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Monument secures exclusive option for 51% stake in Matala gold project

Monument Mining Ltd. on Dec. 28 said it secured a six-month exclusive option to acquire a 51% stake in the Matala gold project in the Democratic Republic of the Congo from Panex Resources Inc.

This comes after Monument withdrew in May from a joint venture agreement with a unit of Afrimines Resources SARL to earn up to a 90% interest in the project.

Panex acquired the project through a farm-in agreement with Afrimines.

Monument will pay a one-time option fee of US$250,000 to Panex within 10 days of closing the option deal and will issue 20 million fully paid ordinary shares upon exercising the option.

The exclusive option provides for Monument to further evaluate the drilling and exploration results at Matala.