Monument Commences Exploration Programs at Murchison Gold Project in Australia
Vancouver, B.C., March 3, 2014, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce that it has commenced initial exploration programs at the Murchison Gold Project in Western Australia through its wholly owned Australia subsidiary Monument Murchison Pty Ltd.
The objective of the initial exploration programs is to study the shallow, near surface open cut mineralisation at the Alliance open pit (the “Alliance”) with the intention of providing commercial outcomes within a twelve to eighteen month time frame. The Alliance deposit is one of several historic open pits in the southern area of the Burnakura property of the Murchison Gold Project. The study will aim to confirm the historical resource at the Alliance open pit and improve geological confidence to potentially add mineral resources for mine planning purposes. The proposed exploration programmes consists of infill, extensional and resource definition drilling, metallurgical test work and geotechnical evaluation budgeted at AUD$ 2.95 million. Environmental permitting is currently underway to enable this work to be carried out.
While the Company awaits these approvals from the Department of Mines and Petroleum, compilation and validation of the resource database information is being conducted along with exploration target planning based on the extensive drilling and geochemical database.
Metallurgical test work will be conducted on PQ diamond core samples to establish recoveries and streamline process flow designs for the Burnakura CIL/CIP plant for efficient production outcomes. Test work will also commence on heap leach viability of selected drill core samples to confirm the reliability of test work completed previously.
Regional exploration has also been planned following the initial exploration programs for the Murchison Gold Project. It will include broad based geochemical investigations under sheet wash cover typical of the region, as well as initial exploration RC drilling at Gabanintha, which will follow-up the gold and copper intersections drilled by the previous owner.
The mineral resource, metallurgical and process engineering information will provide the inputs into mining engineering and optimisation studies for mine design. The resource drilling will also validate the previous drilling in order to upgrade the mineral resource from an historical estimate to a NI43-101 compliant Mineral Resource. The Company will endeavour to provide updates as the relevant information becomes available.
Monument has engaged the services of Lisa Wells, consultant from MLM Drilling, as the Exploration Manager for the Murchison Gold Project. Lisa has nineteen (19) year experience as a geologist with previous positions held including Exploration Manager and Technical Director of ASX listed companies.
The Company has also appointed a registered manager in charge of maintaining and managing the Murchison camp and its mine facilities.
Historical open pits at Murchison
Background of the Murchison Gold Project
The Murchison Gold Project consists of both the Burnakura and Gabanintha properties, located near Meekathara in the Murchison Mineral Field, approximately 765 kilometers North of Perth. A historical resource as at October 2013 of 6.41 million tonnes at an average of grade of 2.7 g/t containing 546,000 ounces of gold within a number of previously operated open pits and an underground mine, which was determined by BM Geological Services in the report Murchison Gold Project: Burnakura and Gabanintha resource inventory (December 2013). The Company believes that the quality of the data supporting the resources meets industry standards. The historical resources have been reported in line with the JORC guidelines, and resource confidence categories and the reliability of the estimate are consistent with this standard. Monument considers this historical resource estimate to be relevant to its ongoing review of the Murchison Gold Project.
A qualified person has not done sufficient work to classify the historical estimate on the property as current mineral resources under NI 43-101 and Monument is not treating the historical resource estimate on the property as current mineral resources.
The information in this press release has been compiled and reviewed by Darryl Mapleson (BSc (Hons), FAusIMM) who is a qualified Geologist retained by Monument Mining Limited and is a Qualified Person as defined by JORC guidelines and NI43-101. He has been working in Australia for Monument as an independent consultant.
The above stated development outlook is to the effect that a Feasibility Study has not been completed and there is no certainty the proposed operation will be economically viable.
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the development stage, Mengapur Polymetallic Project. The Company employs 289 people in Malaysia and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
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Nick Kohlmann, MMY Toronto T: +1-647-478-3594 firstname.lastname@example.org
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 email@example.com
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This news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. 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”. 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 differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding 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; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are 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 statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.