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Monument Mining Reports Third Quarter Fiscal 2023 Results
VANCOUVER, British Columbia, May 31, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its
About this update from Monument Mining Limited
[{"type":"text","content":" VANCOUVER, British Columbia, May 31, 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 third quarter of fiscal 2023 and the nine months ended March 31, 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, “I am pleased to report that during the third quarter our Selinsing Gold Mine in Malaysia commenced sulphide production. With off-take agreements now secured, and the first batch of gold concentrate ready for sale after the end of the quarter, cashflows are expected to be higher in future quarters, underpinned by ongoing improvements in sulphide plant performance towards full production. The Company will use the cash generated from the sulphide concentrate sales for the development of the Murchison Gold Project in Western Australia and other corporate development initiatives.” Third Quarter Highlights: Selinsing sulphide flotation plant has begun its ramp up production phase, during which deficiencies were identified and addressed through an action plan. New mining fleet arrived to enhance mining rates. Off-take agreements were secured with competitive commercial terms. Export permits granted to multiple buyers late in May after the quarter end; the first batch of gold concentrate production of 2,000 Dry Metric Tonnes (“DMT”) is in progress for sale. Gold bullion production: 104 ounces (“oz”) of gold was cleaned up and poured from the gold in circuit; 1,400 ounces of gold bullion sold for $2.63 million (Q3 FY2022: 3,270 ounces for $6.16 million); Average realized quarterly gold price of $1,878/oz (Q3 FY2022: $1,911/oz excluding gold prepaid delivery); Cash cost per ounce gold bullion sold of $1,580/oz (Q3 FY2022: $1,835/oz); Gross margin increased to $0.42 million (Q3 FY2022: $0.16 million); All-in sustaining cost (“AISC”) decreased to $1,940/oz (Q3 FY2022: $2,248/oz) (section 15 “Non-IFRS Performance Measures”). Gold concentrate production: 2,107 DMT of gold concentrate produced containing 2,412 ounces of gold. Third Quarter and Nine Months Production and Financial Highlights Three months endedMarch 31, Nine months ended March 31, 2023 2022 2023 202...