VANCOUVER, Jan. 10, 2014 /CNW/ - Monument Mining Limited (TSXV: MMY) (FSE: D7Q1) ("Monument" or the "Company") today announced that it has filed materials for its upcoming Annual General Meeting in which the Company outlines its progress and performance over the past year, and its priorities for future growth.
Monument's objective and underlining implementation strategies are expressed in its Fiscal 2013 Annual Report as to increase shareholder value by building up a mineral property pipeline through acquisitions, exploration, development and production while mitigating associated business risk. By accomplishing this objective the Company plans to ultimately become a sustainable dividend paying, mid-tier gold and base metals producer.
Robert F. Baldock, Monument's President and CEO, summarized the Company's priorities, achievements over the past year and its outlook going forward:
"Fiscal 2013 was both fruitful and challenging. We were able to increase gold production at Selinsing, and our team continues to demonstrate its ability to operate the gold production efficiently and at a low cash cost. We also made considerable progress at Mengapur in exploration and development, and anticipate the completion of a Preliminary Economic Assessment for the entire Mengapur Project in fiscal 2014. Further, we concluded a plan to move towards the production of magnetite from fresh rock that underlies the free digging soils – we believe this is a significant new market opportunity for the Company and expect a quick cash flow. Looking ahead, while market volatility remains present, these challenges also produce opportunities. We initiated property investigations targeting both low cost advanced projects and highly prospective properties in districts with rich historical production to enhance our mineral property pipelines, including the announced Murchison Project in Western Australia. We expect to close the Murchison acquisition shortly and to move quickly towards placing it into production as planned. Our experienced Board and management team have the proven ability to deliver on our corporate objectives and with determination we will persistently pursue continued prudent, disciplined growth."
Fiscal 2013 Highlights
In fiscal 2013 Monument made solid progress on its strategy. Highlights include:
- Continued to produce cash flow from low cost gold production at its Selinsing project. Fiscal 2013 gold production increased by 19% from the previous year and revenue increased by 48% while average cash costs were US$400 per ounce, among the lowest in the industry. As a result of aggressive drilling activity, the Company also released a NI 43-101 technical report which describes an extended life of the Selinsing mine.
- Acquired the remaining 30% interest of the Mengapur Project, completed a large drilling program and a completed a number of on-site infrastructure projects such as camps and a certified laboratory, which will allow the Company to move quickly towards downstream production as planned.
- Initiated property investigations in Australia in conjunction with its development work in Malaysia, aimed at increasing the Company's resource base and diversify risk. As a result, on January 7, 2014 subsequent to fiscal 2013 year end, the Company announced a non-dilutive, all-cash agreement to acquire the Murchison Gold Project in Western Australia, including a land package, a fully operational gold processing plant, and all necessary mining infrastructures. The Company believes the project has significant prospective gold production potential, based on historical resource estimates and records of previously operated mines.
Said Mr. Baldock: "Through our renewed development plan for the Mengapur Polymetallic Project and our announced agreement to acquire the Murchison Gold Project, we have built a strong asset base and positioned the Company for a much larger scope of production. We look forward to applying our proven experience to deliver returns on our investments in these properties, while continuing to deliver sustainable production at our existing gold mine."
Mr. Baldock concluded: "We cannot be successful without our stakeholders' support. I would like to thank our shareholders, our business partners, local government and communities where we operate, and our employees for their ongoing support to our board and management. We will continue to work hard for the benefit of all Monument's stakeholders."
The documents filed today by Monument were mailed to shareholders and are available on SEDAR (www.sedar.com) and the Company's website (www.monumentmining.com). Monument urges shareholders to read these documents carefully and vote their shares in favour of the resolutions put forward by Monument's Board of Directors at the Annual General Meeting which will be held at 910 - 688 West Hastings Street, Vancouver, British Columbia, on Friday, February 7, 2014 at 9:00 A.M, Pacific Time.
Your vote is important regardless of the number of shares you own. Monument encourages Shareholders to read the meeting materials in detail. A copy of the Circular is available on the Company's website at www.monumentmining.com or on SEDAR at www.sedar.com.
YOUR VOTE IS IMPORTANT. PLEASE VOTE TODAY.
The board of directors of Monument recommends that Shareholders vote IN FAVOUR of all proposed items.
How to Vote
As time is of the essence, Shareholders are encouraged to vote via the internet or by telephone.
Registered Shareholders (shareholders who hold Monument shares in their name and represented by a physical certificate) may vote in person at the meeting, by mail or by using one of the following methods:
1. Internet: vote online at www.investorvote.com using the control number located on your proxy
2. Telephone: 1-866-732-8683 (toll free in Canada and US) / 312-588-4290 (international)
3. Facsimile: 1-866-249-7775 (toll free in Canada and US) / 416-263-9524 (International)
Beneficial Shareholders (shareholders who hold Monument shares through a bank, broker or other intermediary) will have different voting instructions and should carefully follow the voting instructions provided to them.
Shareholders who have questions or have not received their proxy or voting instruction form may contact the Proxy Solicitation Agent below.
Laurel Hill Advisory Group
Toll free: 1-877-452-7184 (416-304-0211 collect outside Canada and the US)
Email: [email protected].
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 100% owned, development stage, Mengapur Polymetallic Project. The Company employs 330 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 management discussion and analysis 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.
SOURCE: Monument Mining Limited
For further information: Visit the company web site at www.monumentmining.com or contact: Nick Kohlmann, MMY Toronto, T: +1-647-478-3594, [email protected]; Richard Cushing, MMY Vancouver, T: +1-604-638-1661 x102, [email protected]; Wolfgang Seybold, Axino AG-Europe, T: +49 711-2535-92 40, [email protected]