Business
Monument Proceeds with Famehub Acquisition
Monument Proceeds with Famehub Acquisition
About this update from Monument Mining Limited
[{"type":"text","content":"\nMonument Proceeds with Famehub Acquisition\n\n\n Aug. 13, 2010 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), \"Monument\" or the \"Company\" reports that it has received Board approval to proceed with the previously announced acquisition (the \"Famehub Acquisition\") of prospective exploration lands (the \"Famehub Property\") and a corresponding Data package, subject to completion of an independent technical report and regulatory acceptance.Through its wholly owned subsidiary Damar Consolidated Exploration Sdn Bhd, the exploration arm of Monument's Malaysian group of companies, the Company will acquire the Famehub Property by purchasing 100% of the issued and outstanding shares of Famehub Venture Sdn Bhd (\"Famehub\"), a company incorporated in Malaysia. Famehub has rights to approximately 32,000 acres of prospective exploration land to north and east of the Selinsing gold mine. Famehub also owns a package of technical information and exploration database in respect to the subject property.  The consideration for the Famehub Acquisition is comprised of $1.5 million in cash and 14 million fully paid common shares of the Company for a total value of $5 million dollars. The Famehub Acquisition was previously announced at the same value in January 2008 when the Letter of Intent (the \"LOI\") was signed by both parties and a $50,000 non refundable deposit was paid to Famehub, except an additional seven million shares are to be issued in light of change in the market condition. The transaction was put on hold due to the default of the $10 million credit facility.   The Company has started preparation of implementing exploration programs, targeting the consolidation of its Selinsing and Buffalo Reef properties together with the Famehub Property around the newly constructed producing Selinsing gold mine in order to extend the life of the mine with increased resources nearby.           Robert F. Baldock, President and CEOMonument Mining LimitedSuite 490- 688 West Hastings StreetVancouver B.C. Canada V6B 1P1For further information contact:Monument Mining Limited Richard CushingInvestor Relations(Tel) +1 604 638 1661 ext. 102(Fax) +1 604 638 1663               ...