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Goldseek Stock Jumps 22.58% After Announcing 3D Model of Gold System at Beschefer Project

Highlights:

– Gold zones modelled to 500 meters at dip and 1,000 at strike open in all directions

– 5,000-meter drill program underway to infill…

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Highlights:

  • - Gold zones modelled to 500 meters at dip and 1,000 at strike open in all directions

  • - 5,000-meter drill program underway to infill and extend the known gold zones

    - 3D model complete, which lays the foundation for a maiden resource  

 

September 2, 2021 - TheNewswire - London, Ontario - Goldseek Resources Inc.(CNSX:GSK.CN) (FSE:4KG) (OTC:GSKKF) (“Goldseek” or the “Company”) is pleased to announce the completion of the first 3D model of gold mineralization drilled to date at the Beschefer Project. The 3D model validates the understanding of the geological model, build mainly by previous owners and operators, and provides strong target support for the 5,000-meter drill program currently underway. On March 3rd, 2021, the Company entered into an option agreement on the Beschefer Project to earn 100% over 4 years from Wallbridge Mining Company Limited (see news release dated March 3, 2021) (“Wallbridge”).

Beschefer is a gold project with base metal potential located in the Selbaie district, about 175 km north of Rouyn-Noranda, Québec. It benefits from being positioned between Hecla’s Casa Berardi Mine and Wallbridge’s advanced exploration Fenelon project, located respectively 45km to the south-west and 30km to the north-east as the crow flies.  

Beschefer Gold Zone

The Project straddles a regional volcanic contact inside the Brouillan-Fenelon volcanic formation hosting the Beschefer gold zone and a spatially associated intrusion system. A strong North-West trending ductile fault encloses the mineralization and its associated alteration system completely. More specifically, gold values were obtained in units combining specific alteration and deformation features. Outer carbonate and inner feldspar-silica fine-grain replacement affected by variable hematization are dominant parts of a polyphased alteration system.

Mineralized intervals show quartz-carbonate veins networks and micro-fracturing. A small percentage of pyrite (1 to 5%) is generally associated with the mineralization. To date, the apparent structural controls link the gold mineralization to the orogenic model.

The mineralized structure can be interpreted according to a moderately south dip plane which is also recognized by drilling over a strike length of 1,000 meters and followed over a maximum dip length of about 500 meters inside the Property limit.

Goldseek's President & CEO Jon Deluce states, “The 3D model is an important milestone for our technical team in line with our goal of being a resource developer rather than only a grassroots explorer. Our strong understanding of the structural interpretations increases the Company’s chances of success in our first 5,000-meter drill program, which is underway.”

 

Figure 1: 3D Plan view of the Beschefer Gold System, plunging plan view to the northeast. Leapfrog grade shells using inverse distance interpolation superimposed on 3D mesh interpretation.


Click Image To View Full Size

 

3D Modeling

Goldseek has assumed that the supplied drilling information represents the Project's integral historical database with 95 holes collared on the Property for a total of approximately 24,000 meters. The drilling azimuth of 340° used for most holes cuts the structure at a right angle. The spacing between holes is variable, ranging between 25 to 100 meters.

All previously reported drill results from the numerous gold intercepts were provided by the vendor. Representative results were previously communicated by Goldseek in a press release (March 3 2021). Verification is underway to eventually integrate in whole or in part holes according to NI 43-101 requirements. 50 composites were used to build the model using a minimum cut-off grade of 1 g/t over more than 2 metres for an average of 3.5 g/t over 7 metres. The composite series includes 4 intervals with results above 10 g/t over more than 2,8m metres. All results were intercepted between 80 and 100% from their true thickness.

The model developed is balanced between the manual interpretation of the gold-bearing structure, the hole-to-hole connectivity of composite grades, and the extrapolation along the North-East trend. In greater detail, plan views and sections sets are cut at every 20 meters. A cross-section interpretation was first built using 2 metres minimum width composites showing a minimum grade of 1 g/t. Composite grade was locally diluted by lower grade, but always clipped on the gold-bearing structure contact to generate more geometrical continuity. After the automatic meshing and corrections, the model was validated by slicing following the plan, cross section and longitudinal section views.

