VANCOUVER, Sept. 30, 2015 /CNW/ - September 24, 2015, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" reports that it has completed construction of the Intec Pilot Plant and placed it into commissioning at the Selinsing gold mine site in Malaysia. The pilot plant was built as a part of the Intec Trial Testing Program to exploit Intec's sulphide dissolution and gold recovery technology using the existing Selinsing Gold Processing Plant under the Interim Intec license. An exclusive license of Intec Technology over South East Asia ("SEA") territory will be granted upon success of the Commercial Intec Trial Testing Program described below.
The pilot plant has been constructed in-house using local Malaysian fabrication firms with technical and engineering specifications supplied by DCS Technical Services Pty. Ltd. of Australia, the main technical consultants for the Intec Process. The design of the pilot plant circuit is based on the first stage extensive metallurgical and chemical laboratory test work completed by the in-house Monument Research and Development ("R&D") team, which has successfully demonstrated the technical ability of the Intec technology to dissolve sulphides and recover gold from the sulphide material on a bench scale test work program in the Selinsing laboratories.
The pilot plant trial testing work will run for several weeks under different parameters including using different sulphide feed stock materials. The purpose is to demonstrate two main aspects of the process; that the bench scale batch test work results can be duplicated in a continuous flow process and that the process can be successfully scaled-up. Photos of the pilot plant will be available on the Company web site shortly after the tests conclude.
The Company will consolidate all technical results from pilot plant test work in a comprehensive internal technical report by the end of November 2015. In order to satisfy both the independence and technical QA/QC aspects of the results, Orway Mineral Consultants (WA) Pty Ltd of Perth, Western Australia have been engaged to oversee and observe the pilot plant operation and critically review technical and financial OPEX and CAPEX results for Monument by end of December 2015. It is anticipated that the results of the Intec Pilot Plant trial test work will be included in an updated NI43-101 technical report, targeted for release by end of April or early May, 2016.
The parameters identified through the stage II pilot trial testing work will form a base for a further stage III "demonstration plant test work program", following by a stage IV "full scale commercial plant construction". The test work results from each stage will be evaluated and "go" or "no go" decision to a next stage will be made at the sole discretion of Monument upon satisfaction of the technical and economic outcomes.
The Monument R&D team have been working on the Intec program for more than 12 months, having started before the Intec Agreement was signed, as part of their due diligence on the process. The Intec Process has been the focus of Monument's effort to provide a technology that has the ability to process sulphide gold material economically at the Selinsing gold mine – and potentially elsewhere. If successful it will extend the life of the project using the existing Selinsing process facility and infrastructure well into the future. Based on the Intec success in sulphide dissolution and gold recovery results, the test work program will then be extended to exploit Intec technology to sulphide copper and other base metals.
Michael John Kitney, Ass Met, M.Sc., MAusIMM has reviewed and approved the scientific and technical disclosure in the news release as a Qualified Person under NI43-101 standards.
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 300 people in both regions 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 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
"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 includes statements containing forward-looking information about Monument, its business and future plans ("forward-looking statements"). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company's plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. 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". 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: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding 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; assumptions and expectations regarding the results of exploration on the Company's projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are 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 statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
SOURCE Monument Mining Limited
For further information: Visit the company web site at www.monumentmining.com or contact: Richard Cushing, MMY Vancouver, T: +1-604-638-1661 x102, [email protected]; Wolfgang Seybold, Axino GmbH, T: +49 711-82-09-7211, [email protected]