VANCOUVER, Feb. 6, 2015 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce that it has received the acceptance from TSX Venture Exchange for filing a "Heads of Agreement" between Monument and Intec International Projects Pty Ltd ("Intec") whereby the Company has been granted an Interim License to exploit the Intec technology with several patents for the extraction of gold and copper from sulphide concentrate; and subject to success of the trial commercialization test work and certain conditions, Monument will obtain the license rights (the "Intec License") to exploit the Intec Technology in respect to an agreed territory which covers most of South East Asia, including Malaysia, Australia and China (together the "Intec Transaction").
Upon acceptance the Company has issued the consideration of 14 million common shares to Intec at a deemed value of $0.25 per share, placed in escrow with release based on achievement of certain milestones. The Company is obligated to incur expenditures during the trial commercialization testing period ranging from $13 million to $15 million. The Company will update the market with the progress of the Intec trial commercialization test work from time to time.
This news release shall be read in conjunction with the news release dated February 2, 2015 for further details of the Trial Commercialization Testing Program.
Monument Mining Limited (TSX-V: MMY, FSE: D7Q) 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 including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs over 300 people in both regions 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, BC 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"), including statements with respect to the the proposed transaction between Monument and Intec. 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: risk related to the assessment of the Intec Technology; 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: there are no further obligations of Monument in respect of the proposed transaction with Intec; 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.
SOURCE Monument Mining Limited
For further information: visit the company web site at www.monumentmining.com or contact: Richard Cushing, MMY Vancouver, T: +1-604-638-1661 x102, [email protected]; Wolfgang Seybold, Axino GmbH -Europe, T: +49 711-2535-92 40, [email protected]