Figure 2: Angled Plan View Looking NE (580m) with Planned Drill Holes


Click Image To View Full Size

About the Beschefer Project:

  • - Advanced gold exploration project with significant near-term resource potential, benefiting from a high density of drilling.

    - Located in a favourable orogenic gold setting 45 km northeast of the Casa Berardi Mine and 30 km southwest of Wallbridge’s Fenelon Project.

    - Highlights of the best historical intersections include 55.63 g/t gold over 5.57 metresin hole BE13-038 (including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/t over 0.73m), 13.07 g/t gold over 8.75 metres in hole B12-014 (including 58.5 g/t over 1.5m), 3.56 g/t gold over 28.4 metres in hole B14-006 (including 7.42 g/t over 5.5m), 10.28 g/t gold over 8.00 metres in hole B14-35 (including 86.74 g/t over 0.60m), and 12.40 g/t gold over 3.78 metres in hole B11-003. True width in these sections vary between 89% and 99% of the intercepted width.

    - The mineralization shows high-grade gold-bearing structures hosted in a lower grade envelope. The associated structure and alteration system highlight the potential along the Beschefer trend as well as along parallel unexplored structures.  

    - Continuous large-scale gold-bearing structures are regionally known within the property environment, which is also located in the vicinity of the polymetallic former Selbaie Mine. The base metal potential of the Property, even if historically recognized, was never explored.

 

Qualified Person

This press release was prepared by Martin Demers P.Geo,OGQ (#770), who is a qualified persons as defined under National Instrument 43-101, and who has reviewed and approved the technical information provided in this news release.

About Goldseek Resources Inc.

Goldseek Resources Inc. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying six projects in world-class mining locations, Goldseek is poised to deliver shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the mining camps of Urban Barry, Quevillon, Val D’Or, and Detour Gold Trend in Quebec and Hemlo in Ontario.

 

ON BEHALF OF THE BOARD

Jonathon Deluce

Chief Executive Officer

Telephone: 226-271-5170

 

For more information, please contact:

Goldseek Resources Inc.

E-mail: goldseekresources@gmail.com

 

The reader is invited to visit Goldseek's web site https://www.goldseekresources.com/

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2021 TheNewswire - All rights reserved.

Today’s News

Bravada Gold Corporation Applies to Extend Closing of Non-Brokered Private Placement

Vancouver, British Columbia–(Newsfile Corp. – September 24, 2021) – Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (the "Company" or "Bravada") reported…

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Vancouver, British Columbia--(Newsfile Corp. - September 24, 2021) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (the "Company" or "Bravada") reported today that the Company has requested a 30-day extension, subject to TSXV approval, to close the previously announced non-brokered private placement.

The Company announced (August 9th, 2021) that it had closed the first tranche of its previously reported non-brokered private placement by issuing 4,260,000 units at a price of $0.07 per unit for gross proceeds of $298,200. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.12 per share.

Net proceeds from the private placement will be used for continued exploration on the Company's 100% owned Wind Mountain Au-Ag project, sustaining fees for the Company's Nevada-based claims, and for working capital.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units, nor shall there be any sale of the units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

About Bravada

Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits, frequently attracting partners to fund later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain, and the Company has significant upside potential from possible new discoveries at its exploration properties.

Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 ha in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed. Several videos are available on the Company's website that describe Bravada's major properties, answering commonly asked investor questions. Simply click on this link https://bravadagold.com/projects/project-videos/.

-30-

On behalf of the Board of Directors of Bravada Gold Corporation

"Joseph A. Kizis, Jr."

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

For further information, please visit Bravada Gold Corporation's website at bravadagold.com or contact the Company at 604.684.9384 or 775.746.3780.

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.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

This news release is not intended for distribution to United States newswire services or dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97635

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Today’s News

Commerce Resources Corp. Announces Warrant Extension and Repricing

VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Commerce Resources Corp. (the "Company") (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) announces that it has applied…

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VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Commerce Resources Corp. (the "Company") (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) announces that it has applied to the TSX Venture Exchange (the "Exchange") for an amendment to the terms of the 9,674,153 warrants (the "Warrants") issued in connection with the Company's private placement which held its first closing on October 11, 2019 and second closing on October 31, 2019. The Company proposes to extend the expiry date of the Warrants from October 11, 2021 to October 11, 2024 in respect of the first closing and October 31, 2021 to October 31, 2024 in respect of the second closing. In addition, the Company has applied for an amendment of the Warrants' exercise price from $0.50 to $0.285. All other terms of the Warrants will remain the same. The extension of the expiry date and repricing is subject to the approval of the Exchange.

