Release #11 - 2011
Gross Sales of $16.6 M from 10,936 Oz Gold Sales
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today reports its fourth quarter production results for the quarter ended June 30, 2011. Full financial and operating results for the year will be released by the end of September 2011. All amounts are in United States dollars unless otherwise indicated.
|Twelve months, Jun. 30, 2010||Quarter 1, Sep.30, 2010||Quarter 2 , Dec. 31, 2010||Quarter 3 , Mar. 31, 2011||Quarter 4, Jun. 30, 2011||Twelve months, Jun. 30, 2011|
|Ore Mined (tonnes)||662,330||203,150||159,681||140,736||237,341||740,908|
|Waste moved (tonnes)||2,326,502||615,937||649,584||741,109||700,968||2,707,598|
|Ore Stockpiled (tonnes)||387,545||499,589||570,719||623,130||773,432||773,432|
|Crushed ore (tonnes)||274,786||91,106||88,552||88,325||87,038||355,021|
|Ore Processed (tonnes)||272,120||89,834||87,845||87,780||86,540||351,999|
|Average mill feed grade (g/t)||3.08||4.08||4.41||4.18||4.58||4.32|
|Processing recovery rate||58.7%||90.0%||93.7%||93.7%||94.1%||92.9%|
|Ball mill availability (%)||89.2%||94.6%||96.1%||97.1%||96.6%||96.1%|
|Gold produced (oz)||13,793||9,050||11,348||11,904||12,136||44,438|
|Gold Sold (oz)||13,793||8,650||10,148||10,704||10,936||40,438|
|Revenue (in 000’s)¹||$16,316||$10,863||$14,115||$15,031||$16,618||$56,627|
|Average realized gold price per ounce||$1,183||$1,256||$1,391||$1,404||$1,520||$1,400|
¹ Prior to achieving commercial production in September 2010, gold sales and related production costs were capitalized against the Selinsing Gold Property and construction of the gold treatment plant.
Mr. Robert Baldock, the CEO and President of Monument stated: “The quarter four production results from Selinsing Gold Mine continue the trend of steady plant operation with increased mining tonnage.
The Company’s fiscal 2011 gold production result of 44,438 ounces represents an 11% increase on our annual budget. This gold production was derived from an annual processing plant throughput of 351,999 tonnes with a gold processing recovery rate of 92.9%. Encouragingly, the recovery rate represents a 7% increase on the projected rate of 87.0% reported in the NI43-101 report published in November, 2007 by Snowden.”
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.