Gross Revenue of $21.1M from 12,765 Oz Gold Sales at Cash Cost $307/Oz

Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announces its second quarter financial results for the period ended December 31, 2011. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for Q2 full financial results).

Second Quarter Highlights include:

• Record gold production of 11,736 ounces at an average cash cost of $307 per ounce;
• Revenue of $21.1 million generated from gold sales of 12,765 ounces at an average price of $1,652 per ounce;
• Net operating income of the Company of $14.8 million or $0.08 per share compared to $10.1 million or $0.06 per share for the same quarter in fiscal 2011;
• 50% increase in cash from operating activities before changes in non-cash working capital over the same quarter in fiscal 2011;
• Strong liquidity position - a positive net working capital of $80.9 million from gold sales and a previous financing.


• President and CEO Robert Baldock stated “Production results for the 2nd quarter of 2012 continued in line with previous quarters and the Company is targeting production of up to 55,000 ounces of gold for the fiscal year ending June 30, 2012. Management is working to further develop the Company’s pipeline of projects in 2012 through development and construction projects and continued exploration drilling.”
  
  Production and Statistics

  	Year ended, Jun 30,  2010	Year ended, Jun 30, 2011	Three months ended  Sep 30, 2010	Three months ended  Sep 30, 2011	Three months ended  Dec 31, 2010	Three months ended  Dec 31, 2011
  Mining
  Ore mined (tonnes)	662,330	740,909	203,150	124,736	159,681	128,557
  Waste removed (tonnes)	2,326,502	2,707,598	615,937	719,080	649,584	686,995
  Stripping ratio	3.51	3,65	3.03	5.76	4.07	5.34
  Ore stockpiled (tonnes)	387,545	773,432	499,589	813,175	570,719	859,011
  Process
  Crushed ore (tonnes)	274,786	355,021	91,106	84,993	88,552	82,722
  Ore processed (tonnes)	272,120	351,999	89,834	86,343	87,845	84,182
  Average mill feed grade (g/t)	3.08	4.31	4.08	4.53	4.41	5.25
  Processing recovery rate	58.7%	92.9%	90.0%	95.1%	93.7%	95.3%

  
  Financial Results

  	Year ended, Jun 30,  2010 (1)	Year ended, Jun 30, 2011	Three months ended  Sep 30, 2010	Three months ended  Sep 30, 2011	Three months ended  Dec 31, 2010	Three months ended  Dec 31, 2011
  Gold produced (oz)	13,793	44,438	9,050	11,846	11,348	11,736
  Gold sold (oz)	13,793	40,438	8,650	8,372	10,148	12,765
  Revenue, ($000) (2)	$16,316	$56,627	$10,863	$14,430	$14,119	$21,084
  Average realized gold price ($/oz)	$1,183	$1,400	$1,256	$1,724	$1,391	$1,652
  Total cash cost ($/oz)	216	242	199	297	262	307
  Net operating income (loss), ($000)(3)	$(2,635)	$35,457	$4,508	$9,925	$10,115	$14,780
  Earnings per share (EPS) - basic	$(0.02)	$0.21	$0.03	$0.06	$0.06	$0.08
  Net income (loss), ($000)	$(3,035)	$37,028	$1,118	$12,038	$4,594	$27,138
  EPS, basic	$(0.02)	$0.22	$0.01	$0.07	$0.03	$0.15
  EPS, diluted	$(0.02)	$0.20	$0.01	$0.06	$0.02	$0.14

  (1) The information on operating results for the year ended June 30, 2010 has not been restated to conform to IFRS and is presented with Canadian GAAP.
  (2) 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. 
  (3) Net operating income is a non-GAAP measure and represents the Company’s income (loss) before other items: the change in fair value of derivative liabilities, net realized gain on forward gold sale, foreign currency exchange gain (loss), Interest income and accretion interest on convertible note. 
  
  Operating performance
  
  The financial results show the steady gold production with increased average mill feed grade, processing recovery rates, and more efficient operations. The higher average realized gold price led to higher gold sales. The cash costs were higher this quarter mainly is due to royalty paid on restricted gold deposited as a security pledge on designated metal accounts, which was not required to be paid before. The net income was also impacted by other income comprised of changes in fair value on derivative liabilities and fair value of a forward contract.
  
