Release #6 - 2009
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company is pleased to announce that Open-Pit mining at its Selinsing Gold Project commenced in early July, 2009. The Company has been fast tracking the Selinsing Gold Project including construction of the gravity section of the gold treatment plant. This program will allow production from the Gravity Plant to take place within 27 months of acquisition of the project.
The Company acquired the greenfield Selinsing project located in Pahang State, Malaysia in June 2007. Since then it has permitted, designed, funded and commenced construction of a plant designed to process 1200 tonnes per day and aims to produce approximately 40,000 ounces of gold per year when the full plant is up and running.
Since the last update announced on May 13, the Company called for bids from a short list of pre-qualified mining contractors. The selected mining contractor has since mobilized to site, established workshops and other support infrastructure and in late June began pre-strip to commence mining.
The mineralized zone is outcropping and in a number of places is at or near surface; therefore, pre-strip does not impact accessing grade material. During the first week of July, the contractor began mining and hauling grade material to the ROM pad in readiness for plant commissioning.
Commissioning is scheduled to commence in late August, subject to power supply hook up from the government power supplier Tenaga Nasional Berhard (“TNB”). TNB has appointed a contractor to install all poles on which to run aerials. This phase has been completed from the main supply to the TNB sub-station adjacent to the process plant. Aerials are now being run with a targeted completion date in the middle of August. Plant commissioning is dependent on connection of the aerials in order to energize the system.
In the meantime, the jaw crusher and the cone crusher have been installed and are ready for commissioning. All elevator and conveyor equipment are on site and most are installed. The fine ore reclaim tunnel is expected to be completed by the end of July. The 1200 tonne per day ball mill has been completely reconditioned and installed and is also ready for commissioning.
In relation to the Phase I gravity circuit, all major equipment is on site and installation is nearly complete. The plant Control-Room and on-site Exploration Assay Laboratory is completed, fully equipped and in use as a grade control laboratory for mining operations. The plant control office is completed and in use and staff canteen and other staff accommodation is nearing completion and is scheduled to be in use by the end of July 2009. The canteen has reached practical completion and is presently being outfitted with equipment to provide meals to staff, day and night shift operators as well as operational and construction contractors.
In relation to Phase II, the CIL circuit, construction is on schedule and it is still expected that the entire plant will be fully commissioned by the end of December 2009. The Company will operate the gravity circuit to achieve cash flow in parallel with completing construction of the CIL circuit and commissioning of the full plant.
A recent visit to the Selinsing site by management has enabled an update of the Photo Gallery on the Company web site at www.monumentmining.com and investor inquiries are welcome to firstname.lastname@example.org.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
Richard Cushing, Investor Relations
Wolfgang Seybold, President and CEO, Axino.AG
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Not for distribution to U.S. news wire services or dissemination in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclosures in this release, including management’s assessment of the Company’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such.
This press release contains forward-looking statements about Monument Mining Limited (“Monument”), its business and future plans, including the contemplated phase I and phase II development plans resulting in the commencement of mining and gold production, and in respect of the dates and amounts projected for these two phases resulting in the plant construction, gold production, gold sales and costs of the Selinsing Project. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of the gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
Release #6 - 2009