About Commerce Resources Corp.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed REC and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

"Chris Grove"

Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Commerce Resources Corp.



View source version on accesswire.com:
https://www.accesswire.com/665534/Commerce-Resources-Corp-Announces-Warrant-Extension-and-Repricing

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Today’s News

Monument Reports Fourth Quarter and Fiscal 2021 Results

Gross Revenue of $23.24 Million and Cash Cost of US$1,178/OzVANCOUVER, British Columbia, Sept. 24, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V:…

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Gross Revenue of $23.24 Million and Cash Cost of US$1,178/Oz

VANCOUVER, British Columbia, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its annual financial results for the year ended June 30, 2021. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results).

President and CEO Cathy Zhai commented: “During this fiscal year, Monument has focused on consolidating the asset portfolio by spinning off the Mengapur base metal project and placing the Tuckanarra Gold Project into a joint venture. The restructured gold focused portfolio provides potential catalysts for re-rating the share price going forward into fiscal 2022 and beyond for our shareholders.

“For the same reason, as of June 30, 2021, we established a solid financial position with $38.62 million in cash and cash equivalents on hand. The strengthened cash reserves allow us to support and implement the corporate value creation strategies, especially to fund the Selinsing gold treatment plant expansion and exploration of Murchison. Monument is open to all corporate development opportunities to optimize our future growth and shareholders value moving forward”.

Ms. Zhai further commented: “With the continued challenges from the global Covid-19 pandemic that caused more than six weeks mine shut down during the year, Selinsing Gold Mine produced positive cash flow in 2021 from mining super-low grade ore, leachable sulphide ore and Peranggih materials, which has brought our aggregated Selinsing Gold Mine production to 325,509 ounces at an average cost of $535 per ounce with gross revenue of $452.1 million, gross margin of $279.3 million and net cash from production of $275 million. Looking forward, our management team will continue to work hard with the “Can Do” attitude and the philosophy of “being a doer” in delivering our commitment to our shareholders.”

Fiscal 2021 Highlights:

  • Restructured assets to a gold focused portfolio by spinning out Mengapur copper and iron project;
  • Two staged Selinsing gold plant conversion with the flotation plant construction commenced and fully funded;
  • Murchison Project exploration strategized to test potential gold discovery and upside;
  • Tuckanarra Joint ventured with Odyssey fast tracking exploration and development;
  • Selinsing Gold Mine continued with leachable sulphide ore production transitioning to new life of mine

Fourth Quarter and Fiscal 2021 Production and Financial Highlights

 Three months ended June 30,Year ended June 30,
 2021202020212020
Production    
Ore mined (tonnes) 72,074 42,331 427,528 263,074
Waste removed (tonnes) 687,255 463,228 3,639,490 2,887,441
Ore processed (tonnes) 94,940 68,961 579,569 675,708
Average mill feed grade (g/t) 0.72 1.06 0.84 1.11
Processing recovery rate (%)64%67%61%71%
Gold production (1) (oz) 1,838 2,311 10,282 17,360
Gold sold (oz) 3,473 3,282 12,850 19,401
     
Financial (in thousands of US dollars)$$$$
Revenue 6,085 5,404 23,236 29,971
Gross margin from mining operations 1,270 2,652 8,103 12,944
Net income before other items (1,009)704 1,696 4,509
Net loss (2,702)(1,273) (99,318)(275)
Cash flows generated from operations 2,208 657 1,654 6,273
Working capital 48,539 18,786 48,539 18,786
     
Loss per share before other items – basic (US$/share) (0.00)0.00 0.01 0.01
Loss per share – basic (US$/share) (0.01)(0.00) (0.31)(0.00)
     


 Three months ended June 30,Year ended June 30,
 2021202020212020
     
OtherUS$/ozUS$/ozUS$/ozUS$/oz
Average realized gold price per ounce sold (2)1,8121,6841,8641,563
     
