VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 13, 2017) - Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) ("Monument" or the "Company") announces it has entered into a Memorandum of Understanding (the "MOU") with Klaus Eckhof and Mines D'OR SARL, a company incorporated in Democratic Republic of Congo ("DRC"), (together the "Vendor") to acquire a 60% interest in Bisie North Tin and Gold Prospect ("Bisie North") and an Exclusive Option to acquire a further 30% interest in Bisie North at its sole discretion. This is an additional move in exploring opportunities for potential large precious metal and other base metal projects in the DRC and elsewhere over recent years.
The tenement of Bisie North is registered under Mines D'OR and controlled by Klaus Eckhof. Bisie North is located in the Walikale District of North Kivu in the Democratic Republic of Congo ("DRC"), adjacent to the North of the Bisie Tin Project. In 2012 and 2013, Klaus Eckhof vended the Bisie Tin Project as a new promising tin discovery into a TSX-V listed company - Alphamin Resources Corp., which has now become one of the highest grade Tin projects in the world close to construction stage. The mineralization structure and trend of the Bisie Tin Project opens to the northern boundary at Bisie North and it is highly likely could continue onto Bisie North. As the region is underexplored and these type of deposits occur in clusters, Bisie North is highly prospective. A NI 43-101 report for Bisie North is presently in preparation.
Within the region where Bisie North is situated, historic gold mining activities were carried by former Belgium Congo operators and artisanal miners prior to establishment of DRC.
Under the MOU, the Company will pay US$100,000 in cash and issue 10,000,000 Monument shares to the Vendor for the 60% interest in Bisie North and an Exclusive Option for another 30% interest in Bisie. Should Monument choose to exercise the Option in acquiring a further 30% ownership within the next 6-month period, an additional 20,000,000 shares will be issued to the Vendor. Closing of the transaction is subject to certain conditions including completion of due diligence and a definitive agreement, and obtaining the Board and TSX-V approvals.
Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT: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 including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 240 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities. The Company has also been looking in other countries seeking potential opportunities for larger resources, including the Democratic Republic of the Congo ("DRC").
|Robert F. Baldock, President and CEO
|Monument Mining Limited
|Suite 1580 - 1100 Melville Street
|Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com.
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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.