Apr. 21, 2010 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), "Monument" or the "Company" reports that the gravity circuit of the 400,000 tpa gold treatment plant continues to operate at its design capacity. As a result of defective CIL tank agitators, commissioning of the CIL circuit is delayed to the fourth fiscal quarter. The gold treatment plant is situated at Monument's Selinsing Gold Project in Pahang State, Malaysia.
The gravity circuit continues to operate to design. A total of 7,200 ounces of gold has been poured from the gravity plant.
The delay in commissioning of the CIL circuit has been caused by the late delivery of the CIL tank agitators, which were subsequently determined to be defective.
The supply, delivery, installation and commissioning of the replacement equipment is estimated to be completed and in service by the end of June 2010, resulting in an approximate 6 month delay from the original target date set by Monument. Monument will continue to operate the phase 1 gravity circuit until the CIL circuit is available.
Monument is of the opinion that its previously announced $12 million financing should close within the next month. Upon the closing of the financing, Monument will recommence its exploration activities, the acquisition of additional exploration lands and the preparation of an updated 43-101 resource statement 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:
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 and 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.
Release # 2 - 2010
Source: Monument Mining Ltd.(MMY - TSX-V) (D7Q1 - FWB)
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