Monument Mining has closed the Felda Block 7 transaction that allows mining and processing of oxide material through the existing processing plant at the Selinsing Gold Project in Malaysia. Mining preparations have commenced and mining is expected to start later this month.
Meantime, the company continues to progress the Sulphide Gold Project and further advance its gold inventory including oxide and sulphide as a whole.
Block 7 is to the adjacent east of Buffalo Reef Central (BRC), which is 100%-owned by the company. It contains the extension of the BRC oxide ore body which can now be readily mined and processed through the nearby existing gold process plant.
It also allows the pit shell to be fully developed across the boundary to access the entire sulphide ore beneath BRC once the sulphide project is in production.
Monument entered into an agreement with the local Settlers who held palm oil plantation land (Felda land) leased from Pahang State Government and managed by the Federal Land Development Authority (Felda) when it first commenced mining at Selinsing in 2008/2009.
In a unique arrangement, the company together with the Settlers through support of the Felda and the government has converted a portion of Federal land (Felda Block 7) into proprietary mining leases (PML) on it.
Upon closing the Felda Block 7 transaction, Monument has paid US$1.39 million to the PML holders in exchange of exclusive mining rights.
By extracting oxide ore at Block 7, together with the work being carried out developing oxide gold resources at Peranggih, the company is aiming to bridge the gap with oxide gold production while it completes the sulphide project development.
The company will report separately on Peranggih in the near future, once the present geological study on drilling results has been completed.
Monument is an established Canadian gold producer that owns and operates the Selinsing Gold Project 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.
Monument Mining