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VANCOUVER, Oct. 25 /CNW/ - Monument Mining Limited (TSX-V:MMY and
FSE:D7Q1) ("Monument" or the "Company") is pleased to announce that it has
commenced preliminary work on the development of its Selinsing Gold Mine
project, following the recent closing of its major transaction, project
acquisition and closing of a $10,000,000 private placement on June 25, 2007.
Monument acquired both the Selinsing Gold Mine project (the "Selinsing
project") and the Damar Buffalo Reef ("Damar") exploration project through its
100% owned Malaysian subsidiary Polar Potential Sdn Bhd ("Polar"). Polar has
incorporated 100% owned Selinsing Gold Mine Manager Sdn Bhd (the "Manager") to
act as the project manager. The Manager has engaged Mike Kitney, an
experienced mining professional and member of the Australian Institute of
Mining and Metallurgy ("AusIMM") as adviser to the manager and John Barton,
AusIMM, a senior mining engineer, as the project engineer, both of whom are
experienced in project development of this type, to assist in overseeing the
development and subsequent management and operation of the Selinsing Gold Mine
project on behalf of the Manager.
Progress Toward Feasibility And A Production Decision.
The Selinsing Gold Mine project has had a historic pre-feasibility study
completed by independent Dover Consultants Pty Ltd of Perth Western Australia.
This positive study recommended taking the project forward to the next stage
at a gold price of US$280 per ounce. Since then the Company commissioned a
three part NI-43-101 Preliminary Assessment by Snowden International Mining
Consultants Pty Ltd ("Snowden") which was completed during 2006 and 2007 and
filed on SEDAR 5th March 2007. This three-phase study was in part, designed to
undertake an RC confirmation drilling program to confirm the resource
estimate, establish a commercially viable treatment circuit, undertake
preliminary pit design and estimate operating and capital costs. The Study and
the confirmation drilling program and other work undertaken and reported in
the study confirmed the viability of the project.
Selinsing has now commenced a program of detailed design work, survey and
permit upgrade/application where appropriate and is calling for selective
registrations of interest to supply equipment and services in order to firm up
the capital cost and estimated completion time for construction of the
Selinsing Gold Mine project. The Company has commenced closing down the
presently fully permitted gold tailings treatment operation and is preparing
the site for development of the open pit mine and construction of a new
400,000 tonnes per annum carbon-in-leach ("CIL") treatment plant and support
facilities. The already secured ball mill is presently being moved to the
The Company has $3,100,000 of working capital as at the end of Q1 and
will fund these preliminary development costs, as well as its announced
exploration program from its working capital. This work is in order to be
confident of the total current development and construction cost of the
Location, Site Survey, Clearing and Access.
The project is located close to existing sealed road approximately 2
hours drive from Kuala Lumpur, the capital of Malaysia. It has established
infrastructure such as communications, power, water and internal roads as well
as a number of service buildings including plant workshop, store, drill core
shed, geological preparation laboratory, assay laboratory, administration
block, staff canteen and accommodation unit.
The Manager has completed a new site survey of the proposed treatment
plant construction site. Following this work, Selinsing has commenced
clearing, ready to be able to initiate construction when that is appropriate.
Completion of the site civil works is still dependent on detailed crushing
circuit layout design, additional survey levels and other work presently being
Gold Treatment Plant Facility.
Selinsing has commenced design, construct activities and intends to
commission and manage operation of a 400,000 tonne per year CIL treatment
plant. To implement this process the Manager has retained a number of industry
experienced technical consultants.
Selinsing has engaged Metallurgical Design, a specialist metallurgical
and process engineering firm to provide the process design package during Q3
2007 with certain parts of the package already having been supplied. Zulkainan
Zulkifli of Precision Drafting and Technical Services ("Precision") has been
retained to provide a proposal to complete the Front End Engineering Design
("FEED") for the project. Precision is the in-house engineering consultant for
all stages of constructing and commissioning a major process plant upgrade at
the nearby Penjom gold mine. The Penjom gold mine is owned by Avocet Mining
PLC of London, UK which in turn holds a 19.4% interest in Monument. The
requirement is for this proposal to be completed by Q4 2007. A substantial
amount of this work has commenced in order that Precision will meet the above
Precision will provide engineering design services for the project
including process design, plant design, equipment selection and overall
layout. The detailed design and engineering will include the disciplines of
civil, structural, mechanical, piping and all electrical engineering. This
will include all detailed engineering drawing packages sufficient to award
construction contracts and commence construction. The plant will be designed
to Malaysian Engineering Standards consistent with the requirements of the
earthquake and hurricane ratings for the region. Precision will also provide
project management of all engineering activities required for the process
plant and infrastructure including detailed plant design and layouts.
Tailing Storage Facility. ("TSF")
Selinsing has retained Knight Pisold Pty Ltd of Perth, Western Australia
(the "TSF Engineer"), an experienced specialist in TSF design, construction
supervision and commissioning in the Selinsing project area and globally. The
TSF Engineer is the TSF Engineer of choice at nearby Penjom gold mine over a
number of years. The firm was retained by Selinsing to undertake the required
design studies to replace the existing licensed tailings storage facility and
to produce an inception report. The TSF Engineer completed the inception
report on 28th September and the recommendations and site preparation and
testing included and recommended in the report is now being undertaken.
The tailings containment facility site is located almost immediately
adjacent to the proposed open pit and new plant site. It will be constructed
using overburden and waste "borrow" material removed from inside the tailings
dam to increase dam capacity. The facility is being carefully designed to
minimize land disturbance and to simplify operation and allow for effective
closure. The target for completion of the concept design ready for formal
permit/upgrade filing is by end of Q4 2007.
Mike Kitney, AusIMM is the Qualified Person ("QP") named in this news
release and has read the release and has consented to his name being included
in the release.
On September 12, 2007 the Company announced commencement of its
exploration program on the Damar Buffalo Reef exploration project. This
exploration project work will be ongoing and undertaken in parallel with the
development of the Selinsing Gold Mine project. As Buffalo Reef exploration is
to be carried out to the north of the Selinsing Gold Mine project and the
subsequent development program, there will be no conflict or interference with
the development program by exploration activities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Park Place, Suite 500, 666 Burrard Street
Vancouver B.C. Canada V6C 3P6
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: Investor Relations - Canada, Diane Mann,
Manager Investor Relations, Tel.: (604) 669-2929, Fax: (604) 688-2419,
firstname.lastname@example.org, www.monumentmining.com; Investor Relations - Europe,
Wolfgang Seybold, President & CEO, AXINO AG, Konigstrabe 26, 70173 Stuttgart,
Germany, Tel.: +49-711-25 35 92 40, Fax: +49-711-25 35 92 55,