Business
Monument Mining Reports Third Quarter Fiscal 2019 Results
VANCOUVER, British Columbia, May 30, 2019 (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, May 30, 2019 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) today announced its third quarter production and financial results for the three and nine months ended March 31, 2019. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results). President and CEO Cathy Zhai commented: “During the third quarter, the Company completed the feasibility study at Selinsing in January 2019 providing a six-year life of mine. This is the third study released during the current fiscal year following the NI43-101 resource updates on Murchison in July 2018 and Mengapur in October 2018. All together this illustrates the asset value on our balance sheet and has demonstrated our strategies in unlocking value is in the right direction.” Ms. Zhai further commented: “In the third quarter, operations generated positive cash flow at Selinsing even though large cutback costs were incurred to access the transitional ore zone and expenditure on the TSF upgrade to support continuing production at the existing gold processing plant. On the corporate side, we persistently seek funding and development opportunities, and have made progress with potential partnerships.” Third Quarter Highlights: 4,225oz of gold produced (Q3 2018: 6,664oz); 3,732oz of gold sold for gross revenue of $4.59 million (Q3 2018: 4,700oz of gold sold for gross revenue of $6.27 million); Cash cost per ounce (“oz”) of $751/oz (Q3 2018: $656/oz); All-in sustaining cost per ounce (“AISC”) of $1,108/oz (Q3 2018: $841/oz) Gross margin of $1.79 million (Q3 2018: $3.19 million); Selinsing Pit 5/6 mining commenced with large pushback, 352,510 tonnes (“t”) of waste was used to lift the main embankment wall at the Tailing Storage Facilities (“TSF”) to increase capacity; and A NI43-101 Feasibility Study Technical Report completed at Selinsing, establishing economic viability for a six-year life of mine. Third Quarter Production and Financial Highlights Three months ended March 31, Nine months ended March 31, 2019 2018 2019 2018 Production Ore mined (tonnes) 34,826 72,403 121,864 188,312 Waste removed (tonnes) 905,402 279,94...