May 13, 2009 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), is pleased to provide an update on the Selinsing Gold Project program. In recent weeks several important milestones have been met:
- Key mine site appointments have been made including Treatment Plant Manager. Other new hires such as Mine Schedule Engineer, Plant Metallurgist, laboratory technicians and other site support staff.
- Construction and hand over of the completed hydro electric power supplied 33kVA/11kVA sub-station to Tenaga Nasional Berhad (TNB - the Malaysian Power operator). The substation designed and built to TNB requirements will be equipped and have the connecting line run by TNB with a target of being energized by early July 2009.
- Contract to mine scheduled to be let during May 2009 for commencement of pre-production mining on 1st June 2009. Contract is for 36 months with 12 monthly extensions by mutual agreement. Mobilization to site scheduled to be completed before current month end.
- Major plant site and earthworks, road and culvert construction in addition to sediment pond excavation and slope re-vegetation were completed.
- Jaw and cone crusher and associated conveyors, hoppers and vibrating screens were being progressively delivered to site from early May 2009 onwards. Civil works and pouring of crusher foundations are well advanced and erection and installation of these items will commence in mid May. The foot print allows for a third crusher for possible future expansion.
- Ball mill civil works and concrete retaining wall and mill foundations have been poured. Mill installation is expected to commence by late May. Foot print allows for potential installation of second mill (already paid for and on site) to be installed later in 2010.
- New site administration office, treatment plant operations office and laboratory have all reached practical completion/and or been occupied and new canteen, new workshop, and spares store are under design/construction.
- Placed long lead item orders for CIL phase tankage fabrication and related equipment for estimated September delivery.
To view recent pictures of the construction progress please visit our web site photo gallery at www.monumentmining.com or contact the company via e-mail at info@monumentmining.com.
The company is working toward an August 2009 commissioning of the gravity section of the treatment plant with a view to continuing construction of the CIL section of the plant in parallel with operation of the gravity circuit. The Company target is to achieve operational status of the gravity section by the end of August 2009, dependent on power supply being provided by TNB on time, and to a lesser extent, minor vendor equipment delivery commitment.
Achievement of this program could potentially mean gold production earlier than the originally scheduled October 2009 completion before the construction program was split into two phases, i.e. the gravity phase then secondly, the CIL phase, targeted to be commissioned in December 2009.
Monument further announces that Lorenzo Trentini (Switzerland) and George Molyviatis (Greece) have tendered their resignations as Director's of Monument. Without the time consuming obligations imposed on these directors they will be better able to attend to their personal matters. While tenancy on Monument's Board of Directors was short (they were appointed in December 2008) Monument appreciates their contribution and thanks them.
Robert F. Baldock, President and CEO
Monument Mining Limited
Park Place, Suite 710, 666 Burrard Street
Vancouver B.C. Canada V6C 3P6
For further information contact:
North America:
Richard Cushing, Investor Relations
Office: 604.638.1661
Cell: 604.889.6563
E-mail: info@monumentmining.com
Website: www.monumentmining.com
Europe:
Wolfgang Seybold, President & CEO, Axino.AG
Office: +49.711.25.35.92.40
Fax: +49.711.25.35.92.55
E-mail: wolfgang.seybold@axino.de
Website: www.axino.de
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Not for distribution to U.S. news wire services or dissemination in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclosures in this release, including management's assessment of the Company's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such.
Forward-Looking Statement
This press release contains forward-looking statements about Monument Mining Limited ("Monument"), its business and future plans, including the contemplated phase I and phase II development plans resulting in the commencement of mining and gold production, and in respect of the dates and amounts projected for these two phases resulting in the plant construction, gold production, gold sales and costs of the Selinsing Project. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of the gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
Source: Monument Mining Ltd.(MMY - TSX-V) (D7Q1 - FWB)
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