Investorideas.com - Mining Stocks; Monument (TSX-V: MMY and FSE: D7Q1) Closes Famehub Exploration Land Acquisition in Malaysia
Vancouver, B.C. - September 14, 2010 (www.Investorideas.com Mining stocks newswire) - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" reports that following acceptance from TSX Venture Exchange and Board approval, it has closed the previously announced acquisition (the "Famehub Acquisition") of prospective exploration lands adjacent to its Selinsing Gold Mine (the "Famehub Property") and a corresponding data package.
Through its wholly owned subsidiary Damar Consolidated Exploration Sdn Bhd, the exploration arm of Monument's Malaysian group of companies, the Company acquired the Famehub Property by purchasing 100% of the issued and outstanding shares of Famehub Venture Sdn Bhd ("Famehub"), a company incorporated in Malaysia. Famehub has rights to approximately 32,000 acres of prospective exploration land to the north of Buffalo Reef along trend and east of the Selinsing gold mine. Famehub also owns a package of technical information and exploration database in respect to the subject property. The full purchase price for the Famehub Acquisition is $1.5 million in cash and 14 million common shares of the Company. The Company has started preparation to implement its exploration programs, targeting the consolidation of its Selinsing and Buffalo Reef properties together with t he Famehub Property around the newly constructed producing Selinsing gold mine in order to extend the life of the mine with increased resources nearby.
Snowden Consulting Group (Australia) has completed an independent technical report on Famehub Property. It is engaged in advising and reviewing the exploration programs of Damar as well as undertaking all of the QA/QC work on the programs. Snowden is also retained to produce an updated NI 43-101 report by the end of Calendar 2010.
Robert F. Baldock, President and CEOMonument Mining LimitedSuite 490- 688 West Hastings StreetVancouver B.C. Canada V6B 1P1
For further information contact:
Monument Mining Limited
Richard CushingInvestor Relations(Tel) +1 604 638 1661 ext. 102(Fax) +1 604 638 1663
rcushing@monumentmining.comwww.monumentmining.com
CHF Investor RelationsRobin CookSenior Account Manager(Tel) 1-416-868-1079 ext. 228
(Fax) 1-416-868-6198robin@chfir.comwww.chfir.com
Anne RobertAccount Manager(Tel) 1-514-880-0184(Fax) 1-416-868-6198anne@chfir.comwww.chfir.com
Axino AGWolfgang SeyboldPresident and CEO(Tel) +49 711 25 35 92 40(Fax) +49 711 25 35 92 55wolfgang.seybold@axino.dewww.axino.de
"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 contains forward-looking statements about Monument Mining Limited ("Monument"), its business and future plans. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. 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 different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of the gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
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