VANCOUVER, Feb. 21, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced that it has reached an agreement with GoldMet B.V. ("GoldMet") pursuant to which GoldMet confirms that it no longer has concerns as previously expressed and agreed to fully support Monument's management and the present Board of Directors at the upcoming Annual General Meeting of shareholders.
"We value GoldMet's commitment to Monument's progress, our team, and the strategy we are pursuing," said Robert F. Baldock, President and Chief Executive Officer of Monument.
Pursuant to the agreement with GoldMet, Monument has agreed to nominate for election to the Board of Directors a candidate proposed by GoldMet, subject to approval of the nominee by Monument. GoldMet has chosen Jean Edgar Trentinian, who is already a director of Monument, as its nominee director until further notice. Monument also agreed to reduce the size of the brokered private placement announced on December 17, 2012 such that the Company will raise no more than a further $26 million (52 million common shares). On February 12, 2013, the Company announced the closing of the first tranche of the brokered private placement, totaling $15 million (30 million shares).
With GoldMet's support, the Company intends to pursue other financing alternatives to satisfy its planned capital expenditure requirements to advance the phased development of the Company's 100 percent owned Mengapur polymetallic project. Monument has agreed that it will not conduct any new private placement financings in the next twelve months without the reasonable consent of GoldMet. In addition, GoldMet has agreed that any financing in connection with a listing of the Company's shares on Malaysia's stock exchange, the Bursa Malaysia Berhad, would be acceptable to GoldMet.
Added Mr. Baldock: "Management's capital-raising and operational plans are focused on the development of our 100 percent owned Mengapur polymetallic project. As well, we continue our track record of low-cost gold production at our Selinsing mine. We believe that this work, along with our other projects, will continue to create value for all shareholders as we continue with our strategy of becoming a mid-tier gold and metals producer."
About Monument Mining Limited
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the polymetallic Mengapur project. The Company employs 280 people in Malaysia 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 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 and forward-looking statements about Monument (together referred to herein as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and include statements regarding: the timing and implementation of the planned development of the Mengapur Project, the potential processing capacity for the Mengapur Project, the planned use of proceeds from the December 17 financing, the Company's expansion of the Selinsing project and other plans and expectations of the Company. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.. These risks and certain other factors include: the Company's expectations in connection with its exploration, development and expansion projects; the impact of general business and economic conditions; changes in project parameters as plans continue to be refined; costs of future activities; capital and operating expenditures; success of exploration activities; the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations; mining or processing issues; currency exchange rates; government regulation of mining operations; environmental risks; general economic factors and other factors that may be beyond the control of Monument... Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including the risks factors listed above, 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 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 statements, 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:
Wolfgang Seybold, Axino AG-Europe
T: +49 711-2535-92 40