Monument Pours 1,000th Gold Bar at Selinsing Gold Mine
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce that the 1,000th gold bar was poured at its Selinsing Gold Mine in Malaysia on October 16, 2019, which brings total gold production to date over 304,000 ounces since commencement of gold production in 2010.
Figures: 1,000th Gold Bar Poured through the Selinsing Gold Mine Plant in Malaysia
A gold pour ceremony was held at the site to commemorate this milestone. Selinsing Gold Mine General Manager Charlie Northfield stated: “It is with great pleasure that we celebrated this landmark 1,000th gold bar, which is a testament to our successful operations and the continuous hard work that has been put in by our employees and management team here at the Selinsing Gold Mine. Selinsing operation team is well prepared to place the new life of mine into production through the plant upgrade subject to funding.”
Selinsing Gold Mine Overview
The Selinsing Gold Mine has been in production nearly 10 years successfully. Up to June 30, 2019, 297,868 oz of gold were produced at an average cost of $484/oz for a total $400 million gross revenue, with 4.77 Mt ore mined at an average grade 1.56 g/t, recovery rate of 79.5%. The production has been carried out through a 1m tpa gold oxide conventional processing plant.
The Reserves and Resources have been fully replaced, cutoff March 31, 2018, announced in its NI43-101 Feasibility Study prepared by Snowden Mining Industry Consultants Pty Ltd dated January 31, 2019 (the “Snowden NI 43-101 Technical Study”), for an approximately six-year life of mine (“LOM”) with an NPV of $27.56 million at a gold price of $1,300 per ounce. During the new life of mine, a total 5.7 million tonnes of ore would be treated at an average grade of 1.45g/t for 223koz at a cost of $863.67 per ounce. The Selinsing Gold Mine Project would generate net cash flow after tax of $97.00 million from operations, or $45.00 million net of capital expenditure. The Company is currently working towards funding the construction of the gold plant upgrade.
Recent Progress at Selinsing Gold Mine
Selinsing production continues to generate cash through the mining of transitional leachable sulphide ore at Selinsing Pit 5/6 in addition to the mining of remaining oxide to bridge the gap from the transition to sulphide production. It is reported in the NI 43-101 Technical Report that at Pit 5/6 the total Resource remaining was 493,991 tonnes at an average grade of 1.65 g/t Au.
Further metallurgical testwork has been undertaken on newly drilled leachable transitional ore samples at Buffalo Reef (“BR”) pits to improve recoveries at the existing oxide processing plant by adding additional reagents and blending with super low oxide ore materials. Subject to success of testwork the mining and processing of BR leachable transition ore planed be scheduled to take place during the Q4 fiscal 2020. Based on the Snowden NI43-101 Technical Study, the BR South and Central deposits hosted 641,000 tonnes of transition ore at a grade of 1.78 g/t Au; BR North hosted an additional 73,000 tonnes at 1.31 g/t Au.
At the Peranggih Gold Prospect a trial mining program commenced in October. The bulk sample material will be fed into the existing Selinsing oxide gold processing plant to confirm the average grade of the close-spaced drilled area, to quantify the presence of coarse gold and to test the metallurgical performance at plant scale.
A drill program at Selinsing Pit 4 was also completed, with results to be announced shortly. Mining is scheduled to feed those materials into the mill subject to an internal economic assessment.
Design of the R&D pilot plant for the Selinsing Gold Sulphide Project was completed in-house to train staff. Equipment specifications were prepared and initial quotations received from prospective suppliers, preparing to place lead orders once funding is in place.
Construction of the latest raise of the tailings storage facility has continued and filling of the main embankment to an elevation of 533.3m RL. The current raise to 533.3m RL will provide sufficient storage for tailings deposited to the end of fiscal year 2020. Design of the tailings storage facility to the final elevation of 540m RL is underway.
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Copper-Iron Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 199 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
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This news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. 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”. 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: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding 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; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are 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 statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.