AMN - DRC: Monument not to proceed with Matala purchase

Monument Mining has decided not to proceed with an Earn-In and Shareholders Agreement with Afrimines Resources and its wholly-owned subsidiary Regal Sud Kivu, to earn up to a 90% interest in the Matala gold project.

Monument Mining president and CEO Robert Baldock says that the company will continue to review a number of opportunities it has in its search for high quality gold assets in the Democratic Republic of Congo.

“The search is in line with the company’s growth and diversification strategy of building a pipeline of operating projects in different regions to have several operational cash flow and profit generating areas to diversify risk.”

Robert Baldock said, “Monument has been studying opportunities in the DRC since late 2014 and notes that several significant listed mining operators have successfully developed and operated substantial gold producing projects in the DRC in recent years.

“Through their announcements, a number of multi-million ounce deposits have been discovered and accumulated into their substantial gold inventories.”

The Matala project comprises 14 exploration permits covering 1970sqkm in the SouthKivuProvince, DRC. It is situated within the Kibaran gold belt which hosts Banro Corporation’s Twangiza and Namoya deposits, both of which are already in production.

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