Monument to Implement Value Creation Strategy
VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce its corporate strategy
following consultation with the Company’s board, management and advisors.
Newly appointed chairman of the Company, Graham Dickson, stated: “I am honored to be the successor to Robert Baldock as chairman of the board. Mr. Baldock has created a strong legacy for Monument and its shareholders and the board has always been aligned with his philosophy that shareholders’ value be realized through growth in the Company’s asset value. I will diligently progress this culture, stand by our stakeholders, and continue to strengthen the Company’s gold resource base, which is the best way to increase shareholders’ return.”
- To establish the Murchison Gold Project as a cornerstone gold development project;
- To place the Selinsing Sulphide Project into production by implementing a two stage approach;
- To build the production profile of the Company through additional targeted acquisitions in the gold sector.
The board has reviewed and accepted the corporate development strategies proposed by management. In the past two years, the Company has increased its resources and reserves, updated the economic valuation of each of its wholly-owned projects, and streamlined the gold portfolio by spinning out the Mengapur base metal project. Given the current market appetite for gold and gold assets, especially in stable jurisdictions, upon closing the Mengapur transaction, proceeds will be used to advance our gold portfolio in Western Australia and Malaysia, and to support further corporate development.
CEO and President Cathy Zhai commented: “Our overall strategy is to build incremental gold resources and reserves through exploration, expansion and disciplined acquisitions, and to locate resources as well as build up market awareness in order for the market to reflect the Company’s value thus transforming the Company’s upside potential to benefit our shareholders.”
With cash and cash equivalents on hand and additional upon closing of the Mengapur transaction, the Company is ready to implement and fund its preferred development strategy. Alternative sources of capital remain an option and are progressing, especially for the development of the Selinsing sulphide project.
DISCUSSION OF STRATEGIES
Murchison Gold Project
- The Company will seek to develop the Murchison gold project into a cornerstone asset through an aggressive two-year exploration program to delineate additional ounces, alongside concluding a preliminary economic assessment of the restart of the existing plant to build out an early-stage production story.