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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.


TSXV:MMY - Post by User

Monument Mining Ltd
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(14)
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Post by MatthewZyon Jan 21, 2014 1:04pm
238 Views
Post# 22116307

Question on Murchison

Question on MurchisonGreetings.
I am long time MMY shareholder and trying to figure out what is happening here with the Murchison Gold purchase.

It appears KGL Resources had a ~$12m market cap before the deal was announced plus they had considerable cash from the sale of another asset. This article claims they would have ~$7M as of Dec 2013. ( https://www.proactiveinvestors.com.au/companies/news/51458/kgl-resources-to-pocket-15m-cash-from-gold-project-sale-51458.html ).

So my question is why not buy out KGL for a few million more, use the $7m cash to partially fund the purchase and sell off the assets to reduce the cost even more?

The market was only valuing ALL of KGL's assets at ~$5 million so why is MMY paying $15M for just Murchison?

I'd really love the management to explain. Cheers, Matthew
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