Business
Monument Mining Reports First Quarter Fiscal 2024 Results
VANCOUVER, British Columbia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced it
About this update from Monument Mining Limited
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter of fiscal 2024 production and financial results for the three months ended September 30, 2023. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results). President and CEO Cathy Zhai commented, \"Q1 FY2024 was a significant quarter for Selinsing Gold Mine as we achieved commercial production of gold concentrate from the sulphide plant, which reached 90% of its design capacity. We also improved our operational efficiency by completing the explosive depot, increasing our mining capacity with more drill rigs and operating hours, and generating cash flow from gold concentrate sales. At Murchison, we initiated a review of the project's potential cash flow and exploration plans based on previous drill results, while maintaining our plant and facilities for future production, with fully operational site accommodations and catering facilities.” First Quarter Highlights: The throughput of the Selinsing sulphide gold treatment plant achieved 90% of design capacity for the 30-day period up to August 16, 2023, thereby achieving the requirement for commercial production. Mining capacity increased with ten grade control drill rigs and additional drillers now on site and expanded drilling hours. Completion of explosive depot construction in July 2023 accommodated shortage of explosive deliveries. Cash flow successfully generated throughout the quarterly gold concentrate sales after the first sale occurring in June 2023. Gold produced from the flotation plant: 7,243 ounces (“oz”) of gold produced (Q1 FY2023: nil ounce); 4,607oz gold sold at average realized price of $1,939/oz for an estimated $6.91 million (Q1 FY2023: nil); Cash cost per ounce for gold sold at $847/oz (Q1 FY2023: nil); Gross margin at $3.01 million (Q1 FY2023: nil). All-in sustaining cost (“AISC”) decreased to $957/oz (Q1 FY2023: $ 2,677/oz) (section 15 “Non-IFRS Performance Measures”) when transiting to concentrate production from gold billion production. The AUD$1 million contingency was realized from the 2021 Tuckanarra transaction, when a major milestone of resources was delivered by Odyssey. First Quarter Production and ...