Release #10 - 2011
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce the first results from Monument’s twelve month drilling program which commenced in September 2010 at its 100% owned Selinsing, property. The exploration program is targeting 22 drill holes comprising 1,000 metres RC drilling and 3,000 metres diamond drilling and aims to increase the reserves by converting the inferred gold resources below the present Selinsing open pit outline.
The mineralized ore body at Selinsing strikes at 3500 and dips 600-700 to the east. The high grade shoots within the main mineralization, plunge to the south east. The deposit is a sedimentary hosted sheared zone gold mineralization in felsic tuff and very fine clastic argillite with hanging wall calcareous material and limestone. The high grade mineralization is normally associated with quartz stockwork and quartz carbonate veins within highly deformed sedimentary rock.
As of the end of June, 2011 the MMY exploration team at Selinsing had completed 3,012 metres in 15 drill holes. The 20 metres spaced drill holes are up to 250 metres deep and are designed to intercept the mineralized structure 220 metres below surface at 280 metres Reduced Level (“RL”). This is below the existing planned pit depth.
A total of 922 samples were sent to SGS (Malaysia) Sdn. Bhd., an accredited laboratory which complies with requirements of ISO/IEC 1725:2005, for preparation and analysis. The sampling is of half NQ and half HQ diamond drill core with maximum sample intervals of 1.5 metres. Quality assurance and quality control (“QAQC”) is maintained through the submission of certified reference materials and blanks. Coarse split duplicates are collected and analyzed, but assays are pending. Sample recoveries are good to excellent.
The significant results (>1 g/t Au) obtained from the first six holes drill are outlined in Table 1. More results will be announced as they are made available from the laboratory. The approximate true thickness of the intercepts is 86% of the quoted down hole thicknesses due to drilling and orebody orientation.
The results indicate that the high grade shoots extend below the existing pit and is still open at depth. The on-going programs will continue to assess the gold distribution at depth with the data to be used to construct the new resource estimate. Current results are in line with the data from the Selinsing “Deeps” (Below the current pit limit) obtained from historic drilling campaigns conducted before the 2007 acquisition.
Table 1: Significant (>1 g/t Au) drill intercepts from Selinsing “Deeps”
The information in this report as it relates to the Selinsing exploration drilling results was compiled by Monument; and reviewed by Mr. Roderick Carlson, an independent qualified person as defined under National Instrument 43-101. Mr. Carlson is a Member of the Australasian Institute of Geoscientists and a full-time employee of Snowden Mining Industry Consultants, who has sufficient experience relevant to the style of mineralization and type of deposit under consideration. Mr Carlson consents to the inclusion in the report of the matters based on information provided by Monument and in the form and context in which it appears.
President and CEO Robert Baldock stated “These drill results are very positive and show us that at a further 220 metres below the current pit the mineralization is continuing. Together with our recent NI43-101 report filed on Buffalo Reef and the in-fill drilling program, the Company is targeting of a new NI43-101 compliant resource statement during Q3, 2012 fiscal year, which will consolidate the resources from two properties including converting inferred resource to measure and indicated resources and historical resources to NI43-101 compliant resources. Our current gold processing plant expansion to increase production capacity to 1,000,000 tpa from 400,000 tpa will fulfill the expected gold inventory in the ground. We express thanks to our hard working exploration team led by Vice President of Exploration Zaidi Harun.”
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 Famehub properties comprising 32,000 acres of prospective exploration land. These assets are an approximate 2 hour drive from the Mengapur Polymetalic Project which the Company is seeking to acquire and is currently under due diligent review.
In conjunction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is on track to produce its scheduled 40,000 ounces of gold in its first full year of commercial production at an estimated average operating cash cost of approximately $317 per ounce. The gold treatment plant has a current capacity of 400,000 tpa with the phase III gold processing plant expansion to 1,000,000 tpa targeting completion in May 2012.
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:
Richard Cushing, Investor Relations
T: + 1 604 638 1661 x 102
CHF Investor Relations:
Robin Cook, Senior Account Manager
T: + 1 416 868 1079 x 228
Axino AG – Europe:
Wolfgang Seybold, President and CEO
T: + 49 711 25 35 92 40
“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 information about Monument Mining Limited (“Monument”), its business and future plans. The use of words such as “would”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking information. Forward-looking information in this news release includes statements with respect to the completion and the timing of the Summary Report, the financing„ the results of due diligence and the Summary Report, the entering into of a definitive agreement and the closing of the proposed acquisition of the Project. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions remain stable; continuing demand for, and stable or improving prices of gold; receipt of regulatory and government approvals in a timely manner; the availability of financing; Monument’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; Monument’s ability to attract and retain skilled personnel; the accuracy of the company’s resources estimates and the accuracy of the historical estimates in the Study; the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations. Actual results could differ materially from those anticipated in this forward-looking information as a result of risks and uncertainties, including: volatility in the price of gold; risk inherent in mineral exploration and development; uncertainties associated with the estimating of mineral resources, and in particular the historical estimates in the Study; competition for capital and skilled personnel; geological technical and drilling problems; 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.