We are pleased to forward you today's recently released News
Release announcing :
Monument Acquires
Package of Additional Adjacent Land
Vancouver, B.C. Monument Mining Limited (TSX-V:MMY and FSE:D7Q1) ("Monument" or the
"Company") is pleased to announce that the Company has entered
into a Letter Of Intent ("LOI") to acquire an additional
exploration land package adjacent to its present Selinsing Gold Project
and adjoining exploration target Buffalo Reef.
On January 14, 2008, Monument signed the LOI with Famehub Venture
Sdn Bhd. ("Famehub"). Pursuant to the LOI, Famehub has agreed
to sell and Monument has agreed to purchase a land package of
approximately 32,000 acres of prospective exploration land and associated
data base.
This land is located
to the east of Selinsing's Gold Project and Buffalo Reef exploration
property, commencing approximately 500 metres from the existing ground
held under the above two project's eastern boundaries.
The consideration is
comprised of CAD$1,500,000 cash and 7,000,000 fully paid shares in
Monument and 3,500,000 share purchase warrants exercisable at $1.00 for
two years from the date of issuance. The total value is
$5,000,000.
The parties agree that
this LOI document will be the basis of a legally binding agreement that
will be prepared by jointly agreed legal counsel. The agreement is
subject to completion of due diligence, Board and regulatory approval by
both parties.
Mr. Robert Baldock,
President and CEO of the Company, said: "We are very excited about
this land package and data-base acquisition as it consolidates our area
holdings. It is invaluable to secure this nearby land and advance
our current exploration program by joining the Selinsing Gold Project and
Buffalo Reef Property with the potential for additional exploration
success to the east.
The acquisition
provides significant potential value to our shareholders by building on
the knowledge in the immediate surrounding area of Selinsing and Buffalo
Reef. Approximately AUD$40.0 M of past expenditure on exploration
programs and an exploration data-base created by predecessors was also
acquired. Monument management now intends to increase its efforts to
aggressively expand its mineral exploration
program".
Monument has filed on
SEDAR its "Preliminary Assessment Selinsing Gold Project, Malaysia
NI43-101 Technical Report", dated November 27, 2007 on December 27,
2007 (the "November 2007 Selinsing Preliminary Assessment
Report"), and prepared in accordance with National Instrument 43-101
("NI 43-101")
by Michael Andrew, Bask., MAusIMM, and Frank Blanchfield, BE, MAusIMM, of
Snowden Mining Industry Consultants Pty Ltd. ("Snowden").
The Company also filed
on SEDAR an Annual Information Form ("AIF") on January 16,
2008.
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.
Not for distribution
to U.S. news wire services or dissemination in the United States.
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.
|