Monument Pours First Gold From Gravity Circuit
Release #9 - 2009
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” announces that it has poured the first gold from the newly commissioned gravity circuit of the 1200 tpd gold treatment plant at its wholly owned Selinsing Gold Project located in Pahang State, Malaysia.
The Selinsing Gold Project was acquired by the Company in June 2007. Since then the Company has been developing the open pit gold mine together with building a 1,200 tpd gold treatment plant in two construction phases, and commenced mining in July 2009. Commissioning of the Phase I gravity circuit commenced in August 2009 with the first gold pour occurring in October 2009. The Company now continues to operate and optimize the performance of the Phase I gravity circuit in conjunction with the construction of the Phase II carbon in leach circuit (“CIL circuit”). The Selinsing Gold Project currently has a work force of over 120 trained employees and mine contractors on site.
Robert Baldock, President and CEO of Monument Mining states, “We are very pleased to announce the fast track completion of construction of Phase I of the Selinsing gold treatment plant, less than 28 months after the property acquisition. Phase I was completed on budget and Phase II is expected on target for completion by the end of December 2009. This first gold pour is an event of great importance in the development and growth of the Company and is a testament to the experienced hard working team at Monument Mining.” (Photographs of the first gold pour are available on the company’s website at www.monumentmining.com in the photo gallery section).
Monument is 100 per cent unhedged and will be selling gold production into the market during a period of historically high gold prices to help fund Phase II construction.
With the planned commissioning of Phase II of the gold processing plant in December 2009, the project will ramp up to the full circuit production capacity of 40,000 ounces per year.
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.