VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 19, 2017) - Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) ("Monument" or the "Company"), reports that the Company has now signed an Exclusive Option Agreement with Panex Resources Inc. ("Panex"), subsequent to the related announcement made on December 28, 2016, to acquire Panex's 51% controlling interest in the Matala Gold Project. Panex is a public company that acquired rights to earn up to 90% of the Matala Gold Project under a farm-in agreement with Afrimines SARL, the owner of Matala, in June 2016.
President Robert Baldock commented "The Company has been interested in the opportunities for significant gold and other resources in the DRC. This opportunity provides low entry cost and risk by allowing Monument to evaluate the results of the drill program being conducted by Panex prior to deciding whether to exercise the option.
Panex has specialized in exploration, evaluation and acquisition of mineral properties focusing in Africa with particular focus in the DRC due the prolific gold, copper and other natural resources that have been discovered there. This move will enable Monument to assess Matala and possibly a number of acquisition opportunities in DRC, where several significant listed mining operators have successfully discovered reserves and resources and built both gold and copper projects and have been profitably operating these mining projects over recent years."
Terms of Exclusive Option Agreement
Under the terms of the Exclusive Option Agreement, the Company will pay a one-time option fee of US$250,000 to Panex upon certain conditions being met within 10 days of the execution of the agreement. Upon payment of the fee, Monument will be granted an exclusive option to purchase a 51% project interest in Matala by issuing 20 million common shares of Monument to Panex, subject to TSX Venture Exchange and regulatory approvals.
During the 6 month option period, Panex will cover all overheads and undertake a drilling program without any cost to Monument, the results of which will be made available to Monument and the market. Monument will not be required to spend any funds or be on the ground to undertake any work. In the meantime Monument will have a 6-month period to be able to undertake a due diligence update on the project before making any decision to proceed. If warranted, Monument may have a new technical report prepared on the project to replace the report filed on SEDAR on March 22, 2016, which should not be relied upon.
About Monument
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.
