Monument Mining (TSX-V:MMY, StockForum), a Vancouver-based gold mining, production and exploration firm engaged in the exploration for and development of gold and mineral property interests, announced today that the company's wholly owned Australian subsidiary, Monument Murchison Pty, had closed its acquisition of the Murchison Gold Project located in Western Australia.
According to the news release, Monument closed the acquisition on February 21, 2014 with the transaction still subject to Australian Foreign Investment Review Board (“FIRB”) approval and the completion of all closing conditions.
It went on to detail, “The consideration of AUD$15 million cash was paid to Jinka Minerals Limited, Kentor Minerals (WA) and KGL Resources Limited (the "Vendors") under a "Mining Property Sale Deed" in exchange for the Murchison Gold Project, including a number of mining and exploration tenements and lease applications covering approximately 98 square kilometers of mining land prospective for resource extension.”
Then added, “The tenement package holds a historical resource estimate of 546,000 ounces of gold, a fully operational gold processing plant, a newly developed camp site and all necessary infrastructure.”
Monument Mining was in the news recently when the company closed a magnetite transaction at Mengapur in the first week of February.
Shares rose 4.23% on the news to $0.37 per share.
Currently there are 300.2m outstanding shares with a market cap of $111.1 million.