buffalo Reef project with work scheduled to commence in mid September
2007. Buffalo Reef is adjacent to and continuous and contiguous with the
Selinsing Gold Mine project. The Selinsing Project using a cutoff grade of
0.75 gpt contains an Indicated Resource of 3,630,000 tonnes at 1.76 gpt, for
contained ounces of 205,000 ounces of gold and an Inferred Resource of
7,690,000 tonnes at a grade of 1.34 gpt for contained ounces of 330,000 ounces
of gold as described in full in the NI 43-101 Report produced by Snowden
Mining Industry Consultants and filed on SEDAR on 14th September 2006.
The Buffalo Reef Project has a historic resource calculated by Avocet
Mining PLC, the vendors of the property to Monument. The historic resource
estimated that the Buffalo Reef property contains a Indicated Resource of
1,944,000 tonnes grading 2.49 gpt Au and an Inferred Resource of
568,000 tonnes grading 1.62 gpt Au in oxide + transitional and sulphide
materials. Avocet reported the resource in accordance with the JORC code and
uses a 0.5 gpt Au cut-off. Monument is not treating the historical resource
estimate as a CIM defined resource, and as such the historical estimate should
not be relied upon. Monument believes this historical estimate provides an
indication of the projects potential and is relevant to the proposed schedule
of work outlined below. A NI-43-101 Summary Report on the Buffalo Reef Project
written by Orequest Consultants and filed on SEDAR on 19th June 2007 confirms
the merits of the Buffalo Reef Project.
The NI-43-101 Report recommended a Phase I program of work costing an
estimated US$535,000 which will include 1,000 metres of RC drilling and 1,400
metres of diamond drilling. This work will be followed by a Phase II program
which includes 10,000 metres of RC drilling costing an estimated US$1,091,000
in the following year, once the data and information from Phase I has been
compiled and assessed.
The purpose of the Phase I program is to confirm previous results,
achieve a better understanding of the Buffalo Reef Project and to undertake
both confirmation RC drilling as well as some diamond drilling. Phase II
comprising in-fill drilling would follow with a view to the generation of a
resource estimate that can be reported in accordance with National Instrument
43-101. The Phase II program will also undertake some step-out drilling to
seek extension to the zones identified to date from previous exploration and
Michael Andrew AusIMM, of Snowden Mining Industry Consultants Pty Ltd, a
qualified person under National Instrument 43-101, is overseeing the drilling
program and quality assurance and quality control ("QAQC") programs on behalf
of Monument Mining Limited and has reviewed the contents of this news release.
Monument's program includes rigorous QAQC procedures. Ultratrace Pty Ltd
Analytical Laboratories of Perth, Western Australia, a NATA accredited
laboratory which complies with requirements of ISO/IEC 1725:2005, and an
accredited quarantined laboratory for handling imported samples, performs the
sample pulverization and assaying for the project. Gold analysis is by 40 g
Fire Assay fusion with an Inductively Coupled Plasma-Emission Spectroscopy
(ICP-OES) finish. Monument follows industry standard practice and includes
field duplicates and independently certified standards and blanks, blindly
inserted in the sample stream. This is in addition to the laboratory's
internal quality control work.
The commencement of the program is expected to result in the first assay
results being available in early November, subject to laboratory time
availability. The exploration site is fully permitted and the Company has
completed clearing access roads and drill pads, as well as camp and equipment
sites in preparation for the equipment to be mobilized to site. It is expected
that the drill rig will arrive on site in the third week of September and
drilling will commence shortly thereafter.
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