VANCOUVER, March 26, 2012 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") wishes to inform the market that it has broken up a gold stealing syndicate at the Selinsing Gold Mine in Malaysia. The Company has called in the Malaysian Police for an immediate investigation and engaged Gold Security Group from Perth, Australia to work with the Police and to review and strengthen security measures at the gold mine.
The Malaysian Police have made several arrests to date with the alleged suspects being held in custody. At this time the theft appears to be an organized crime involving mine employees. The local Malaysian Police, who are heading up this investigation, are working with the full cooperation of the Company and have asked the Company to limit information released to the market due to the sensitivity of the information to the investigation. The Company will therefore make no further comments until the matter is completed.
In the meantime the Company has executed an action plan to enhance gold security at the Selinsing mine and is therefore conducting its own review of its security system and its internal controls. In the opinion of the Company, this incident will not impact the production performance for the year ended June 30, 2012.
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 contains forward-looking information about Monument Mining Limited ("Monument"), its business and future plans. The use of words such as "would", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking information. Forward-looking information in this news release is included in statements with respect to, among other things, the completion and the timing of the Company's proposed private placement and the Company's work program on the Mengapur Project. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions remain stable; continuing demand for, and stable or improving prices of gold; receipt of regulatory and government approvals in a timely manner; the availability of financing; Monument's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; Monument's ability to attract and retain skilled personnel; the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations. Actual results could differ materially from those anticipated in this forward-looking information as a result of risks and uncertainties, including: volatility in the price of gold; risk inherent in mineral exploration and development; competition for capital and skilled personnel; geological technical and drilling problems; general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the Management Discussion and Analysis of the Company, which is 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 information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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