Monument Mining Limited reported that the company has now signed an exclusive option agreement with Panex Resources Inc. subsequent to the related announcement made on December 28, 2016, to acquire Panex's 51% controlling interest in the Matala Gold Project. Panex is a public company that acquired rights to earn up to 90% of the Matala Gold Project under a farm-in agreement with Afrimines SARL, the owner of Matala, in June 2016. Under the terms of the exclusive option agreement, the company will pay a one-time option fee of $250,000 to Panex upon certain conditions being met within 10 days of the execution of the agreement. Upon payment of the fee, Monument will be granted an exclusive option to purchase a 51% project interest in Matala by issuing 20 million common shares of Monument to Panex subject to TSX Venture Exchange and regulatory approvals. During the 6 month option period, Panex will cover all overheads and undertake a drilling program without any cost to monument, the results of which will be made available to monument and the market. Monument will not be required to spend any funds or be on the ground to undertake any work. In the meantime monument will have a 6-month period to be able to undertake a due diligence update on the project before making any decision to proceed. If warranted, monument may have a new technical report prepared on the project to replace the report filed on SEDAR on March 22, 2016, which should not be relied upon.