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CORRECTED NEWS RELEASE - Monument Signs Binding Agreements for 100% of Selinsing and Damar Projects
CORRECTED NEWS RELEASE - Monument Signs Binding Agreements for 100% of Selinsing and Damar Projects.
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n\n\nUNITED STATES/\n\n\nVANCOUVER, June 19 /CNW/ - Monument Mining Limited (TSX-V:MON - Changing\nto TSX-V:MMY upon re-commencement of trading) ("Monument" or the "Company") is\npleased to announce in relation to the previously announced reverse takeover\n("RTO") that it has entered into binding agreements to acquire 100% of the\nSelinsing Gold Mine Project ("Selinsing") and 100% of the shares in Damar\nExploration Consolidated ("Damar") which owns the Damar prospects referred to\nas the Buffalo Reef Tenements situated directly north and contiguous with the\nSelinsing property. Upon closing both acquisitions the Company will have\naccess to approximately 5 kilometers of prospective exploration land along the\ngold trend that hosts the Selinsing and Damar gold resources.\n\n\nThe Selinsing resource is comprised of an indicated mineral resource of\n3,630,000 tonnes at 1.76 gpt, using a cutoff of 0.75 gpt for contained ounces\nof 205,000 ounces of gold, and an inferred mineral resource of 7,690,000\ntonnes at a grade of 1.34 gpt for contained ounces of 330,000 ounces of gold\nat a similar cutoff grade and is described in full in the NI 43-101 Report\nfiled on SEDAR on 29 September 2006. The NI 43-101 Report on the Damar\nproperty has not been completed but is expected to be completed and filed by\nthe RTO close, expected to be on Monday 25th June 2007. The closing of the\nDamar acquisition is conditional on closing the Selinsing acquisition. To\nacquire 100% of Selinsing, Monument will pay to the vendor Wira Mas Trust of\nMalaysia $3,500,000 cash, issue 31,400,009 fully paid treasury shares and\n5,000,000 share purchase warrants, each warrant exercisable for a period of\ntwo years at $0.65 cents to acquire one fully paid share, and will have a\nresidual debt of $9,000,000 payable within one year without interest or\npenalty if paid within that period.\n\n\nTo acquire 100% of Damar from Avocet Mining PLC, London UK ("Avocet"),\nthe Company will pay $1,750,000 cash, issue 15,000,000 fully paid treasury\nshares and 7,500,000 share purchase warrants, also exercisable for two years\nat $0.65 cents to acquire one fully paid share, as well as a $400,000\nexploration program commitment over two years...