Monument Mining Ltd V.MMY

Alternate Symbol(s): MMTMF

Metals & Mining Gold

Monument Mining Limited is a Canadian gold producer that 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has a 20% interest in Tuckanarra Gold Project, jointly owned with Odyssey Gold Ltd in the same region. Located in the Central Gold Belt of Western Malaysia, the Selinsing Gold Mine covers a total area of approximately 150.3 square kilometers (km2) and includes the Selinsing, Buffalo Reef, Felda Land, Peranggih and Famehub properties. The Murchison Gold Project includes the Burnakura, Gabanintha, and Tuckanarra properties, which are located in the Murchison goldfield of Western Australia, 40 kilometers (km) southeast of Meekatharra and approximately 765km northeast of Perth. Buffalo Reef lies continuously and contiguously along the gold trend upon which the Selinsing Gold Property is located. Both Felda and Famehub are located east and north of the Selinsing and Buffalo Reef properties.

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Monument Mining Ltd

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Post by Sonsubon Oct 26, 2011 6:23pm

374 Views

Post# 19184412

FROM CLASSIC VALUE INVESTORS

This is the potential of the new project from another board......was their funding 'pulled'?

Mariusz Skonieczny

at 7:48 pm | Permalink

I am pretty angry with this. I got a lot of emails about this from other shareholders equally angry with the situation. People are not opposed to the deal but how it is being financed. Considering that the equity is so undervalued, it doesn’t make much sense.

Now putting my anger aside, it all boils down to what you pay for what you get. Right now I only know a bit about the property they are getting. It is mostly about copper and Baldock says that it will generate about $300 million in revenues. Someone else told me that they might get 20 percent profit on it so you are looking at $60 million of bottom line. They are paying $50 million which is more like $100 million considering how cheap the stock is. So let’s just use $100 million. You pay $100 million to get $60 million back every year which is 60 percent return every year for 24 years which is the mine life.

So I can kind of understand why Baldock wants this property, but it really annoys me that he is using equity to buy it. I wish he used a combination of debt and equity. But maybe Deutsche Bank backed out due to the European debt crisis.

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