Business
Monument to Issue Shares for Debt to Avocet Mining PLC
Monument to Issue Shares for Debt to Avocet Mining PLC
About this update from Monument Mining Limited
[{"type":"text","content":"\nMonument to Issue Shares for Debt to Avocet Mining PLC\n\n\n Sep. 16, 2009 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), announces that it has signed an agreement with Avocet Mining PLC (\"Avocet\") to issue 475,000 Monument shares to settle a debt owing to Avocet subject to TSX Venture Exchange's acceptance. Avocet currently holds a 14.86% of Monument shares.Avocet has been operating a gold mine in Malaysia since 1996 which is located approximately 45 kilometers from Monument's Selinsing property. Avocet has provided assistance to Monument in training mining and gold plant processing operators at Monument's Selinsing Gold Mine Project, which is moving forward gold production upon completion of commissioning of the Phase I Gravity Plant.The training assistance costs $134,048 (US$131,600) and will be paid by issuance of 475,000 Monument shares at $0.28 per share, subject to TSX Venture Exchange's acceptance. Monument currently has 155,640,028 issued and outstanding common shares.The Selinsing Gold Project is wholly owned by the Company and located in Pahang State, Malaysia. The project is focusing on construction of 1,200 ptd gold treatment plant progressing with two phases. Once the Phase I gravity section of the plant is fully commissioned, expecting in October, 2009, the Company will commence gold production from the Gravity Plant in parallel with the ongoing Phase II construction of the CIL circuit, targeting full production in December 2009. Robert F. Baldock, President and CEOMonument Mining LimitedSuite 490- 688 West Hastings StreetVancouver B.C. Canada V6B 1P1For further information contact: North America: Richard Cushing, Investor Relations Office: 604.638.1661Cell: 604.889.6563E-mail: [email protected] \t Website: www.monumentmining.com \tEurope:Wolfgang Seybold, President and CEO, Axino.AGOffice: +49.711.25.35.92.40Fax: +49.711.25.35.92.55E-mail: [email protected] Website: www.axino.de The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.Not for distribution to U.S. news wire services or dissemination in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclos...