Vancouver, B.C. (July 23, 2013) Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) today announced its fourth quarter operating results for the three months ended June 30, 2013. Full financial and operating results for the quarter will be released by the end of September 2013. All amounts are in United States dollars unless otherwise indicated.
Fourth Quarter 2013 Operating Results
|Three months ended June 30||Twelve months ended June 30|
|Ore mined (tonnes)||314,481||108,420||882,159||501,881|
|Ore stockpiled (tonnes)||947,794||920,633||947,794||920,633|
|Ore processed (tonnes)||268,045||110,708||938,498||364,680|
|Average mill feed grade (g/t)||1.83||3.87||2.07||4.24|
|Mill utilization (%)||95.5||92.0||95.9||95.0|
|Processing recovery rate (%)||85.6||91.1||87.0||93.7|
|Calculated gold content (oz)||13,485||12,553||54,368||46,491|
|Gold poured (recovered) (oz)||13,760||9,872||54,439||44,542|
|Gold production(1) (oz)||12,919||10,327||52,982||44,585|
|Gold sold (oz)||21,500||8,500||57,905||36,938|
|Revenue (US$ 000’s)||30,507||13,801||91,277||61,709|
|Average realized gold price US$/ounce sold||1,419||1,624||1,576||1,671|
(1) Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”). The variance between gold produced and gold poured (gold doŕe) is mainly due to timing of refinery.
Gold production for the quarter was 12,919 ounces of gold, an increase of 25% compared to 10,327 ounces of gold production for the same period of fiscal 2012. Gold production for fiscal 2013 was 52,982 ounces of gold, an increase of 19% compared to 44,585 ounces of gold produced during fiscal 2012. These increases are a result of increased gold poured during the quarter, net of gold doŕe in transit and refinery adjustment.
During the quarter Monument sold 21,500 ounces of gold at an average realized price of $1,419 per ounce (Q4 F2012 - $1,624/oz). Of which 7,228 ounces of gold sold was resulted from gold released from the restricted metal account upon conversion of the convertible notes, 14,272 ounces of gold sold from current quarter’s production, net of change in gold inventory (Q4, 2012 – 8,500 ounces of gold sold). For fiscal 2013 Monument sold 57,905 ounces of gold at an average realized price of $1,576 per ounce (Fiscal 2012 - $1,671/oz). Of which 50,677 ounces of gold sold was from current year’s production, net of escrow reserves (fiscal 2013 – 36,938 ounces).
Ore mined for the three months ending June 30, 2013 was 314,481 tonnes which is a 190% increase compared to the same fiscal period in 2012. Ore processed was 268,045 tonnes which is a 142% increase compared to the same fiscal period in 2012. The large increase in ore mined is due to better equipment availability, drier weather in Q4 F2013 and substantial contributions of oxide ore from the Buffalo Reef pit. The large increase in ore processed is due to the increase in mill capacity as a result of the 2012 plant expansion.
Calculated gold content of ore processed for the fourth quarter ended June 30, 2013 was 13,485 ounces, a 7% increase compared to 12,553 ounces for the same period of fiscal 2012. Actual gold poured (recovered) for the quarter was 13,760 ounces, a 39% increase compared to 9,872 ounces poured for the same period of the 2012 fiscal year. The increases are a direct result of the significant increase in tonnes processed, offset by lower feed grade and processing recovery rate which were expected in the mine plan.
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 development stage, Mengapur Polymetalic Project. The Company employs 330 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
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Nick Kohlmann, MMY Toronto T: +1-647-478-3594 email@example.com
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 firstname.lastname@example.org
Wolfgang Seybold, Axino AG-Europe T: +49 711-2535-92 40 email@example.com
“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 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.