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.
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. The Company has also been looking in other countries seeking potential opportunities for larger resources, including the Democratic Republic of the Congo ("DRC").
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com.
