Vancouver, B.C. Monument Mining Limited (TSX-V:MMY and FSE:D7Q1) (“Monument” or the “Company”) is pleased to announce the first assay results from 1,000 metres of confirmation drilling during the second quarter of fiscal 2008 on Buffalo Reef Project, located in the Mukim of Hulu Jelai, District of Kuala Lipis, as part of the northwest Pahang State of Peninsular Malaysia.
The gold deposit on Buffalo Reef Project is part of the 4.2km continuous and contiguous ductile & brittle north trending shear hosted gold mineralization. This shear zone is believed to be related to thrusting. The current drilling program is planned to test the gold deposition along the north trending shear system that dips moderately to steeply to the east. At Selinsing which represents the southern part of the system, the deposition of gold is associated with multiple parallel high grade quartz fissure veins within the 200m width of ductile and brittle shear zone.
In September 2007, the Company announced commencement of the Phase I Exploration Program on Buffalo Reef Project. The phase I drilling program involves 1000m of RC drilling and 1400m of Diamond Drilling. The purpose of the Phase I program is to confirm previous results, achieve a better understanding of Buffalo Reef Project and to undertake both confirmation RC drilling as well as some diamond drilling as recommended by Vancouver consultants Orequest Consultants Ltd. in its NI-43-101 Summary Report on the Buffalo Reef Project filed on SEDAR on 19th June 2007. To date Monument has completed the stage 1 RC drilling program. The first assay results have been reported in January, 2008 by Ultratrace Pty Ltd Analytical Laboratories of Perth, Western Australia, a NATA accredited laboratory which complies with requirements of ISO/IEC 1725:2005. The assay results are summarized in Table 1.
|Hole||From (m)||To (m)||Downhole Thickness (m)||(g/t)|
The first 1000 mm of the RC confirmation drilling program was conducted at the southern zone of the Buffalo Reef gold mineralization. The program was carried out at a nominal 20m x 20m drill pattern that covers a strike length of approximately 200m. The drillholes were drilled at 60 degrees to 270 degrees to a downhole depth of 60m to 70m. Mr. Zaidi Huran, Vice President Exploration , said, “We are very pleased with the first drilling results. They demonstrate the good continuity of mineralization along strike and down dip and at the same time it is expected to upgrade the resources category from inferred to indicated and measured.”
The diamond drilling as part of Phase I program will be conducted once the diamond drill rig is made available towards the end of the third quarter of fiscal 2008. In the meantime the Phase II RC drilling program has commenced.
The Phase II Drilling program involves 10,000 m of RC Drilling which is planned to be carried out at a nominal 20m x20 m drill pattern that will cover a broadly defined 1.5 km strike length of the Southern and Central ore body and 800m of mineralization at the Northern ore body. This exercise will also test the dip extension of the ore body at all three discreet mineralization areas as well as a possible extension of the ore body along the strike length.
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.
Robert F. Baldock,President & CEO
Monument Mining Limited
Park Place Suite, 500 666 Burrard, St.
Vancouver, BC, 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 the US 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 casue future results to differ materially from those expressed or implied