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Monument Confirms Amended Plan for Gold Production from Phase I Gravity Plant (Amendment)
Monument Confirms Amended Plan for Gold Production from Phase I Gravity Plant (Amendment)
About this update from Monument Mining Limited
[{"type":"text","content":"Monument Confirms Amended Plan for Gold Production from Phase I Gravity Plant (Amendment)\n\n\n\nMonument Confirms Amended Plan for Gold Production from Phase I Gravity Plant (Amendment)\n\nFunded by Cash on Hand\n\nVancouver, British Columbia CANADA, February 10, 2009 /FSC/ - Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), announces that it has completed its amended construction plan. Under this plan, mining is scheduled to commence in May 2009 and production of gold from the Phase I gravity plant commences in August 2009. The projected cost of Phase I is $10.0 Million less $2.40 Million spent to 31 December 2008 on the project leaving a balance to completion of Phase I of $7.6 Million which the Company has available from $11.4 Million cash on hand as at the date of this release. \n\nPhase II of construction is the completion of the CIL circuit and remainder of the plant costing an estimated $7.00 Million and is scheduled to be completed in parallel with the operation of Phase I allowing the second phase of commissioning to occur in December 2009. The Company has estimated that planned gold sales proceeds from the operation of the Phase I gravity section of the plant will enable completion of the full construction program and resultant full production capability with no debt and cash on hand. Total estimated cost of the completed plant is $17.0 Million.\n\nOn 31 October 2008 the Company announced (Release # 15-2008) that with receipt of government approval to construct the gold treatment plant, the Board of Directors had resolved to place its 100% Selinsing Gold Project (\"Selinsing\") into production. Concurrently, the Board approved a CDN$17.0 million construction and development program with targeted commencement of production in Q2/Q3 calendar 2009 and full production in Q4 calendar 2009. \n\nThis production decision followed the announcement on 22 July 2008 that the Company had closed a $28.1 million private placement plus a $10.0 million convertible debenture credit facility for a combined gross total of $38.1 million. These funds were for construction and development of the entire project, expansion of its exploration programs, retirement of all debt and to pay general administrative expenses.\n\nThe Company announced on 23 December 2008, that failure of Lender...