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Monument Closed Acquisition of Murchison Gold Project in Australia
VANCOUVER , Feb. 25, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Mo...
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\nVANCOUVER, Feb. 25, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and\n FSE: D7Q1) \"Monument\" or the \"Company\" is pleased to announce it has\n closed the acquisition of the Murchison Gold Project in Western Australia through its wholly owned Australia subsidiary\n Monument Murchison Pty Ltd.\n\n\nOn February 21, 2014, Monument closed the Murchison Gold Project\n acquisition subsequent to receipt of the approval of the Australian\n Foreign Investment Review Board (\"FIRB\") and fulfillment of all closing\n conditions for the transaction. The consideration of AUD$15 million\n cash was paid to Jinka Minerals Limited, Kentor Minerals (WA) and KGL\n Resources Limited (the \"Vendors\") under a \"Mining Property Sale Deed\"\n in exchange for the Murchison Gold Project, including a number of\n mining and exploration tenements and lease applications covering\n approximately 98 square kilometers of mining land prospective for\n resource extension. The tenement package holds a historical resource\n estimate of 546,000 ounces of gold, a fully operational gold processing\n plant, a newly developed camp site and all necessary infrastructure.\n\n\nMonument believes that the present mining industry downturn introduces\n opportunities to acquire additional resources at lower costs. The\n Murchison Gold Project is such a prospective project at an advanced\n nearing production stage.  It is in the Murchison Mineral Field\n approximately 765 kilometers North and East of Perth, a highly\n prospective historical gold province within the Murchison District of\n Western Australia. The Murchison Mineral Field has been explored since\n the 1900s containing a number of currently operating gold projects. The\n Company will update the development plan shortly on the Murchison\n Project.\n\n\nBackground of the Murchison Gold Project\n\n\nThe Murchison Gold Project consists of both the Burnakura and Gabanintha properties, located near Meekathara in the\n Murchison Mineral Field, approximately 765 kilometers North of Perth. \n A historical resource as at October 2013 of 6.41 million tonnes at an\n average of grade of 2.7 g/t containing 546,000 ounces of gold within a\n number of previously operated open pits and an underground mine was\n determined by BM Geological Services in the report Murchison Gold Project: Burnakura and Gabanintha r...