Business
Monument to Increase Gold Production
Mar. 3, 2011 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), ...
About this update from Monument Mining Limited
[{"type":"text","content":"\nMonument to Increase Gold Production\n\n Mar. 3, 2011 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), announces it will proceed with the Phase III expansion plan for its Selinsing mine and gold treatment plant. This expansion will include an additional milling, gravity and leach circuit.Production Increase PlannedHaving successfully reached commercial production with its 400,000 tonne per annum gold treatment plant and building cash reserves, the Company will commence construction of its planned Phase III expansion to lift the gold treatment plant capacity to 1,000,000 tonne per annum.This 250% expansion in production capacity will be funded from current cash reserves, is expected to cost less than C$8,000,000 and will result in a projected pay-back of 3 months from operating cash flow.  The expansion is scheduled to reach practical completion by the end of calendar year 2011 and be in full operation by April 2012. There will be some disruption to the present operations during construction and commissioning of the new equipment, however the Company projects gold production will remain at 40,000 ounces of gold for year ended 30th June 2011 and increase to no less than 50,000 ounces per year for the year ending 30th June 2012. The company will make further announcement on the projected gold production targets from June, 2012 onwards pending plant commissioning and the 2011 exploration program resulting in a new reserve and resource statement.The development and construction of the current mine and processing facility has shown the Company has built the capability to design, permit and construct low cost and efficient treatment facilities. This owner capability will be utilized to project manage the Phase III expansion. General Manager, Kevin Wright who oversaw the construction of the existing mine and mill stated \"this plant will not only provide an increase in production capability and operating efficiency but will also provide necessary operating flexibility for processing blended feed as the operations mature. Extensions to the ore zones identified by our exploration efforts along strike and down dip are likely to produce an increase in variability of ore types and our in-house design team has taken this into account\".Accelerated 2011 Exploration ProgramThe overall objective of th...