Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to report additional drill assay results from its ongoing drilling program at the producing Selinsing open pit gold mine in Pahang, Malaysia.
• MSMDD035 intersected 51.0m at 3.84 g/t gold;
• MSMDD025 intersected 65.0m at 3.09 g/t gold; and
• MSMCD017 intersected 64.58m at 2.91 g/t gold (uncut) and 2.22 g/t gold (cut to 34.286 g/t gold).
The Selinsing property exploration program announced on September 22, 2010 was aimed to increase the reserves by converting the inferred resources below the present Selinsing open pit outline. The program planned 22 drill holes comprising 1,000m of RC drilling and 3,000m of diamond drilling with a budget of US$0.6 million.
The drill program since has been expanded to focus on finding additional oxide and sulfide ores adjacent to the existing pit development areas, extending known mineralization north and south of the Selinsing open pit along strike, and converting Inferred gold resources to Indicated as follows:
- Fourteen (14) drill holes (MSMDD001 to MSMDD014) totaling 3,013m were completed in fiscal 2011 costing $US1.1 million. Of which drill results for MSMDD 001-006 were reported in the Company’s press release on July 26, 2011.
- Forty seven (47) drill holes (MSMDD015 to MSMDD061) totaling 10,554m of drilling were completed in fiscal 2012 costing $US2.2 million.
A full list of assay results from the above drill programs received as of November 1, 2012, including MSMDD 001-006 which were disclosed on July 26, 2011, and two plan maps showing the Selinsing RC and diamond drill hole locations are presented on the Company’s website at www.MonumentMining.com. MSMDD 051-061 and others as listed in the below table are still pending for assay.
As presented in the table 1 in this news release, MSMDD35 (51m at 3.84 g/t gold from 159.5 to 210.5m), MSMDD025 (65m at 3.09 g/t gold from 157.10m to 222.1m) and MSMCD017 (64.58m at 2.91 g/t gold from 188.65m to 253.23m) partially define a new high grade ore pod located approximately 85-103m below the current pit bottom. This ore pod needs additional drill tests to determine its full extent. These drill results demonstrate that gold mineralization at the Selinsing Deposit continues at depth along an east-dipping structural zone. It is hosted in cataclasite and mylonite rocks with weak to moderate gold-bearing quartz veins and quartz stockwork veinlets. Ores exposed in the current Pit 4 bottom are mostly “fresh” or sulfide-bearing rock and are currently being processed through the plant.
Encouraged with the outcome of the deeper drilling below the existing pit, more drill holes are planned to define the vertical and lateral extension of the orebody at depth with the objective to expand the pit below the target depth of RL 400.
The information in this press release has been reviewed and approved by Todd Johnson (MS, P.E.), Vice President of Exploration for Monument Mining Limited, who is also the Qualified Person as required by National Instrument 43-101 guidelines. Todd Johnson has visited the Selinsing site several times since October 2011 to the present (last trip was in November 2012) to observe the drilling, sampling, and geological activities.
Drill holes at Selinsing are being sampled and logged at the mine site in a highly secured area. The drill samples are shipped to SGS Malaysia at Port Klang, a certified lab under ISO 17025, for sample preparation and analysis. The samples are dried, crushed to 90% passing 4.0mm and pulverized to 90% passing -75 microns and analyzed for: Au fire assay (2 assay ton) using the FAA505 analysis method; and ICP Ag, ICP As, and ICP Sb. As part of the Quality Control and Quality Assurance program, certified Au standards and non-certified blank materials are inserted approximately every 20 samples into the sample sequence. Assay results reported in this press release are drill thicknesses but approximate true thickness as most drill holes are oriented at an azimuth of 270 degrees with an inclination of 50 to 70 degrees (near perpendicular to the strike and dip of the ore body).
There are currently three exploration drills operating at Selinsing and Buffalo Reef. The fiscal 2013 exploration drilling plan includes shallow RC drilling targeting additional areas for potential oxide resources and diamond drilling targeting the well-defined structural zone along strike throughout the district to consolidate the Selinsing and Buffalo Reef resources. As of November 1, 1555 RC meters in 24 drill holes and 3992m of diamond drilling in 23 holes has been completed at Selinsing and assays are pending.
Table 1. Summary of previously unreported Selinsing drill hole intercepts received as of November 1, 2012.
(2.22 cut to 34.286 g/t)
Notes: (1) Assays for drill holes MSMCD002 to MSMCD006 were previously published in a Monument press release dated July 26, 2011; (2) Assays in progress for drill hole numbers: MSMDD008, MSMDD018, MSMDD024, MSMDD026, MSMDD030, MSMDD032, MSMDD036 to MSMDD043, MSMDD045, MSMDD046, MSMDD048, and MSMDD049, and others greater than MSMDD050.
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the Mengapur project. The Company employs 260 people in Malaysia and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
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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 differ 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.