Monument Releases Positive Drill Results -- Phase II Program at Buffalo Reef - Clarification of Release #3 -2008
(The readers should read this clarification in conjunction with paragraph 4 of the previous news release #3 released on March 3, 2008 regarding the status of the Buffalo Reef resource.)
Vancouver, B.C. Monument Mining Limited (TSX-V:MMY and FSE:D7Q1) (“Monument” or the “Company”) is pleased to release the first batch of Phase II assay results from the ongoing exploration program on the Buffalo Reef Project, located in Malaysia.
“The results from this program indicate that gold mineralization found on the Buffalo Reef property is part of a much larger gold camp which stretches from the Selinsing Gold Mine to the north for over a 4.2 kilometer long shear zone, The Gold mineralization within the structure is still open north, along strike and down dip,” said Zaidi Harun, Vice President of Exploration. “Encouraged by these results Monument has enlarged its land position in the area to cover what it believes are strategic areas of gold mineralization.” (See news release “Monument Acquires Package of Additional Adjacent Land” dated January 21, 2008).
The primary objective of the Phase II drill program is to increase the size of the Buffalo Reef discovery and at the same time outline the extent of a proposed open pit in order to optimize the pit design and keep ore dilution to a minimum. The southern limits of gold mineralization at Buffalo Reef lie about 500m north east of the proposed Selinsing plant site. Previously Avocet Mining LLP, a London based senior mining company and former owner of the Buffalo Reef, had concluded that the oxide material could be treated successfully using heap leaching techniques. Monument will be conducting a program of metallurgical test work to determine the suitability of the oxide material being treated in a CIL circuit at Selinsing.
The first batch of Phase II assay results were obtained from mineralized structure found at the Southern Zone of Buffalo Reef area. The structure is 500 meters long and up to 70 meters in width. The best intercepts as outlined in table 1 are related to the easterly dipping shear structure where quartz veins occur in a pervasive silicified rock. The result shows good correlation of data between the current drilling and historic assay database and is expected to significantly improve the integrity of the historical data. It is the Company’s intention to commission a new report which is intended to contain a resource estimate report.
Table 1: Significant drill intercepts from MBRRC 22 to MBRRC 36
| Hole | From (m) | To (m) | Thickness (m) | Au (g/t) |
|---|---|---|---|---|
| MBRRC0022 | 9 | 12 | 3 | 3.42 |
| MBRRC0023 | 49 | 59 | 10 | 4.84 |
| includes | 56 | 57 | 1 | 15.40 |
| MBRRC0024 | 5 | 6 | 1 | 4.30 |
| MBRRC0024 | 11 | 17 | 6 | 3.68 |
| MBRRC0025 | 21 | 23 | 2 | 8.02 |
| includes | 21 | 22 | 1 | 12.90 |
| MBRRC0027 | 47 | 58 | 11 | 8.33 |
| includes | 57 | 58 | 1 | 20.00 |
| MBRRC0028 | 3 | 6 | 3 | 4.14 |
| MBRRC0029 | 1 | 9 | 8 | 3.50 |
| MBRRC0030 | 28 | 34 | 6 | 9.12 |
| Includes | 30 | 32 | 2 | 20.15 |
| MBRRC0031 | 28 | 35 | 7 | 4.51 |
| includes | 28 | 30 | 2 | 10.22 |
| MBRRC0033 | 57 | 60 | 3 | 4.99 |
| MBRRC0033 | 66 | 68 | 2 | 2.94 |
| MBRRC0035 | 36 | 48 | 12 | 3.22 |
| MBRRC0036 | 28 | 36 | 8 | 6.55 |
| includes | 32 | 34 | 2 | 10.50 |
Holes are drilled inclined at 60° with azimuth of 270° and are designed to intersect perpendicular to the mineralization, so that the down hole thickness reflects the true thickness of the intersection.
Table 2: Drill hole location summary
| Hole | East (m) | North (m) | RL (m) | Depth (m) | Azim | Dip |
|---|---|---|---|---|---|---|
| MBRRC0022 | 20,239.58 | 49,679.83 | 855.82 | 54 | 270 | -60 |
| MBRRC0023 | 20,221.37 | 49,661.16 | 855.29 | 66 | 270 | -60 |
| MBRRC0024 | 20,240.79 | 49,661.91 | 854.11 | 54 | 270 | -60 |
| MBRRC0025 | 20,262.52 | 49,660.05 | 848.48 | 30 | 270 | -60 |
| MBRRC0026 | 20,261.98 | 49,642.95 | 848.16 | 30 | 270 | -60 |
| MBRRC0027 | 20,220.52 | 49,641.57 | 851.99 | 72 | 270 | -60 |
| MBRRC0028 | 20,157.48 | 49,677.68 | 869.01 | 66 | 270 | -60 |
| MBRRC0029 | 20,159.54 | 49,654.49 | 865.26 | 60 | 270 | -60 |
| MBRRC0030 | 20,177.56 | 49,642.78 | 859.98 | 60 | 270 | -60 |
| MBRRC0031 | 20,182.57 | 49,658.70 | 858.00 | 66 | 270 | -60 |
| MBRRC0032 | 20,263.43 | 49,622.21 | 844.79 | 80 | 270 | -60 |
| MBRRC0033 | 20,243.29 | 49,621.54 | 845.60 | 96 | 270 | -60 |
| MBRRC0034 | 20,223.61 | 49,619.70 | 845.93 | 35 | 270 | -60 |
| MBRRC0035 | 20,201.25 | 49,618.73 | 847.41 | 51 | 270 | -60 |
| MBRRC0036 | 20,181.20 | 49,602.62 | 847.29 | 36 | 270 | -60 |
The current ongoing closed space 20m x 20m drilling program over the main part of the southern, central and northern mineralization zone is aimed at assisting in lifting the economics of the Selinsing processing plant.
The RC drill results from the Phase I program were announced in a news release dated 4 February 2008. In order to complete Phase I program, a diamond drill rig will be brought in for a 1,400 metre diamond drilling program.
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.
The above drill results are part of an ongoing RC drilling program that will be progressively released to the market as the laboratories perform the work. The assay work is performed by Ultratrace Pty Ltd Analytical Laboratories of Perth, Western Australia, a NATA accredited laboratory which complies with requirements of ISO/IEC 1725:2005.
Robert F. Baldock, President and CEO
Monument Mining Limited
Park Place, Suite 500, 666 Burrard Street
Vancouver B.C. Canada V6Z 2K8
The TSX Venture Exchange has in no way 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.