Monument Mining Limited announces that its Board of Directors has approved the purchase of two additional drill rigs in order to speed up its current exploration programs in Pahang State, Malaysia. 

The Board has also approved the extension of Monument’s participation for another three years with the Tasmania University of Geology in the “Centre of Ore Deposit Studies” (“CODES”) Program covering the central gold belt of Peninsular Malaysia. 

The approved expenditures totaling $1.0 million is in addition to the $3.4 million approved budget for the 12 month exploration program launched in September 2010. The previously approved exploration program consisted of 116 drill holes totaling 18,390 meters on the Selinsing, Damar Buffalo Reef and Famehub properties. Monument has refurbished two existing drill rigs, assembled a drill team, identified and mapped out drill targets, and has recently begun diamond drilling. The two new rigs will significantly boost drill capacity. The lead time for delivery of the new rigs is estimated to be about 4 to 6 months. While awaiting delivery of the rigs, Monument will undertake a program of training drill teams which will be required to operate the new equipment on a 24 hour basis. 

The Company’s Vice President of Exploration, Mr. Zaidi Harun states: “These two additional drill rigs will allow us to meet the drilling meter target and add more drill programs in the future.” 

Of the total additional budget, $0.17 million will extend Monument’s participation in the CODES program with the Tasmania University for another three years. The program is aimed to undertake research on the regional tectonic and metallogenic events of the mineralised fold belt with emphasis on development of well constrained geological and metallogenic framework to assist in exploration programs in Central gold belt of Peninsular Malaysia. In the past period, the program has built up a new mineralization model which assists Monument in designing its exploration projects in the region.