Monument Mining (TSXV:MMY) said on Tuesday that it has entered into an agreement with a group of Australian companies to acquire the Murchison Gold Project in Western Australia.
Monument will pay AUD$15 million in cash to Jinka Minerals Limited, Kentor Minerals (WA) and KGL Resources Limited, for the 98-square-kilometer tenement package.
As quoted in the press release:
Under the “Mining Property Sale Deed”, Monument will pay consideration of AUD$15 million cash in exchange for the Murchison Gold Project, including a number of mining and exploration tenements and lease applications covering approximately 98 square kilometers of lands prospective for resource extension. The tenement package hold a historical resource estimate of 546,000 ounces of gold, a fully operational gold processing plant, a newly developed camp site and all necessary infrastructure. Without distraction from its present operational program in Malaysia, Monument will move quickly with expectation to place this project into production.