Aug 16, 2012
Monument Completed Selinsing Gold Plant Expansion
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" is pleased to announce it has successfully completed the gold processing treatment plant expansion at its Selinsing Gold Mine. The expansion provides greater process flexibility as the mine matures going forward and increases overall milling and treatment capacity to 1,000,000 tonnes of ore per annum.
The Phase III expansion began on September 6, 2011 with budget of $8.1 million and completed in June 2012 on time at total cost of approximately $8.6 million, including installation of an additional crusher, a primary ball mill, three additional leach tanks, and other improvements to the gold room, detox circuit, tailing pipelines and pumping system. The expansion increased capacity of the gold treatment plant from 400,000 tonnes per annum ("tpa") to approximately 1,000,000 tpa. During July 2012 the plant performed at an average of over 90% of designed capacity for more than a period of 30 consecutive days, thereby meeting the requirement for successful commissioning.
The plant expansion also provides the necessary operating flexibility for processing blended feed as the future operations mature when the open pit increases at depth. Monument's exploration programs have identified extensions to the Selinsing and Buffalo Reef ore zones both north and south along strike as well as down dip that consists of a variety of ore mineralogy types.
In conjunction with the plant expansion, an additional $1.7 million was spent to enlarge the tailing storage facility ("TSF") in order to accommodate the increased discharge from the upgraded plant for the next ten years. The final design of the TSF provides a further extension for an additional 10 years, subject to increase in embankment height, bringing total TSF life to twenty years.
"We are pleased with the increased production capacity and flexibility, and very proud of our in-house Selinsing team that designed, built and commissioned the expanded process plant", remarked Robert Baldock, Monument's President and CEO. "Even though the market for capital equipment supply was tight, the Company managed to complete the project within 5% deviation from the budget through its own production cash flow. The increased capacity will enable us to double the amount of ore to be processed in fiscal 2013 comparing to fiscal 2012 when the mill feed grades are expected to be lower".
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the feasibility stage, polymetalic Mengapur project. The Company employs 260 people in Malaysia and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
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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 thisnews release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ 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.