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In June 2007 Avocet agreed to sell its entire interest in its Malaysian subsidiary, Damar Consolidated Exploration Sdn Bhd ("Damar"), holder of the tenements containing the Buffalo Reef prospect located approximately 40 km to the north west of Penjom, to Monument Mining Limited ("Monument"). Monument is listed on the TSX Venture Exchange in Canada (ticker: MMY). Avocet currently owns an undiluted interest in Monument of approximately 15%.
The indicated resource of these two projects is 388,000 oz of gold, 231,000 oz of which is Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’ compliant. Monument poured first gold in October 2009, and is planning to increase production at Selinsing up to a rate of 40,000 oz per year.
For more information about
Monument please visit their website at www.monumentmining.com.
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