## MANAGEMENT’S DISCUSSION & ANALYSIS 

For the period ended June 30, 2010 

Form51-102F 

6. The Environmental Management Plan (the “EMP”) for the Selinsing project was developed during the year and approved by the Ministry of Environmental Department of Pahang state, Malaysia. The EMP documents the organizational structure, responsibilities, procedures, and resources that enable the Company to manage all relevant environmental issues and to effectively comply with environmental regulations. 

7. On February 12, 2010 the commissioning of the CIL plant was commenced; 

8. Subsequent to the year end, the Company closed a $13 million financing on August 11, 2010; 

9. Subsequent to the year end, on September 13, 2010, the Famehub acquisition transaction was complete; as a result, the Company has obtained 32, 000 acres of prospective exploration land; 

10. Subsequent to the year end, on September 22, 2010, the Company announced a $3.4 million 12-month exploration program, consisting of 116 drill holes totaling 18,390 meters on the Selinsing, Damar Buffalo Reef and Famehub properties. 

## Acquisition of Selinsing Gold Project 

## 1.2.1 Property Agreements 

On June 25, 2007, through its wholly-owned Malaysian subsidiary, Polar Potential Sdn. Bhd., the Company acquired 100% of the Selinsing Gold Property including two mining concessions from Wira Mas Trust (the “Vendor”), together with a 100% interest in Able Return Sdn. Bhd., the former Trustee of Wira Mas Trust, a Malaysian company holding Malaysian Pioneer status which among other benefits provides a 5-year tax break from Malaysian Federal and other taxes. The property is located in Pahang State, Malaysia. The total acquisition cost of $29,195,241 was comprised of $3,500,000 cash, a promissory note of $9,000,000 fair valued at $8,181,818, the issuance of 31,400,009 fully paid treasury shares at an ascribed value of $0.50 per share and 5,000,000 share purchase warrants. 

## Acquisition of Damar Consolidated Exploration Sdn. Bhd. 

Concurrently with the acquisition of the Selinsing Gold Project, the Company acquired 100% of the shares of Damar Consolidated Exploration Sdn. Bhd. (“Damar”), a company incorporated in Malaysia, from Avocet Mining PLC (“Avocet”), the parent company of Damar located in London, United Kingdom; thereby acquiring the Buffalo Reef property, which is contiguous and continuous with the Selinsing Gold Project for approximately 4.2 kilometers along the regional gold trend. A total of $1,750,000 cash, 15,000,000 fully paid treasury shares at $0.50 per share and 7,500,000 share purchase warrants was paid as consideration to acquire 100% of the Damar shares and an Avocet promissory note payable of $1,722,868 (RM5,573,824). 

## Acquisition of the Famehub Properties 

On January 14, 2008, the Company signed a Letter Of Intent (“LOI”) with Famehub Venture Sdn Bhd. (“Famehub”), a company incorporated in Malaysia. Pursuant to the LOI, Famehub has agreed to sell and Monument has agreed to purchase 32,000 acres of the prospective exploration land (the “Famehub Properties”) and associated data base (together, the “land package”), for consideration of $5 million. This land is located to the east and north along the trend of Selinsing’s Gold Property and Buffalo Reef property, commencing approximately 500 meters from the existing ground held under the above two project’s eastern boundaries. 

In February 2010, the “Agreement of Purchase and Sale of Shares” (the “Famehub Acquisition Agreement”) was drafted, according to which the Company shall acquire the land package through its wholly owned subsidiary, Damar Consolidated Exploration Sdn Bhd, by purchasing 100% of the issued and outstanding Famehub shares (the “Famehub acquisition”). The total consideration of $5 million for the Famehub acquisition consists of $1.5 million in cash and 14 million fully paid and non- assessable common shares of the Company. 

The Famehub acquisition was closed on September 13, 2010, subsequent to the year ended June 30, 2010, upon receipt of the TSX-Venture Exchange’s acceptance and an independent technical report from Snowden Consulting Group (Australia). 

