Monument Reports Record Second Quarter Gold Production of 15,902 Ounces
Gross Revenue of $19.6 million from Sale of 11,353 Ounces of Gold
VANCOUVER, Jan. 11, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced its second quarter operating results for the three months ended December 31, 2012. Full financial and operating results for the quarter will be released by the end of February 2013. All amounts are in United States dollars unless otherwise indicated.
Second Quarter 2013 Operating Results
|Three months ended December 31||Six months ended December 31|
|Ore mined (tonnes)||184,197||128,557||285,851||253,293|
|Ore processed (tonnes)||209,626||84,182||434,268||170,525|
|Average mill feed grade (g/t)||2.88||5.25||2.41||4.89|
|Processing recovery rate||89.1%||95.3%||87.6%||95.2%|
|Gold recovery (oz)||17,289||13,544||29,530||25,500|
|Gold produced (oz)||15,902||11,736||26,808||23,582|
|Gold sold (oz)||11,353||12,765||23,905||21,137|
|Average realized gold price/ounce sold||$1,730||1,652||1,692||1,680|
Gold recovery from the Selinsing gold processing plant for the second quarter ended December 31, 2012 was 17,289 ounces, a 28% increase compared to 13,544 ounces for the same period of fiscal 2012, mainly due to the increase in processing capacity as a result of the recent plant expansion. The benefit realized through the increase in tonnes processed was offset by a drop in feed grade and processing recovery rate. Both of these declines are expected in the mine plan and are driven by the transition from Oxide to Sulphide ore. Gold production (defined as good delivery gold bullion according to London Bullion Market Association ("LBMA")), net of gold dore in transit and refinery adjustment, was 15,902 ounces of gold, an increase of 35.5% compared to 11,736 ounces for the same period of fiscal 2012.
For the six months ended December 31, 2012 gold recovery increased by 16% to 29,530 ounces and gold produced increased by 14% to 26,808 ounces, compared to the same fiscal 2012 period. These increases are also a result of the increased mill throughput offset by lower feed grade and recovery rate.
Robert Baldock, President and CEO of Monument, commented: "The increase in gold production is a direct result of the plant expansion and our team's dedicated efforts to commission and fine tune the expanded process plant. The expansion was financed from cash flow and now we are seeing the payback in the bottom line."
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 development stage, Mengapur Polymetalic 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
"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 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.
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