Sep 20, 2010
Monument Achieves Commercial Gold Production
Release # 10 - 2010
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" 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 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
Monument Mining Limited
(Tel) +1 604 638 1661 ext. 102
(Fax) +1 604 638 1663
CHF Investor Relations
Senior Account Manager
(Tel) 1-416-868-1079 ext. 228
Wolfgang Seybold President and CEO
(Tel) +49 711 25 35 92 40
(Fax) +49 711 25 35 92 55
"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."
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.