Business
Monument Mining Begins Gold Concentrate Shipments at Selinsing Gold Mine
VANCOUVER, British Columbia, June 23, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to an
About this update from Monument Mining Limited
[{"type":"text","content":" VANCOUVER, British Columbia, June 23, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (\"Monument\" or the \"Company\") is pleased to announce the first gold concentrate shipments and sales from the newly constructed flotation plant at the Selinsing Gold Mine. President and CEO Cathy Zhai commented, \"This is a momentous occasion for us as we begin to ship and sell gold concentrates from the flotation plant. The initial offtake of 2,000 dry metric tonnes (“DMT”) of concentrate from Selinsing marks the beginning of a gold concentrate revenue stream and restores our operating cash flow. We would like to give thanks to our hard-working operation teams, backroom administration support personnel and our business partners to make this happen.\" Gold Concentrate Shipments and Sales Significant interest has been received from potential buyers of the Selinsing gold concentrate. All export and transport permits have been received and the first truckloads of concentrate were shipped from the Selinsing warehouse on June 18th, 2023 to Johor Free Trade Zone. To date 490 DMT of concentrate have been dispatched out of an initial offtake of 2,000 DMT. Weighing, sampling and moisture determination of the delivered concentrate is being conducted at the Johor Free Trade Zone by an appointed internationally recognized survey company. An additional 3,000 DMT of concentrate is currently available for sale. The Company intends after a trial shipment to gradually increase the number of trucks to speed up the logistic process in selling backlogged product. In the future concentrates will be shipped to buyers on a routine basis. The backlog was caused by a lengthy initial administrative process for obtaining all relevant permits and organizing logistics. Over the last six months, the Company has built a logistic team and sales chain at the Selinsing Project. Commercial Production Update The flotation plant operation is improving with up to 99% of design capacity achieved during June 2023, and overall 83% capacity achieved for the 30 day period up to June 17th 2023. Torn filter cloths remained an issue with new cloths still awaited from the filter press supplier McLanahan. New HDPE pipework was received to upgrade the concentrate thickener underflow pipeline. A similar upgrade was planned for the flotation cleaner concentrate p...