Release #7 - 2007
TSX-V:MMY and FSE:D7Q1) (“Monument” or the “Company”) is pleased to announce that the board has approved a first stage $600,000 exploration program for the Buffalo Reef project. This follows the recent closing of its RTO transaction, project acquisitions and closing of a $10,000,000 private placement.
The Company announces commencement of the first phase of exploration on the Buffalo Reef project with work scheduled to commence in mid September 2007. Buffalo Reef is adjacent to and continuous and contiguous with the Selinsing Gold Mine project. The Selinsing Project using a cutoff grade of 0.75 gpt contains an Indicated Resource of 3,630,000 tonnes at 1.76 gpt, for contained ounces of 205,000 ounces of gold and an Inferred Resource of 7,690,000 tonnes at a grade of 1.34 gpt for contained ounces of 330,000 ounces of gold as described in full in the NI 43-101 Report produced by Snowden Mining Industry Consultants and filed on SEDAR on 14th September 2006.
The Buffalo Reef Project has a historic resource calculated by Avocet Mining PLC, the vendors of the property to Monument. The historic resource estimated that the Buffalo Reef property contains a Indicated Resource of 1,944,000 tonnes grading 2.49 gpt Au and an Inferred Resource of 568,000 tonnes grading 1.62 gpt Au in oxide + transitional and sulphide materials. Avocet reported the resource in accordance with the JORC code and uses a 0.5 gpt Au cut-off. Monument is not treating the historical resource estimate as a CIM defined resource, and as such the historical estimate should not be relied upon. Monument believes this historical estimate provides an indication of the projects potential and is relevant to the proposed schedule of work outlined below. A NI-43-101 Summary Report on the Buffalo Reef Project written by Orequest Consultants and filed on SEDAR on 19th June 2007 confirms the merits of the Buffalo Reef Project.
The NI-43-101 Report recommended a Phase I program of work costing an estimated US$535,000 which will include 1,000 metres of RC drilling and 1,400 metres of diamond drilling. This work will be followed by a Phase II program which includes 10,000 metres of RC drilling costing an estimated US$1,091,000 in the following year, once the data and information from Phase I has been compiled and assessed.
The purpose of the Phase I program is to confirm previous results, achieve a better understanding of the Buffalo Reef Project and to undertake both confirmation RC drilling as well as some diamond drilling. Phase II comprising in-fill drilling would follow with a view to the generation of a resource estimate that can be reported in accordance with National Instrument 43-101. The Phase II program will also undertake some step-out drilling to seek extension to the zones identified to date from previous exploration and development activity.
Michael Andrew AusIMM, of Snowden Mining Industry Consultants Pty Ltd, a qualified person under National Instrument 43-101, is overseeing the drilling program and quality assurance and quality control (“QAQC”) programs on behalf of Monument Mining Limited and has reviewed the contents of this news release.
Monument’s program includes rigorous QAQC procedures. Ultratrace Pty Ltd Analytical Laboratories of Perth, Western Australia, a NATA accredited laboratory which complies with requirements of ISO/IEC 1725:2005, and an accredited quarantined laboratory for handling imported samples, performs the sample pulverization and assaying for the project. Gold analysis is by 40 g Fire Assay fusion with an Inductively Coupled Plasma-Emission Spectroscopy (ICP-OES) finish. Monument follows industry standard practice and includes field duplicates and independently certified standards and blanks, blindly inserted in the sample stream. This is in addition to the laboratory’s internal quality control work.
The commencement of the program is expected to result in the first assay results being available in early November, subject to laboratory time availability. The exploration site is fully permitted and the Company has completed clearing access roads and drill pads, as well as camp and equipment sites in preparation for the equipment to be mobilized to site. It is expected that the drill rig will arrive on site in the third week of September and drilling will commence shortly thereafter.
Robert F. Baldock, President and CEO
Monument Mining Limited
Park Place, Suite 500, 666 Burrard Street
Vancouver B.C. Canada V6C 3P6
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 disclosures in this release, including management’s assessment of the Company’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such
Release #7 - 2007