Release # 2 - 2010
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” reports that the gravity circuit of the 400,000 tpa gold treatment plant continues to operate at its design capacity. As a result of defective CIL tank agitators, commissioning of the CIL circuit is delayed to the fourth fiscal quarter. The gold treatment plant is situated at Monument’s Selinsing Gold Project in Pahang State, Malaysia.
The gravity circuit continues to operate to design. A total of 7,200 ounces of gold has been poured from the gravity plant.
The delay in commissioning of the CIL circuit has been caused by the late delivery of the CIL tank agitators, which were subsequently determined to be defective.
The supply, delivery, installation and commissioning of the replacement equipment is estimated to be completed and in service by the end of June 2010, resulting in an approximate 6 month delay from the original target date set by Monument. Monument will continue to operate the phase 1 gravity circuit until the CIL circuit is available.
Monument is of the opinion that its previously announced $12 million financing should close within the next month. Upon the closing of the financing, Monument will recommence its exploration activities, the acquisition of additional exploration lands and the preparation of an updated 43-101 resource statement for the Damar Buffalo Reef prospect.
About Monument Mining Limited
Canadian based Monument Mining Limited has two wholly-owned principal properties: Selinsing Gold Mine Project (“Selinsing”); and Damar Buffalo Reef Prospect (“Buffalo Reef”); which are located in Pahang State in the Central Gold Belt District of Malaysia.
The Selinsing project recently commissioned the Phase I gravity section of its gold processing plant and has since commissioning, commenced in late 2009 produced more than 10,000 ounces of gold to May 31, 2010. Commissioning of the remaining Phase II CIL section of the plant is expected by end of June or early July 2010, followed shortly thereafter by an expected announcement of reaching commercial production. The Company has the objective, once fully commissioned, to produce up to 40,000 ounces of gold per year, with intention to increase that by expansion of the treatment plant in Phase III which will more than double the plant capacity.
Please visit our website at www.monumentmining.com for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
Monument Mining Limited
(Tel) +1 604 638 1661 ext. 102
(Fax) +1 604 638 1663
CHF Investor Relations
Senior Account Manager
(Tel) 1-416-868-1079 ext. 228
Wolfgang Seybold President and CEO
(Tel) +49 711 25 35 92 40
(Fax) +49 711 25 35 92 55
“Neither 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.”
This news release contains forward-looking statements about Monument Mining Limited (“Monument”), its business and future plans. 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 news 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, the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument. statements regarding the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward- looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Release # 2 - 2010