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Monument Mining Reports Second Quarter Fiscal 2023 Results Gross Revenue of US$5.87 Million and Cash Cost of US$1,507/Oz
VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced i
About this update from Monument Mining Limited
[{"type":"text","content":" VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its production and financial results for the second quarter of fiscal 2023 and the six months ended December 31, 2022. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results). President and CEO Cathy Zhai commented, “I am pleased to report during the second quarter our Selinsing Gold Mine has filtered first gold concentrates with completion of dry/wet flotation plant commissioning. The ramp up period commenced subsequent to the second quarter yet to bring the project to commercial production.” Second Quarter Highlights: First gold filtered concentrate produced on December 27, 2022; total production was 126 dry tonnes with gold content of 177 oz; Dry and wet commissioning completed, and ore commissioning continued into the next quarter; Selinsing gold bullion production ceased in mid of November 2022 with gold in circuit yet to be cleaned up; 1,498 ounces (“oz”) of gold bullion produced (Q2 FY2022: 1,683oz); 3,350 ounces (“oz”) of gold bullion sold for $5.87 million (Q2 FY2022: 2,873oz for $5.05 million); Average quarterly gold price realized at $1,753/oz (Q2 FY2022: $1,828/oz); Cash cost per ounce sold was $1,507/oz (Q2 FY2022: $1,810/oz); Gross margin increased to $0.82 million (Q2 FY2022: negative $0.15 million); All-in sustaining cost (“AISC”) decreased to $1,627/oz (Q2 FY2022: $2,146/oz) (section 15 “Non-IFRS Performance Measures”). Second Quarter and Six Months Production and Financial Highlights Three months ended December31, Six months ended December 31, 2022 2021 2022 2021 Production Ore mined (t) 108,860 85,209 216,251 160,181 Waste removed (tonnes) 2,108,615 1,770,975 3,708,652 3,713,309 Ore processed (tonnes) 72,391 129,000 204,838 285,611 Average mill feed grade (g/t) 1.14 0.56 1.07 0.55 Processing recovery rate (%) 40 % 63 % 44 % 64 % Gold bullion production (1) (oz) 1,498 1,683 3,563 2,726 Gold bullion sold (oz) 3,350 2,873 3,750 4,296 Gold con...