Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today reports its first quarter production results for the three months ended September 30, 2011. Full financial and operating results for the quarter will be released by the end of November 2011. All amounts are in United States dollars unless otherwise indicated.
The first quarter production results from our Selinsing Gold Mine maintain the consistent plant operations since it was put into commercial production in September 2010. Total gold produced this quarter was 11,846 ounces compared to the previous years’ quarterly average of 11,109 for an increase of 7%. The average realized price per ounce of gold sold was $1,724 this quarter compared to $1,400 in the previous fiscal year for an increase of 23%. The average processing recovery rate was 95.1% for the three month period. Cathy Zhai, CFO of Monument Mining, said: “With this year’s upward trending gold prices, we are able to capitalize on higher gold prices compared to last year with resultant increased cash flow.”
Year ended, Jun. 30, 2010
Year ended, Jun. 30, 2011
Quarter ended, Sep. 30, 2011
Ore mined (tonnes)
Waste moved (tonnes)
Ore stockpiled (tonnes)
Crushed ore (tonnes)
Ore processed (tonnes)
Average mill feed grade (g/t)
Processing recovery rate
Ball mill availability (%)
Gold produced (oz)
Gold sold (oz)
Revenue (in 000’s) ¹
Average realized gold price per ounce
(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.
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 acquired the Famehub properties comprising 32,000 acres of prospective exploration land adjacent and nearby the Selinsing and Buffalo Reef properties; and 49% interest in the Mersing Gold Project, approximately 300 km from the Selinsing gold mine.
In conjunction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Company recently announced it exceeded its 2011 financial gold production target of 40,000 ounces by 10%. The phase III plant expansion will increase processing capacity from 400,000 tpa to 1,000,000 tpa through adding an additional milling circuit targeting completion in May 2012. The Company has recently announced that construction has commenced on the processing plant expansion and the expansion of the tailings storage facility to enable throughput of approximately 1,000,000 tpa for 10 years.
The Company has also signed a binding MOU to acquire a 70% interest in the Mengapur Polymetalic Project in Malaysia subject to due diligence, and a variety of conditions including regulatory approval.
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, Chairman
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 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.