Cash cost per ounce (3)    
Mining496233397223
Processing711454602507
Royalties167143169136
Operations, net of silver recovery1281012
Total cash cost per ounce 1,3868381,178878
All-in sustaining costs per ounce (4)    
By-product silver recovery1111
Operation expenses1191794640
Corporate expenses 3 666
Accretion of asset retirement obligation912109
Exploration and evaluation expenditures25452232
Sustaining capital expenditures104174162171
Total all-in sustaining cost per ounce 1,647 1,255 1,425 1,136


(1)Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment.
(2)Exclude gold prepaid delivery for comparison purposes.
(3)Total cash cost includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties, and operating costs such as storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, capital costs, exploration costs and corporate administration costs.
(4)All-in sustaining cost per ounce includes total cash costs, operation expenses, and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included.
  

2021 Gold Production

Production Analysis

  • Gold production of 10,282oz, a 41% decrease as compared to 17,360oz of the previous year. Gold production for the year ended June 30, 2021 was mainly from transitional leachable sulphide ore from Selinsing Pit 4 & Pit 5, oxide ore from Peranggih and old tailings materials. This resulted in lower mill feed grades and lower recovery rates.
  • 2021 mining activities delivered 427,528 tonnes of ore from Selinsing (259,459 tonnes), Buffalo Reef (27,642 tonnes), Felda (13,022 tonnes) and Peranggih (127,405 tonnes). Mining costs for Peranggih were recorded against inventories for 127,405 tonnes during the year, of which 118,688 tonnes were fed into the mill.
  • Ore processed decreased to 579,569 tonnes from 675,708 tonnes last year. The decreased was due to the lack of availability of stockpiled ore. Ore stockpile has significantly reduced mainly due to the adverse impact of the shortage of explosive supplies in the first quarter resulting in a lower mining rate. COVID-19 pandemic has not helped in achieving the target. The Company has devoted its effort to improve the stockpile balance.
  • Total production costs $15.13 million as compared to $17.03 million of last year. Cash cost per ounce increased by 34% to $1,178/oz as compared to $878/oz of last year. The increase was attributable to a 24% decrease in the mill feed grade from 1.11g/t to 0.84g/t and a decrease in recovery to 60.8% (2020: 70.9%) as a result of processing significantly more leachable sulphide ore and other low recovery ores.

Financial Analysis

  • Gold sales generated revenue of $23.24 million for the year as compared to $29.97 million from last year. Gold sales revenue was derived from the sale of 10,700oz (2020: 16,750oz) of gold at an average realized gold price of $1,864 per ounce (2020: $1,563 per ounce) and the delivery of 2,150oz (2020: 2,651oz) in fulfilling gold prepaid obligations at an average London Fix PM gold price of $1,525 per ounce (2020: $1,429 per ounce).
  • Mining operations before non-cash amortization and depreciation generated a gross margin of $8.10 million, a decrease of 37% from $12.94 million from the previous year. The decrease in gross margin was attributable to the decrease in gold sold offsite by a higher average realized gold price.
  • Cash and cash equivalents balance as at June 30, 2021 was $38.62 million, an increase of $28.50 million from the balance at June 30, 2020 of $10.13 million. As at June 30, 2021, the Company had positive working capital $48.54 million (June 30, 2020: $18.79 million). The increase in working capital was mainly due to the increase in cash and cash equivalents.
  • Cashflow from investing activities for the year was $26.87 million (2020: outflow of $5.47 million), which was mainly from the sale of the Mengapur project of $29.16 million and the sale of 80% interest in Tuckanarra project of $2.66 million.

Development

Selinsing Gold Mine

This year the Company commenced to develop the Selinsing Sulphide Project into production through a two stages de-risking process in order to reduce the initial upfront investment required. Stage 1 is the construction of a flotation plant aimed to produce saleable gold concentrates and stage 2 is the construction of a BIOX ® leaching plant to treat third party concentrates should a niche market be successfully established.

Selinsing Flotation construction will take approximately 15 months to be completed for an estimated $20 million, including flotation plant optimization and engineering, procurement, construction and commissioning, and securing off-take agreements. Flotation test work was completed at the Selinsing on-site lab to determine the optimum concentrate gold grade and recovery for maximizing revenue. The positive results were independently tested at Bureau Veritas Laboratory under Orway Mineral Consultant’s (“OMC”) supervision.

