• Gold Price USD
  • TSX.V: MMY
  • FSE: D7Q1
Contact Email Alerts

News Releases

Monument's 2011 Third Quarter Results

May 30, 2011

Release #07 - 2011

Gross Revenue of $15 M from 10,704 Oz Gold Sales at Cash Cost $238/Oz 

Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company”today announces its third quarter financial results for the period ended March 31, 2011. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for Q3 full financial results).

Third Quarter Highlights include:

  • Gross revenue of $15 million generated from gold sales of 10,704 ounces at an average price of $1,404 per ounce;
  • Gold production of 11,904 ounces produced at average cash cost of $238 per ounce;
  • A positive net working capital of $52.1 million resulted from gold sales and the close of the $13.4 million financing (CAD13 million);
  • The Phase III plant extension preliminary design work was continued at the Selinsing Gold Project targeting to double production capacity from 40,000 ounces to 75,000 to 80,000 ounces; and
  • Snowden Perth Pty was engaged to prepare NI43-101 technical report converting historical estimates to CIM compliant resources. The report was completed and filed under Sedar on May 27, 2011 with 20% increase in gold content.
  • Exploration programs with a planned $4 million over the next 12 months commenced at the Selinsing and Buffalo Reef properties. Total of 517 meters of diamond drilling from four drill holes was completed bringing total drill meters to 1,606 from eight drill holes through the targeted zone at the Selinsing property.

President and CEO Robert Baldock stated “Production result continued as satisfactory in line with our business plan this quarter and is expected to exceed the targeted 40,000 ounces of gold in its first year of commercial production. The management focuses on resource increase by way of improving its drilling programs and seeking new targets in the South East region.”

Production Statistics

  Jun. 30, 2010 Three months, Sep.30, 2010 Three months, Dec. 31, 2010 Three months, Mar. 31, 2011 Nine months, Mar. 31, 2011
Ore mined (tonnes) 662,330 203,150 159,681 140,736 503,567
Waste moved (tonnes) 2,326,502 615,937 649,584 741,109 2,006,630
Ore stockpiled (tonnes) 387,545 499,589 570,719 623,130 623,130
Crushed ore (tonnes) 274,786 91,106 88,552 88,325 267,983
Ore processed (tonnes) 272,120 89,834 87,845 87,780 265,459
Average mill feed grade (g/t) 3.08 4.08 4.41 4.18 4.22
Processing recovery rate 58.7% 90.0% 93.7% 93.7% 92.5%
Ball mill availability (%) 89.2% 94.6% 96.1% 97.1% 95.9%
Gold produced (oz) 13,793 9,050 11,348 11,904 32,302
Gold sold (oz) 13,793 8,650 10,148 10,704 29,502
Revenue (in 000’s)¹ 16,316 10,863 14,119 15,031 40,013
Cash cost (US$/oz) –
Mining 64 50 52 52 53
Processing 90 90 123 117 114
Royalties 62 62 69 64 67
Operations 0 0 2 5 3
Total cash cost (US$/oz) 216 202 246 238 237

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.

Financial Results and Discussion
For the three months ended March 31, 2011, the Company had gold sales of $15,031,105, produced 11,904 ounces of gold and sold 10,704 ounces of gold at an average realized price of $1,404 from its Selinsing Gold Mine. The operation generated an income of $10,421,017, net of operating and corporate expenses, or $0.05 per share. This result was mainly increased by other gains due to changes in fair value on derivative liabilities of $1,974,553 estimated using Black-Scholes financial model and fair value on a gold forward contract of $1,513,188, offset by foreign exchange loss of $256,917 and accretion expense of $294,904 that resulted in a net income of $13,389,710, or $0.07 per share, compared to a net loss of ($714,040), or ($0.00) per share, reported for the corresponding period in fiscal 2010.

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 of an additional 32,000 acres of prospective exploration land. The Company now holds a large exploration land package, in the main continuous and contiguous or nearby its gold producing property.

In conjuction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is scheduled to produce approximately 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 with an initial five year mine life. The gold treatment plant has a current capacity of 400,000 tpa with a proposed capacity expansion to 1,000,000 tpa through the addition of an additional milling circuit to the existing plant in the future.

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

© 2023 Monument Mining Limited
All rights reserved.
Website by Adnet