Feb. 7, 2011 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), announces that its Board of Directors has approved the purchase of two additional drill rigs in order to speed up its current exploration programs in Pahang State, Malaysia.
The Board has also approved the extension of Monument's participation for another three years with the Tasmania University of Geology in the "Centre of Ore Deposit Studies" ("CODES") Program covering the central gold belt of Peninsular Malaysia.
The approved expenditures totaling $1.0 million is in addition to the $3.4 million approved budget for the 12 month exploration program launched in September 2010. The previously approved exploration program consisted of 116 drill holes totaling 18,390 meters on the Selinsing, Damar Buffalo Reef and Famehub properties. Monument has refurbished two existing drill rigs, assembled a drill team, identified and mapped out drill targets, and has recently begun diamond drilling. The two new rigs will significantly boost drill capacity. The lead time for delivery of the new rigs is estimated to be about 4 to 6 months. While awaiting delivery of the rigs, Monument will undertake a program of training drill teams which will be required to operate the new equipment on a 24 hour basis.
The Company's Vice President of Exploration, Mr. Zaidi Harun states: "These two additional drill rigs will allow us to meet the drilling meter target and add more drill programs in the future."
Of the total additional budget, $0.17 million will extend Monument's participation in the CODES program with the Tasmania University for another three years. The program is aimed to undertake research on the regional tectonic and metallogenic events of the mineralised fold belt with emphasis on development of well constrained geological and metallogenic framework to assist in exploration programs in Central gold belt of Peninsular Malaysia. In the past period, the program has built up a new mineralization model which assists Monument in designing its exploration projects in the region.
About Monument Mining Limited
Canadian based Monument Mining Limited has two wholly-owned principal properties: Selinsing Gold Mine Project ("Selinsing"); and Damar Buffalo Reef Prospect ("Buffalo Reef"); which are located in Pahang State in the Central Gold Belt District of Malaysia. In addition, the Company recently acquired the nearby Famehub properties comprising 32,000 acres of highly prospective exploration land.
In conjunction with the extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine, which commenced commercial production in September 2010, has a production target of 40,000 ounces of gold in its first year of production at an estimated average operating cash cost of approximately $317 per ounce with an initial five year mine life. The gold treatment plant has a current capacity of 400,000 tpa with a proposed capacity expansion through the addition of an additional milling circuit to the existing plant.
Please visit our website at www.monumentmining.com for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910, 688 Hastings Street
Vancouver B.C. Canada V6B 1P1 Canada
For further information contact:
Monument Mining Limited
Richard Cushing
Investor Relations
(Tel) +1 604 638 1661 ext. 102
(Fax) +1 604 638 1663
rcushing@monumentmining.com
www.monumentmining.com
CHF Investor Relations
Robin Cook
Senior Account Manager
(Tel) 1-416-868-1079 ext. 228
(Fax) 1-416-868-6198
robin@chfir.com
www.chfir.com
Axino AG-Europe
Wolfgang Seybold
President and CEO
(Tel) +49 711 25 35 92 40
(Fax) +49 711 25 35 92 55
wolfgang.seybold@axino.de
www.axino.de
"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 contains forward-looking statements about Monument Mining Limited ("Monument"), its business and future plans. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of the gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
Source: Monument Mining Ltd.(MMY - TSX-V) (D7Q1 - FWB)
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