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Moncoa Completes NI-43-101 & Contractual Documents on Malaysian Project
Moncoa Completes NI-43-101 & Contractual Documents on Malaysian Project.
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, July 27 /CNW/ - Moncoa Corporation (TSX-V: MON) (the\n\"Company\") is pleased to announce completion of its NI-43-101 Technical\nReport, followed by the execution of a formal agreement of its option to\nacquire an interest in the Selinsing Gold Mining Project in Malaysia.\nOn 30 June 2006 the company renegotiated its arrangements with Able\nReturn Sdn Bhd (\"Able\") whereby the Company entered into an option agreement\nto acquire a 51% interest in the Malaysian gold property and a 100% interest\nin the adjoining property excluding the tailings and mined ore situated on the\nadjoining property. The parties agreed to proceed, subject to the Company\nraising a minimum of $1,400,000 and up to a maximum of $5,500,000 gross\nproceeds, obtaining shareholder and regulatory approvals and closing the\ntransaction by no later than the 30th September 2006.\nThe parties have entered into a formal Purchase and Sale Agreement and a\nJoint Venture Agreement, both effective as at 30th June 2006, subject to the\nabove requirements. The Company has lodged a draft Information Circular with\nthe TSX Venture Exchange and intends to call a Special Meeting of shareholders\nupon receiving the necessary authorization at which time both the NI-43-101\nReport and the Information Circular will be filed on SEDAR.\nAt the same Special Meeting shareholder approval will also be sought to\nconsolidate the share capital of the Company on the basis of one new share for\neach two old shares, to change the Company's name and to the disposition of\nits interest in its two subsidiaries Moncoa Medical Research Inc. and ClinMed\nResearch Centers Inc. On a post consolidation basis the Company also intends\nto raise not less than $1,400,000 and up to $5,500,000 by way of a private\nplacement in addition to seeking a US$12,000,000 project loan facility, the\nproceeds of which would be used to complete the Selinsing Project acquisition,\nto commence an exploration program and to erect and commission a 400,000\ntonnes per annum gold processing plant, designed to produce 40,000 ounces of\ngold per annum from the Selinsing Gold Mine.\n\n>\n\n\n\n","length":2381,"tagName":"div"}]