Business
Monument Announces TSXV's Acceptance of its Ball Mill Acquisition from Avocet
Monument Announces TSXV's Acceptance of its Ball Mill Acquisition from Avocet
About this update from Monument Mining Limited
[{"type":"text","content":"Monument Announces TSXV's Acceptance of its Ball Mill Acquisition from Avocet\n\n\n\nMonument Announces TSXV's Acceptance of its Ball Mill Acquisition from Avocet\n\nVancouver, British Columbia CANADA, August 20, 2008 /FSC/ - Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), (\"Monument\" or the \"Company\") announces that it has received the acceptance from TSX Venture Exchange to acquire, from Avocet Mining PLC (\"Avocet\"), one of its major shareholders, a 1.0 M tpy capacity ball mill in readiness for the planned Stage II gold treatment plant extension at its 100% owned Selinsing Gold Mine Project in Pahang State, Malaysia. \n\nThe Company announced on July 28, 2008 that it had met certain conditions to close the acquisition of the ball mill with Avocet, including the official announcement upon completion of the $28 million private placement and $10 million credit note facility which was released on July 22, 2008. \n\nWorldwide shortage of key mining and mineral processing equipment, particularly ball mills is a significant issue for plant construction and upgrades. Monument is taking advantage of the present availability of the mill from its major shareholder. The twin of this mill was recently installed at the nearby Penjom Gold Mine, 45 km east of Selinsing site. Therefore acquisition and relocation of the mill from Penjom to the Selinsing site is readily and economically attractive. Monument is engineering Stage I of the Selinsing gold open pit project treatment plant with an upgraded crushing circuit for a future extension of the leach tank farm. The acquisition of the second mill forms a further step towards the planned future Stage II gold treatment plant upgrade.\n\nThe planned Stage II gold plant upgrade will not happen for approximately 6-12 months after the commissioning of Stage I and will be dependent on the future exploration success of Buffalo Reef, which presently does not have a NI-43-101 resource report issued. This report is expected to be commissioned upon completion of the present drilling program later in 2008.\n\nConsideration of $3,250,000 for the mill was paid by the issue of 8,125,000 units at $0.40 per unit, on the same price and the same terms as the private placement announced closed on 22 July, 2008, with each unit representing one share and one share purchase...