Monument Signs Binding Agreements for 100% of Selinsing and Damar Projects


    VANCOUVER, June 14 /CNW/ - Monument Mining Limited (TSX-V:MON - Changing
to TSX-V:MMY upon re-commencement of trading) ("Monument" or the "Company") is
pleased to announce in relation to the previously announced reverse takeover
("RTO") that it has entered into binding agreements to acquire 100% of the
Selinsing Gold Mine Project ("Selinsing") and 100% of the shares in Damar
Exploration Consolidated ("Damar") which owns the Damar prospects referred to
as the Buffalo Reef Tenements situated directly north and contiguous with the
Selinsing property. Upon closing both acquisitions the Company will have
access to approximately 5 kilometers of prospective exploration land along the
gold trend that hosts the Selinsing and Damar gold resources. The Selinsing
resource totals 619,000 NI 43-101 compliant ounces of gold at a cut-off grade
of 0.50 gpt. and is described in full in the NI 43-101 Report filed on SEDAR
on 14th September 2006. The NI 43-101 Report on the Damar property has not
been completed but is expected to be completed and filed by the RTO close,
expected to be by the 26th June 2007. The closing of the Damar acquisition is
conditional on closing the Selinsing acquisition.
    To acquire 100% of Selinsing, Monument will pay to the vendor Wira Mas
Trust of Malaysia $3,500,000 cash, issue 31,400,009 fully paid treasury shares
and 5,000,000 share purchase warrants, each warrant exercisable for a period
of two years at $0.65 cents to acquire one fully paid share, and will have a
residual debt of $9,000,000 payable within one year without interest or
penalty if paid within that period. To acquire 100% of Damar from Avocet
Mining PLC, London UK ("Avocet"), the Company will pay $1,750,000 cash, issue
15,000,000 fully paid treasury shares and 7,500,000 share purchase warrants,
also exercisable for two years at $0.65 cents to acquire one fully paid share,
as well as a $400,000 exploration program commitment over two years from the
close. Any increase in the Avocet quoted JORC calculated resource of 185,100
ounces of gold using a cut-off grade of 0.5 g/t would attract a payment to
Avocet of US$5.88 per additional ounce discovered.
    Both vendors have agreed to enter into a voluntary pooling agreement in
respect to approximately 95.0% of their shares for up to two years, subject to
certain events, in addition to any escrow agreement the TSX Venture Exchange
may impose. Should certain events such as an unsolicited takeover bid being
presented to the Company, a change in management or a change in the board of
directors and certain other events occur, then both parties would be released
from the Pooling Agreement, but not necessarily any escrow imposed by the
    As Monument now moves toward closing these acquisitions, notwithstanding
Monument previously obtained shareholder approval of the RTO, completion of
due diligence and regulatory approval for the acquisition of the Damar
interests and the RTO completion is still required. The Company also has to
raise the required equity capital and Haywood Securities Inc. has been
retained as Agent to assist the Company to raise this capital by way of a
private placement of Units for up to $9,000,000 with the ability to accept up
to a further $5,000,000 by way of over-allotment. Each Unit is being sold at
$0.50 per Unit and comprises one share and one-half of a warrant, exercisable
for a period of two years, at $0.65 per share.

    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, V6Z 2K8

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Monument Mining Limited

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