Release #2 - 2011
Vancouver, B.C. - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“the Company”, or “Monument”) announces that its Board of Directors has approved the purchase of two additional drill rigs in order to speed up its current exploration programs in Pahang State, Malaysia.
The Board has also approved the extension of Monument’s participation for another three years with the Tasmania University of Geology in the “Centre of Ore Deposit Studies” (“CODES”) Program covering the central gold belt of Peninsular Malaysia.
The approved expenditures totaling $1.0 million is in addition to the $3.4 million approved budget for the 12 month exploration program launched in September 2010. The previously approved exploration program consisted of 116 drill holes totaling 18,390 meters on the Selinsing, Damar Buffalo Reef and Famehub properties. Monument has refurbished two existing drill rigs, assembled a drill team, identified and mapped out drill targets, and has recently begun diamond drilling. The two new rigs will significantly boost drill capacity. The lead time for delivery of the new rigs is estimated to be about 4 to 6 months. While awaiting delivery of the rigs, Monument will undertake a program of training drill teams which will be required to operate the new equipment on a 24 hour basis.
The Company’s Vice President of Exploration, Mr. Zaidi Harun states: “These two additional drill rigs will allow us to meet the drilling meter target and add more drill programs in the future.”
Of the total additional budget, $0.17 million will extend Monument’s participation in the CODES program with the Tasmania University for another three years. The program is aimed to undertake research on the regional tectonic and metallogenic events of the mineralised fold belt with emphasis on development of well constrained geological and metallogenic framework to assist in exploration programs in Central gold belt of Peninsular Malaysia. In the past period, the program has built up a new mineralization model which assists Monument in designing its exploration projects in the region.
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. In addition, the Company recently acquired the nearby Famehub properties comprising 32,000 acres of highly prospective exploration land.
In conjunction with the extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine, which commenced commercial production in September 2010, has a production target of 40,000 ounces of gold in its first year of production at an estimated average operating cash cost of approximately $317 per ounce with an initial five year mine life. The gold
treatment plant has a current capacity of 400,000 tpa with a proposed capacity expansion through the addition of an additional milling circuit to the existing plant.
Please visit our website at www.monumentmining.com for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
For further information contact:
Monument Mining Limited
Richard Cushing Investor Relations
(Tel) +1 604 638 1661 ext. 102
(Fax) +1 604 638 1663
CHF Investor Relations
Robin Cook 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 - 2011