Sep. 20, 2010 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), is pleased to announce it has advanced its Selinsing Gold Mine in Pahang State, Malaysia and has now achieved commercial production, effective September 2010.
The board of Monument, in consultation with its auditors, has approved criteria used to determine the point at which commercial production is achieved under Canadian General Accepted Accounting Principles. In reviewing its operational results, the board has resolved that those criteria have been met and the commercial production has therefore been declared.
The announcement of commercial production follows on from a successful commissioning of the newly built 400,000 tpa gold treatment plant comprised of the gravity circuit and the carbon in leach ("CIL") circuit, which has continuously processed open pit ores at an average monthly mill throughput of 30,000 tons with a 90% average total gold recoveries for consecutive 30 days.
Robert Baldock, the Chief Executive Officer and President of Monument commented, "Commencement of commercial production at our Selinsing Gold Mine is a historic milestone for the Company, as it continues to increase shareholder value, and for the mining industry of Pahang State of Malaysia. Monument is starting to make a significant contribution to the sustainable economic development of the region by providing employment opportunities to local people, increasing income per capita in Pahang state, as well as setting high environmental standards."
From the first gold pour on October 31, 2009 to date, a total 21,000 ounces of gold has been produced from the first open pit of the Selinsing Gold Mine. The Company will be providing regular updates on its gold production as part of its quarterly financial disclosure.
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 32,000 acres of highly prospective exploration land.
In conjunction with extensive exploration programs to be implemented 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 year from announcement 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 installation of an additional milling circuit to the existing plant.
Please visit our website at www.monumentmining.com for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 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
www.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
Anne Robert
Account Manager
(Tel) 1-514-880-0184
(Fax) 1-416-868-6198
anne@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
"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, uncertainty to the actual cost of the gold plant construction, 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. 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.
Release # 10 - 2010
Source: Monument Mining Ltd.(MMY - TSX-V) (D7Q1 - FWB)
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