Feb. 2, 2011 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), announces that it has made an application to the TSX Venture Exchange (the "TSXV") to extend the term of 68,055,000 common share purchase warrants. Subject to the acceptance of the TSXV, the term of these warrants will be extended for another 12 months, from an expiry date of July 21, 2011 to an expiry date of July 21, 2012.
The Company closed a $28,048,000 private placement on July 21, 2008 by issuing of 70,120,000 units at a price of $0.40 per unit, each unit being comprised of one common share of the Company and one common share purchase warrant. Each of these warrants entitled the holder to purchase one additional common share of the Company for a price of $0.50 until July 21, 2011. As of the date of the Company's application to the TSXV, 2,065,000 of these warrants have been exercised, leaving 68,055,000 warrants unexercised.
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 Famehub properties comprising 32,000 acres of highly prospective exploration land.
In conjunction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is scheduled to produce approximately 40,000 ounces of gold in its first year 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
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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