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 CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
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
Anne Robert
Account Manager
(Tel) 1-514-880-0184
(Fax) 1-416-868-6198
anne@chfir.com
www.chfir.com
Axino AG
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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