Jul. 20, 2010 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), reports that new CIL (Carbon in Leach) tank agitators have been received and installed at the CIL circuit of the gold treatment plant at its 100% owned Selinsing Gold Mine Project in Pahang State, Malaysia. Commissioning of the CIL circuit is now in its final stages and the Company is preparing for full commercial production.
Construction of the gold treatment plant with 400,000 tons annual capacity was fully completed in December 2009. Since then the gravity circuit of the plant has continued to operate at designed capacity and has produced a total of 18,800 ounces of gold. New agitators have now been installed in the CIL circuit and are performing satisfactorily. They replace the defective ones that were the cause of the delay in start up of the CIL circuit. The operation of the full plant is progressively meeting designed specifications. The Company is fast tracking towards commercial production.
Financing Update
Monument continues to work with the lenders and it is Management's opinion that the previously announced $12 million financing will be closed within the next couple of weeks. Upon the closing of the financing, Monument will recommence its exploration activities; close the acquisition of additional exploration lands and update the NI43-101 report for the Damar Buffalo Reef Prospect.
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 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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