Release # 11 - 2010
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce that the board of directors has approved a $3.4 million budget to immediately recommence exploration at its wholly owned properties in Pahang State, Malaysia. The 12 month program consists of 116 drill holes totaling 18,390 meters on the Selinsing, Damar Buffalo Reef and Famehub properties.
The exploration programs will focus on two primary properties:
Selinsing Property exploration program includes 22 drill holes comprising 1,000m RC drilling and 3,000m diamond drilling and is budgeted at $0.6 million. The drill program is aimed to increase the reserves by converting the inferred resources below the present Selinsing open pit outline and is projected to be completed by March 2011.
Buffalo Reef Property exploration program includes 33 drill holes comprising 2,500m RC drilling and 3,200m diamond drilling and is budgeted at $0.8 million. The drill program is an extension to the previous 11,871m of shallow RC drilling programs completed in 2008. It is aimed to convert the inferred resources into measured and indicated, and to update the JORC Code compliant gold resource to NI 43-101 standards. Metallurgical and recovery test work will also be performed on the Buffalo Reef ore as part of the program.
In line with the Company’s strategy to develop a pipeline of Malaysian mineral resource assets, exploration will also commence at the Famehub Properties located to the North and North East of the Selinsing and Buffalo Reef properties.
The Famehub properties contain 32,000 acres of highly prospective exploration land acquired from Famehub Sdn Bhd in September 2010. A total of 40 million Australian dollars was previously spent on the properties including airborne geophysics, regional stream sediment sampling, rock chips and soil sampling and limited RC drilling.
Data obtained from the acquisition allows the Company to quickly focus on prospective drill targets and assess the potential of the newly acquired ground through targeted exploration. The initial 12 month program includes trenching and 61 drill holes comprising 7,440m RC drilling and 1,500m diamond drilling and is budgeted at $1,6 million.
The Company will spend $0.4 million on equipment upgrade and preparation work.
The exploration programs are lead by Zaidi Harun, Vice President of Exploration of the Company, who has 15 years of extensive exploration experience and has devoted the past 10 years to the Selinsing Gold project. Snowden Pty. Ltd (Australia) will be engaged to undertake the resource estimation work in compliance with 43-101 reporting standards.
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 conjuction 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 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
Monument Mining Limited
(Tel) +1 604 638 1661 ext. 102
(Fax) +1 604 638 1663
CHF Investor Relations
Senior Account Manager
(Tel) 1-416-868-1079 ext. 228
Wolfgang Seybold President and CEO
(Tel) +49 711 25 35 92 40
(Fax) +49 711 25 35 92 55
“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.”
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, the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument. statements regarding the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward- looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Release # 11 - 2010