VANCOUVER, March 3, 2014 /CNW/ - 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.
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.
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,
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
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Statement
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.
SOURCE Monument Mining Limited
Image with caption: "Historical open pits at Murchison (CNW Group/Monument Mining Limited)". Image available at: http://photos.newswire.ca/images/download/20140303_C8632_PHOTO_EN_37427.jpg