OMC completed the process plant design in June 2021, and submitted the flotation process engineering design including the process design criteria, major equipment summary, flowsheet, mass balance and consumables estimates, as a modification to the flotation conceptual engineering design that reported in the Snowden feasibility study in February 2019. The new set of design criteria would allow Selinsing to produce gold concentrates as a final product for sale.

Further development work was carried out including: an underground mining desktop study, Tailings Storage Facility development, and mining cutback and test work for oxide mining assessment at Peranggih in order to sustain Selinsing gold production.

Murchison Gold Project

At Murchison development work took place to re-assess early production opportunity. The mine plan was completed by management and the independent review conducted by SRK, which covered geotechnics, hydrology and environmental compliance in addition to resource modelling, mining optimization and scheduling, and metallurgical recoveries. The follow up work has been recommended and considered by the Company. As a part of the value creation strategies, the Company has taken direction to focus on regional exploration to test potential for larger gold production at Murchison pending on new gold discoveries. The geological study has been conducted to further identify and optimize regional exploration targets. Geological data has been further investigated and integrated to the database. As a result, the phase one exploration program was commenced subsequent to the end of the year in July 2021.

Major Transactions

Tuckanarra Joint Venture (“JV”)

In October 2020 Monument entered into a JV arrangement with Odyssey Gold Ltd. (“Odyssey”) to advance the Tuckanarra Gold Project, and in December 2020 sold an 80% interest in Tuckanarra to Odyssey for AUD$5 million subject to certain conditions, leaving Monument with a 20% free carried interest and a 1% NSR royalty over Odyssey’s 80% interest in the property. Odyssey will be solely responsible for funding the exploration and evaluation activities at Tuckanarra until a decision to mine is reached. The future processing of ore from tenements held by Odyssey through the Burnakura plant remains an option should commercial terms be reached.

Mengapur Copper-Iron Project Divestment

Monument closed a transaction with Fortress Minerals in April 2021 to sell 100% interest in the Mengapur Copper and Iron Project. The sale is part of the Company’s corporate restructuring to focus on the development of the gold portfolios in both Malaysia and Western Australia. Monument sold Mengapur Copper and Iron Project for US$30,000,000 in cash, and will also receive a 1.25% gross revenue royalty on all products produced at the Mengapur Project.

Exploration

Malaysia

A Reverse Circulation (RC) drilling program was completed at Selinsing which consisted of 1,128m over 19 holes at Pits 4, 5, and 6. A total of 1,335 including 225 QAQC samples were assayed. The drill program aimed to identify and define mineralization areas with average grades that can be immediately mined economically in the current CIL plant. The main drilling target was the shallow dipping structure extension close to the east flank of the pits. The drilling program resulted with several significant intercepts.

An RC drill program was undertaken at Peranggih to upgrade the grade and ounces of mineralized material based on previous close spaced drilling results. The first phase was completed in April 2021 with 1,697m drilled over 34 holes. The second phase drilling includes completing 420m over 9 holes and additional drilling progressed at year end. Drill assays received from the Selinsing Mine lab showed moderate to high grade interceptions. RC drilling costs were recorded under Exploration and Evaluation assets.

Western Australia

In fiscal 2021, Monument announced the results of the drilling program carried out from February to May 2020, which confirmed the continuity of gold mineralization within identified structures and favorable lithology from existing mineral resources. The Company decided to begin regional exploration potential assessment and commenced work on a 2-year exploration strategy designed to test beneath cover for potential mineralization that is aimed to lead to the discovery of shallow stand alone or satellite gold deposits, aiming to add significant additional resources to the current resource base. The strategy will involve testing down dip of high-grade mineralization underneath existing pits as well as test some of the high priority regional targets through Greenfield exploration of the land package at Burnakura and Gabanintha. Field work permitting activities have continued with ground preparation activities during the fourth quarter, and the first stage of drilling started, subsequent to the end of the year.

About Monument

Monument Mining Limited (TSX-V: MMY, FSE: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 also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra JV (20% interest) in the Murchison area of Western Australia. 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 CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6

FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:

Richard Cushing, MMY VancouverT: +1-604-638-1661 x102rcushing@monumentmining.com

"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 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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