Monument Earns Initial Iron Ore Concentrate Royalty
30 Septiembre 2022 - 4:15PM
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1)
“
Monument” or the “
Company” today
is pleased to announce it has begun earning royalties from Fortress
Minerals Limited (“Fortress”) on the Mengapur Project. Pursuant to
the terms of the Royalty Agreement entered January 2021 with
Fortress, the Company earned the first royalty of 1.25% against
gross revenue of US$1.2 million declared by Fortress. Iron ore
concentrate production commenced on July 1, 2022 at Mengapur
Project.
Monument spun out the Mengapur Project in April
2021 for US$30,000,000 in cash and a royalty of 1.25% of gross
revenue on all products produced at the Mengapur Project. The spin
out was part of a corporate restructuring in which the Company is
focusing on developing their gold portfolios in Malaysia and
Western Australia.
President and CEO Cathy Zhai commented, “We are
very pleased to report this initial royalty from Fortress as they
commence iron ore concentrate production, that has begun Monument’s
royalty income and adds additional cash on top of our Selinsing
Gold Mine.”
About Monument
Monument Mining Limited (TSX-V: MMY, FSE:D7Q1)
is an established Canadian gold producer that 100% owns and
operates the Selinsing Gold Mine in Malaysia and the Murchison Gold
Project in the Murchison area of Western Australia. It has 20%
interest in Tuckanarra Gold Project jointly owned with Odyssey Gold
Ltd in the same region. The Company employs approximately 200
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.
Cathy Zhai, President and CEOMonument Mining
LimitedSuite 1580 -1100 Melville StreetVancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site
at www.monumentmining.com or contact: |
Richard
Cushing, MMY Vancouver |
|
T:
+1-604-638-1661 x102 |
|
rcushing@monumentmining.com |
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Forward-Looking Statement
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, including risks related to changes in mining license rights,
tax rates and government royalty requirements; 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; expected
mining rights, tax rates, and government royalty requirements in
the jurisdictions in which the Company operates; 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.
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