Tuckanarra Gold Project Acquired by MMY Monument Completes Tuckanarra Gold Project Acquisition in Western Australia (cnw)
VANCOUVER, Nov. 12, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") announces that it completed the acquisition of a 100% interest in the Tuckanarra Gold Project located in the Murchison District in Western Australia from Phosphate Australia Limited ("POZ"), a company whose ordinary shares are listed on the Australian Stock Exchange, pursuant to the terms of the Tenement Purchase Agreement previously announced in the Company's news releases dated August 28, 2014 and October 27, 2014. The acquisition was closed after the completion by the Company of due diligence and receipt of required regulatory approvals and final approval by the Board of Directors of Monument.
Pursuant to the Tenement Purchase Agreement, the Company has acquired, free and clear of any encumbrances, a 100% interest in the Tuckanarra Gold Project through its 100% owned subsidiary Monument Murchison Pty Ltd consisting of two exploration licenses, six prospecting licenses, and a mining lease covering a total of 416km2 in the Murchison Mining District in Western Australia and containing historical indicated and inferred JORC compliant resources as previously disclosed in the Company's news release dated August 28, 2014. There are no private royalty encumbrances.
As consideration for acquiring Tuckanarra Gold Project, the Company paid to POZ the total sum of A$2,000,000 in cash and issued to POZ 10,000,000 Monument common shares at a deemed issue price of C$0.25 per share, which shares are subject to a statutory hold period expiring four months and a day from the date of issue.
As previously disclosed, the Company plans to conduct a confirmation, in-fill and expansionary drilling program, including duplicating the metallurgical studies previously carried out with a view to producing a scoping study review.
Mr. Baldock, CEO and President of the Company said: "The Tuckanarra Project is at the exploration stage. The acquisition is a strategic move to consolidate a large land position in the prospective Murchison historic gold producing region in WA."
About Monument
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 and Australia, including the development stage, Mengapur Polymetallic Project in Malaysia and the Murchison Project and Tuckanarra Project in Western Australia. The Company employs approximately 300 people 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 1580, 1100 Melville Street
Vancouver B.C. Canada V6E 4A6