Vancouver, B.C. (May 1, 2013) Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) today announced its third quarter operating results for the three months ended March 31, 2013. Full financial and operating results for the quarter will be released by the end of May 2013. All amounts are in United States dollars unless otherwise indicated.
Third Quarter 2013 Operating Results
|Three months ended March 31||Nine months ended March 31|
|Ore mined (tonnes)||281,827||140,168||567,678||393,461|
|Ore stockpiled (tonnes)||858,998||915,347||858,998||915,347|
|Ore processed (tonnes)||236,184||83,447||670,453||253,972|
|Average mill feed grade (g/t)||1.72||3.37||2.17||4.40|
|Processing recovery rate||87.0%||93.3%||87.4%||94.7%|
|Calculated gold recovery (oz)||11,354||8,435||40,883||33,938|
|Gold poured (recovered) (oz)||12,162||9,406||40,679||34,671|
|Gold production(1) (oz)||13,255||10,676||40,063||34,258|
|Gold sold (oz)||12,500||7,301||36,405||28,438|
|Average realized gold price/ounce sold||$1,626||$1,698||$1,669||$1,685|
(1) Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment
During the quarter Monument sold 12,500 ounces of gold (an increase of 71% compared to Q3 F2012 sales of 7,301 ounces) at an average realized price of $1,626 per ounce (a decrease of $72 per ounce or 4% compared to $1,698 per ounce realized in the third quarter of the 2012 fiscal year).
Ore mined for the three months ending March 31, 2013 was 281,827 tonnes which is a 101% increase compared to the same fiscal period in 2012. Ore processed was 236,184 tonnes which is a 183% increase compared to the same fiscal period in 2012. These large increases in ore mined and processed are due to the increase in mill capacity as a result of the 2012 plant expansion.
During the third quarter mining began at Buffalo Reef South with oxide materials being trucked to the Selinsing plant starting in January. Processing of Buffalo Reef South ore commenced in March 2013.
Calculated gold recovery for the third quarter ended March 31, 2013 was 11,354 ounces, a 35% increase compared to 8,435 ounces for the same period of fiscal 2012. Actual gold poured (recovered) for the quarter was 12,162 ounces, a 29% increase compared to 9,406 ounces 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 are expected in the mine plan and are driven by the transition from oxide to sulphide ore.
Gold production for the quarter was 13,255 ounces of gold, an increase of 24% compared to 10,676 ounces of Gold production for the same period of fiscal 2012. This increase is a result of increased gold poured during the quarter, net of gold dore in transit and refinery adjustment.
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 320 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
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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.