Monster Acquires Option on Cobalt Hill
04 April 2012 - 4:15AM
Marketwired
Monster Mining (TSX VENTURE:MAN)(OTCQX:MMNGF) announces that it has
entered into an option agreement (the "Agreement") with Matthias
Bindig ("Bindig" or the "Optionor") of Keno City, Yukon, to acquire
a 100% interest in 20 unsurveyed quartz mining claims in the Mayo
Mining District, Yukon Territory, more commonly known as the Cobalt
Hill Property.
Located at the eastern end of the historic Keno Ag-Pb district,
approximately 20 km northeast of Keno City, the Cobalt Hill
Property comprises 20 road-accessible claims contiguous with
Monster Mining Corp.'s flagship Keno-Lightning project. The
property covers Yukon Minfile occurrence 105M 034, a Keno-Hill
style polymetallic Ag-Pb-Zn+/-Au vein trending 330 degrees with a
strike length of approximately 120 m hosted within phyllitic
quartzite and metabasalt. Originally staked in 1922, 4.5 tonnes of
high-grade ore assaying about 2228 g/t Ag and 80% Pb were shipped
to the United Keno Hill mill in 1949(1). Grab samples collected in
the early 1970's by the Geological Survey of Canada returned
average grades of 1306.3 g/t Ag and 72.5% Pb(2). The acquisition of
the Cobalt Hill claims increases Monster's land holdings at
Keno-Lightning to 349 claims covering approximately 7070
hectares.
The Agreement calls for an aggregate of $200,000 in cash
payments to be made to the Optionor over a five-year period, the
issuance of 695,000 common shares, and the completion of staged
exploration expenditures on the property in the aggregate amount of
$400,000 over five years.
The Cobalt Property is subject to a 3% NSR ("Royalty Interest")
in favour of the Optionor. The Company may purchase one-half of the
Royalty Interest for $1,500,000 at any time, leaving the Optionor
with a 1.5% Royalty Interest.
The property transaction is subject to regulatory approval.
Joanna Ettlinger, PhD, P.Geo, MAusIMM (CP) is the Qualified
Person under National Instrument 43-101 who has reviewed and
approved the technical information contained in this news
release.
(1) Yukon Geological Survey Minfile record 105M 034
(2) Green, L. H., 1971, Geology of Mayo Lake, Scougale Creek and
McQuesten Lake map areas, Geological Survey of Canada, Memoir 357,
72 pp.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and
Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Monster Mining Corp. Robert Eadie 1-604-602-4935
1-604-602-4936 (FAX)info@monstermining.com
www.monstermining.com