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Mar. 1, 2011 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), "Monument" or the "Company" today announces its second quarter financial results for the period ended December 31, 2010. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for Q2 full financial results).
Second Quarter Highlights include:
* Gross Revenue of $14.1 million generated from gold sales of 10,148 ounces at an average price of $1,391 per ounce;
* Gold production of 11,348 ounces produced at average cash cost of $265 per ounce;
* A positive net working capital of $38.5 million;
* The Phase III conceptual plant extension planning was continued at Selinsing Gold Project targeting doubling of production capacity; and
* The initial setup work was undertaken at the Selinsing and Buffalo Reef properties to re-commence the next 12 months $3.4 M exploration programs.
President and CEO Robert Baldock stated: "This is a satisfactory result and in line with our business plan. The Company is on track to deliver its targeted 40,000 ounces of gold in its first year of commercial production. The Company has built a team that has demonstrably delivered, and is now working on an expansion plan, details of which are to be announced shortly."
Production Statistics
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June 30, Three months, Three months, Six months,
2010 Sep.30, 2010 Dec. 31, 2010 Dec 31, 2010
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Mining
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Ore Mined
(tonnes) 662,330 203,150 159,681 362,831
Waste moved
(tonnes) 2,326,502 615,937 649,584 1,265,521
Ore
Stockpiled
(tonnes) 387,545 499,589 570,719 570,719
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Process
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Crushed ore
(tonnes) 274,786 91,106 88,552 179,658
Ore Processed
(tonnes) 272,120 89,834 87,845 177,679
Average mill
feed grade(g/t) 3.08 4.08 4.41 4.24
Processing
recovery rate 58.7% 90.0% 93.7% 91.9%
Ball mill
availability(%) 89.2% 94.6% 96.1% 95.4%
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June 30, Three months, Three months, Six months,
2010 Sep.30, 2010 Dec. 31, 2010 Dec 31, 2010
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Gold
produced (oz) 13,793 9,050 11,348 20,398
Gold Sold
(oz) 13,793 8,650 10,148 18,798
Revenue
(in 000's) - 6,611 14,119 20,731
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Cash cost
(US$/oz)
Mining 64 50 52 51
Processing 90 90 142 118
Royalties 62 62 69 66
Operations 0 0 2 1
Total Cash
cost (US$/oz) 216 202 265 236
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Financial Results and Discussion
For the three months ended December 31, 2010, the Company had gold sales of $14,119,390 produced 11,348 ounces of gold and sold 10,148 ounces of gold at an average realized price of $1,391 from its Selinsing Gold Mine. The operation generated an income of $9,970,350 net of operating and corporate expenses, or $0.06 per share. This result was offset by other losses mainly due to changes in fair value of estimated derivative liabilities of $3,961,789 using a Black-Scholes financial model, together with foreign exchange loss of $115,703 and accretion expense of $453,092 to produce a net income of $5,469,122 or $0.03 per share, compared to a net loss of ($771,015) or ($0.00) per share, reported for the corresponding period in fiscal 2010.
About Monument Mining Limited
Canadian based Monument Mining Limited has two wholly-owned principal properties: Selinsing Gold Mine Project ("Selinsing"); and Damar Buffalo Reef Prospect ("Buffalo Reef"); which are located in Pahang State in the Central Gold Belt District of Malaysia. In addition, the Company recently acquired the Famehub properties comprising an additional 32,000 acres of prospective exploration land. The Company now holds a large exploration land package nearby its gold producing property.
In conjuction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is scheduled to produce approximately 40,000 ounces of gold in its first full year of commercial production at an estimated average operating cash cost of approximately $317 per ounce with an initial five year mine life. The gold treatment plant has a current capacity of 400,000 tpa with a proposed capacity expansion through the addition of an additional milling circuit to the existing plant in the future.
Please visit our website at www.monumentmining.com for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
Monument Mining Limited
Richard Cushing
Investor Relations
(Tel) +1 604 638 1661 ext. 102
(Fax) +1 604 638 1663
rcushing@monumentmining.com
CHF Investor Relations
Robin Cook
Senior Account Manager
(Tel) 1-416-868-1079 ext. 228
(Fax) 1-416-868-6198
robin@chfir.com
www.chfir.com
Axino AG
Wolfgang Seybold
President and CEO
(Tel) +49 711 25 35 92 40
(Fax) +49 711 25 35 92 55
wolfgang.seybold@axino.de
www.axino.de
www.monumentmining.com
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Statement
This news release contains forward-looking statements about Monument Mining Limited ("Monument"), its business and future plans. 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 news 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, the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument. statements regarding the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Source: Monument Mining Ltd.(MMY - TSX-V) (D7Q1 - FWB)
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