  For the second quarter of fiscal 2012, the gold production from the Selinsing Gold Project generated an income of $14,779,551 net of operating and corporate expenses, or $0.08 per share, an increase of $4,664,378, or $0.02 per share compared to $10,115,173 or $0.06 per share in the corresponding period in fiscal 2011. The favorable operational results was due to a combination of gold production, the full commercial production period verse the partial commercial production period over the same quarter in fiscal 2011 and increase in the gold price.
  
  The Company produced 11,736 ounces of gold at Selinsing Gold Mine in the second quarter of fiscal 2012, 12,765 ounces of gold were sold at an average realized price of $1,652 for total gross revenue of $21,084,315 compared to gold production of 11,348 ounces, gold sales of 10,148 ounces at an average realized price of $1,391 for total gold sales of approximately $14,119,390 for the corresponding period in fiscal 2010; and gold production of 11,856 ounces, gold sales of 8,372 ounces at an average realized price of $1,724 for total gross revenue of approximately $14,430,298 for the first quarter ended September 30, 2011.
  
  Development
  
  The Phase III gold plant expansion construction at the Selinsing Gold Mine is approximately 50% complete and is progressing as planned targeting completion by May 2012.
  
  The Company acquired the 100% common shares of Star Destiny Sdn. Bhd. (“SDSB”) by cash through its wholly-owned Malaysian subsidiary. SDSB is a Malaysian company holding 100% right of the exploration permit pertaining to a total of 750 Hectares of prospective land adjacent to the Mengapur Polymetalic Project in Pahang State, Malaysia. This acquisition brings back under the control of MMSB most of the original area that Malaysian Mining Corporation (“MMC”) worked on, and covers the majority of the resource included in the recently filed 43-101 technical report reported below.
  
  In November 2011 the NI43-101 compliant technical report was completed by Walter Dzick, B.Sc., MBA, P. Geo., MAusIMM, and Rod Carlson, B.Sc., M.Sc., MAIG, of Snowden Mining Industry Consultants (“Snowden”), and SEDAR filed on December 2, 2011 as “Monument Mining Limited: Mengapur Project, Pahang State, Malaysia, Project No. V1165”, representing a compilation of historic information and data that has been provided to Snowden by the Company. All economic assessments and resource statements included in the Report are considered historic in nature and there is no certainty that any economic assessments will be realized.
  
  On November 23, 2011 the Company, through its wholly-owned subsidiary, MMSB in Malaysia, entered into the Definitive Acquisition Agreement with Diamond Hard Mining Sdn. Bhd., its shareholders and its wholly-owned subsidiaries, CASB and Malaco, all incorporated in Malaysia, to acquire 70% of the Mengapur Polymetalic Project located in Pahang State, Malaysia. Subsequently to the reporting quarter, on February 21, 2012, upon receipt of the TSX-V acceptance, the Company closed the acquisition of a 70% interest in the Mengapur Polymetalic Project located in Pahang State, Malaysia.
  
  The private placement of up to CAD$70,000,000 for the Mengapur acquisition is pending acceptance of the TSX-V, which has been successfully negotiated at more favorable terms at a price of CAD$0.50 cents per unit with each unit comprising a share and a half share purchase warrant, each full warrant being convertible into a full share at an exercise price of CAD$0.70 within three years of closing. All of the shares and warrants will be subject to a hold period of three years. 
  
  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
  E: rcushing@monumentmining.com
  
  CHF Investor Relations:
  Robin Cook, Senior Account Manager
  T: + 1 416 868 1079 x 228
  E: robin@chfir.com
  
  Axino AG - Europe:
  Wolfgang Seybold, Chairman
  T: + 49 711 25 35 92 40
  E: wolfgang.seybold@axino.de
  
  “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.”
  
  Forward-Looking Statement
  
  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 is included in statements with respect to, among other things, the completion and the timing of the Company’s proposed private placement and the Company’s work program on the Mengapur 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 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; 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 Management Discussion and Analysis 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.