Monument Starts Commissioning CIL Circuit While Gravity Circuit is in Pre-Commercial Production
Release # 1 - 2010
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the”Company” announces that it has commenced commissioning of the CIL (“carbon in leach”) circuit of the 1200 tpd gold treatment plant at its wholly owned Selinsing Gold Project located in PahangState, Malaysia while having its gravity circuit in pre-commercial production.
Subsequent to acquisition of Selinsing Gold Project in June 2007, the Company has been developing the open pit gold mine together with building a 1,200 tpd gold treatment plant in two constructionphases including the gravity circuit and the CIL circuit.
The gravity circuit was commissioned in September 2009 and has since been placed into precommercialproduction. A total of 4,002 ounces of gold have been produced to date from the gravity circuit with a by-product of 890 ounces of silver. The first shipment of gold occurred in early November 2009. The average realized gold price from sales is US$1,124 per ounce. The cash generated from gold sales has been used to fund continuing construction of the CIL circuit. The mill throughput increased from monthly throughput of 3,534 tons in September 2009 to 34,260 tons in January 2010. The gravity circuit has achieved its targeted throughput in December 2009.
The commissioning of the CIL circuit commenced on February 12, 2010, delayed from December 2009 due to the late arrival of agitators, expected in November 2009 but delivered in February 2010.
The Company is now focusing on completion of the CIL circuit commissioning. Together with the gravity circuit, the gold treatment plant, once in full production, will have a capacity of 40,000 ounces of gold per year.
The mining operation, commenced in July 2009, has currently stockpiled over 200,000 tons of ore for continued processing and approximately 120,000 tons of cyclone overflow material from the gravity circuit has been stored for future treatment in the CIL circuit.
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
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.