Gross Sales of $16.6 M from 10,936 Oz Gold Sales
VANCOUVER, Aug. 8 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" today reports its fourth quarter production results for the quarter ended June 30, 2011. Full financial and operating results for the year will be released by the end of September 2011. All amounts are in United States dollars unless otherwise indicated.
Twelve Quarter Quarter Quarter Quarter Twelve
months, 1, 2, 3, 4, months,
Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Jun. 30,
2010 2010 2010 2011 2011 2011
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Mining
Ore Mined
(tonnes) 662,330 203,150 159,681 140,736 237,341 740,908
Waste
moved
(tonnes) 2,326,502 615,937 649,584 741,109 700,968 2,707,598
Ore
Stockpiled
(tonnes) 387,545 499,589 570,719 623,130 773,432 773,432
Process
Crushed ore
(tonnes) 274,786 91,106 88,552 88,325 87,038 355,021
Ore
Processed
(tonnes) 272,120 89,834 87,845 87,780 86,540 351,999
Average
mill feed
grade (g/t) 3.08 4.08 4.41 4.18 4.58 4.32
Processing
recovery
rate 58.7% 90.0% 93.7% 93.7% 94.1% 92.9%
Ball mill
availability
(%) 89.2% 94.6% 96.1% 97.1% 96.6% 96.1%
Sales
Gold
produced
(oz) 13,793 9,050 11,348 11,904 12,136 44,438
Gold Sold
(oz) 13,793 8,650 10,148 10,704 10,936 40,438
Revenue
(in 000's)
(1) $16,316 $10,863 $14,115 $15,031 $16,618 $56,627
Average
realized
gold price
per ounce $1,183 $1,256 $1,391 $1,404 $1,520 $1,400
(1) Prior to achieving commercial production in September 2010, gold
sales and related production costs were capitalized against the
Selinsing Gold Property and construction of the gold treatment plant.
Mr. Robert Baldock, the CEO and President of Monument stated: "The quarter four production results from Selinsing Gold Mine continue the trend of steady plant operation with increased mining tonnage.
The Company's fiscal 2011 gold production result of 44,438 ounces represents an 11% increase on our annual budget. This gold production was derived from an annual processing plant throughput of 351,999 tonnes with a gold processing recovery rate of 92.9%. Encouragingly, the recovery rate represents a 7% increase on the projected rate of 87.0% reported in the NI43-101 report published in November, 2007 by Snowden."
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, in the main continuous and contiguous with the Selinsing ore body or nearby to the Selinsing gold processing facility.
In conjunction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is scheduled to increase its annual production rate to approximately 55,000 ounces of gold inside its first full year of commercial production with an estimated average operating cash cost of approximately $317 per ounce. The phase III capacity expansion of the present 400,000 tpa gold treatment plant to 1,000,000 tpa through the addition of an additional milling circuit is targeting completion in May 2012. The Company has recently announced that construction has commenced on the processing plant expansion and the expansion of the tailings storage facility to enable throughput of approximately 1,000,000 tpa for 10 years commencing from May 2012.
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
"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. The following are some of the assumptions upon which forward-looking information is based: the 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.