Monument Notified by Odyssey of Major Milestone Delivery at Tuckanarra Gold Project
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August 3, 2023 News Release Release #07-2023
Monument Notified by Odyssey of Major Milestone Delivery
at Tuckanarra Gold Project
Vancouver, B.C., August 3, 2023, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument"
or the "Company") is pleased to announce that it has been notified by Odyssey Gold Limited (“Odyssey”,
ASX: ODY) that a major milestone has been achieved according to Odyssey’s recent resource statement
at Tuckanarra Gold Project where Monument holds 20% free carrying interest.
Maiden Tuckanarra Project Mineral Resource estimate (MRE) totals 5.32Mt @ 2.2g/t Au for 376koz (above
a 0.9-2.0g/t Au cut off). The estimate is prepared by Independent Competent Persons, Snowden Optiro,
BMGS and International Resource Solutions in accordance with JORC principles and guidelines (2012
Edition).
CEO and President Cathy Zhai commented, “We are very pleased to hear this good news. It is encouraging
as Tuckanarra exploration may provide Monument the opportunity to have future ore produced by ODY
to be fed into the Burnakura gold processing plant, as well as it increases the upside value of Monument’s
holdings in this project.”
Pursuant to the joint venture arrangement between Monument and Odyssey, an AUD$1,000,000
contingency cash payment may become payable to Monument within 36 months of completion of the
acquisition, conditioned upon the delineation of an independently assessed mineral resource in
accordance with the JORC Code (2012 Edition) of at least 100,000 ounces of gold at a minimum resource
grade of 1.55g/t in relation to Tuckanarra Gold Project (the “Milestone Performance Consideration”). At
the time the 80% of Tuckanarra Gold Project sold to ODY , it contained a historical indicated resource of
1.04 mt @ 1.65 g/t Au for 55.2 kOz and a historical inferred resource of 0.92 mt @ 1.51 g/t Au for 44.6
kOz within eleven separate prospects, determined by Ravensgate in its November 2012 “Independent
Resource Model Report” according to the JORC guidelines 2004.
The Company and Odyssey have agreed to defer the Milestone Performance Consideration Payment (the
“Performance Payment”). Under the amended arrangement the AUD$1 million Performance Payment
shall be made on the date within six (6) months after the date of satisfaction of the Milestone, which
would be by February 2, 2024.
In consideration for the deferral of Performance Payment, Odyssey agrees to pay Monument interest on
the outstanding Performance Payment amount at a rate per annum equal to the US Secured Overnight
Financing Rate (SOFR) plus two percent (2.00%) compounding monthly on and from the date which is 5
business days after the satisfaction of the Milestone, until the Performance Payment is made.
Monument has reserved the right to call back the Performance Payment any time with 14 days’ notice at
its sole discretion five days after the date of satisfaction of the Milestone Performance.
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
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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 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 Vancouver T: +1-604-638-1661 x102 [email protected]
"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."
Disclaimer Regarding Forward-Looking Statements
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, expectations regarding
the completion of the ramp -up period to target production level at Selinsing and the timing thereof, expectations regarding the
Company’s continuing ability to source explosives from suppliers, expectations regarding completion of the proposed storage shed
and ammonium nitrate depot and the timing thereof, and the timing and results of the other 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", "antici pates" 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 n ews 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 timin g of
development activities, including those related to the ramp -up process at Selinsing and the completion of the proposed storage
shed and ammonium nitrate depot; uncertainties and risks related to the Company’s ability to source explosives from suppliers ;
foreign operations risks; 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 ww w.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 th e 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 minera ls; the timing and amount of estimated future production; assumptions regarding the
timing and results of development activities, including the ramp -up process at Selinsing and the completion of the proposed
storage shed and ammonium nitrate depot; expecta tions that the Company will continue to be able to source explosives from
suppliers in a timely manner; costs of future activities; capital and operating expenditures; success of exploration activities; mining
or processing issues; exchange rates; 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 Compa ny
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 un due
reliance on forward-looking statements. The Company does not undertake to update any forward -looking statements, except in
accordance with applicable securities laws.