VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2016) - Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) "Monument" or the "Company" reports that it has commenced mining preparation on Felda Block 7 at Selinsing upon acknowledgement of the approval from Pahang State authority to grant a Proprietary Mining Leases (the PML") that have now been issued to the underlying land owners (previous "Settlers"), including a total 39 acres of private land (previously classified as "Felda land").
The Federal Palm Oil Plantation Land (the "Felda land") is located southeast adjacent to Selinsing and Buffalo Reef, gazetted as a group settlement area covering 3,920 acres. The Company acquired exclusive irrevocable exploration licenses over 896 acres of Felda land, including Block 7, from individual settlers in 2010, and obtained consent from Federal Land Development Authority ("FELDA") in 2013. Pursuant to these agreements with settlers, certain portions of Felda land shall be converted to mining leases upon exploration success at the Company's discretion, subject to regulatory approval. The exclusive mining permits will be automatically assigned for mining to the Company in event of approval of the mining leases obtained by those settlers.
The approval of the PML is a critical step to maintain sustainability of production at Selinsing Gold Mine. It allows the Company to continue to mine and feed oxide ore to the Selinsing mill, and enables the Buffalo Reef open pit to be developed at any time for further sulphide production. The administrative process has now been commenced for land re-registration to convert Felda Land to privately free hold land and issuance of a PML. In the meantime, mining preparation is in place, ready to clear the overburden for mining at Block 7.
The approval of the PML has been well received by land owners and is supported by the local community. It will further boost the local economy and provide sustainable employment within the local society. This process has been assisted greatly by the Pahang State Government which reflects the significant support that the government has given the Company in its endeavor to maintain a viable gold industry in Malaysia in the longer term, specifically in Pahang State, for the benefit of all stakeholders.
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 seeking potential opportunities for larger resources in other countries.
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.
"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."
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.