Business
Monument Mining Announces Closing of Transaction to Sell the Mengapur Project in Malaysia
VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to a
About this update from Monument Mining Limited
[{"type":"text","content":" VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce the closing of the Transaction with Fortress Minerals Limited (“Fortress”) to sell Fortress a 100% interest in its Malaysian subsidiary, Monument Mengapur Sdn Bhd, which owns a 100% interest in the Mengapur Copper and Iron Project (the “Mengapur Project”). The Mengapur Project is located in Pahang State, approximately 75km northwest from Kuantan. The sale of the Mengapur Project is part of Monument’s corporate restructuring to focus on the development of their gold projects in Malaysia and Western Australia. Monument has received US$30 million cash consideration in full. Under the terms of the Sale and Purchase Agreement Monument is entitled to a royalty of 1.25% of gross revenue on all products produced at the Mengapur Project. A finder’s fee in the amount of US$600,000 was paid out from the gross proceeds. The net proceeds from the Transaction shall be used for corporate and gold projects development. About Monument Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that operates the 100% owned Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Copper and Iron Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities. Cathy Zhai, President and CEOMonument Mining LimitedSuite 1580 -1100 Melville StreetVancouver, BC V6E 4A6 FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact: Richard Cushing, MMY Vancouver — T: +1-604-638-1661 x102 — [email protected] \"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\" Forward-Looking Statement This news release includes stateme...