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Monument secures Intec licence to exploit recovery technology

3rd February 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – TSX-V-listed Monument Mining has been granted an interim license to exploit and test Intec International Project’s sulphide, gold and copper recovery technology.

As part of a heads of agreement with Intec, Monument would also obtain the licence rights, known as the Intec licence, should the trial commercialisation testwork be a success, to exploit the Intec technology in agreed territories across South East Asia, including Malaysia, Australia and China.

Monument would pay $3.5-million through the issue, subject to regulatory approval, of 14-million fully paid common shares at a deemed price of $0.25c apiece, to be held in escrow until the successful commercialisation of the technology.

Monument would inject, as part of the agreement, $13-million to $15-million into the commercialisation of the trial testing work, which was expected to be completed by the third quarter of the 2016 financial year.

The technology would be developed and used through several carefully monitored stages treating the deeper sulphide ore at Monument’s 100%-owned Selinsing and Buffalo Reef gold projects in Pahang state, in Malaysia.

The Selinsing plant was dubbed the “alpha site” as it would be used to develop a methodology in treating sulphide refractory ore through the existing Selinsing processing circuit.

“The investment risk is limited to the expenditures incurred [at] each stage undertaken and, if the results are not to Monument's satisfaction, [the company] will have [the] right to withdraw from further commitment,” Monument promised.

Intec was required to supply all the relevant information relating to its technology and provide Monument with access to key personnel during the trial period to assist Monument in effectively assessing the Intec technology in relation to the company’s mineral properties.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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