Business
Monument Signs Binding Agreements for 100% of Selinsing and Damar Projects
Monument Signs Binding Agreements for 100% of Selinsing and Damar Projects.
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n\n\nUNITED STATES./\n\n\nVANCOUVER, June 14 /CNW/ - Monument Mining Limited (TSX-V:MON - Changing\nto TSX-V:MMY upon re-commencement of trading) ("Monument" or the "Company") is\npleased to announce in relation to the previously announced reverse takeover\n("RTO") that it has entered into binding agreements to acquire 100% of the\nSelinsing Gold Mine Project ("Selinsing") and 100% of the shares in Damar\nExploration Consolidated ("Damar") which owns the Damar prospects referred to\nas the Buffalo Reef Tenements situated directly north and contiguous with the\nSelinsing property. Upon closing both acquisitions the Company will have\naccess to approximately 5 kilometers of prospective exploration land along the\ngold trend that hosts the Selinsing and Damar gold resources. The Selinsing\nresource totals 619,000 NI 43-101 compliant ounces of gold at a cut-off grade\nof 0.50 gpt. and is described in full in the NI 43-101 Report filed on SEDAR\non 14th September 2006. The NI 43-101 Report on the Damar property has not\nbeen completed but is expected to be completed and filed by the RTO close,\nexpected to be by the 26th June 2007. The closing of the Damar acquisition is\nconditional on closing the Selinsing acquisition.\n\n\nTo acquire 100% of Selinsing, Monument will pay to the vendor Wira Mas\nTrust of Malaysia $3,500,000 cash, issue 31,400,009 fully paid treasury shares\nand 5,000,000 share purchase warrants, each warrant exercisable for a period\nof two years at $0.65 cents to acquire one fully paid share, and will have a\nresidual debt of $9,000,000 payable within one year without interest or\npenalty if paid within that period. To acquire 100% of Damar from Avocet\nMining PLC, London UK ("Avocet"), the Company will pay $1,750,000 cash, issue\n15,000,000 fully paid treasury shares and 7,500,000 share purchase warrants,\nalso exercisable for two years at $0.65 cents to acquire one fully paid share,\nas well as a $400,000 exploration program commitment over two years from the\nclose. Any increase in the Avocet quoted JORC calculated resource of 185,100\nounces of gold using a cut-off grade of 0.5 g/t would attract a payment to\nAvocet of US$5.88 per additional ounce discovered.\n\n\nBoth ven...