VANCOUVER, Nov. 6, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced its first quarter operating results for the three months ended September 30, 2013. Full financial and operating results for the quarter will be released by the end of November 2013. All amounts are in United States dollars unless otherwise indicated.
First Quarter 2014 Operating Results
|Three months ended September 30|
|Ore mined (tonnes)||150,185||101,654|
|Ore processed (tonnes)||235,809||224,643|
|Average mill feed grade (g/t)||1.56||1.98|
|Mill utilization (%)||91.3%||95.6%|
|Processing recovery rate (%)||79.7%||85.6%|
|Calculated gold content (oz)||9,443||12,240|
|Gold poured (recovered) (oz)||9,632||12,655|
|Gold production(1) (oz)||10,515||10,906|
|Gold sold (oz)||12,238||12,552|
|Revenue (US$ 000's)||$16,002||$20,805|
|Average realized gold price (US$/ounce sold)||$1,308||$1,658|
|(1) Defined as good delivery gold bullion according to London Bullion Market Association ("LBMA"). The variance between gold produced and gold poured (gold dorè) is mainly due to timing of refinery.|
During the quarter Monument sold 12,238 ounces of gold, a decrease of 2% compared to Q1 fiscal 2013 sales of 12,552 ounces, at an average realized price of $1,308 per ounce, representing a decrease of $350 per ounce or 21% compared to $1,658 per ounce realized in the first quarter of fiscal 2013 due to prevailing lower market prices. During the quarter the gold price was very volatile dropped to $1,192 per ounce, and appreciated by 11% to the close at September 30, 2013 of $1,327 per ounce. The gold price reached a high of more than $1,420 per ounce during August.
Ore mined for the three months ending September 30, 2013 was 150,185 tonnes which is a 48% increase compared to the same fiscal 2013 period. The tonnage increase is due to the additional ore mined from the Buffalo Reef South Pit. Ore processed during the quarter was 235,809 tonnes. This is a 5% increase compared to Q1 fiscal 2013 as a result of processing a greater amount of reclaimed gravity tails, offset by 120 hours of unscheduled plant shutdown. The non-recurring plant shutdown negatively impacted throughput and subsequently quarterly gold production as a result. Mill utilization is expected to return to above the historical average of 95% in the second quarter of fiscal 2014.
Calculated gold content for the first quarter ended September 30, 2013 was 9,443 ounces, a 23% decrease compared to 12,240 ounces for the same fiscal 2013 period. Actual gold poured (recovered) for the quarter was 9,632 ounces, a 24% decrease compared to 12,655 ounces for the same period of the 2013 fiscal year. The decreases are a direct result of lower feed grade, processing recovery rate and the non-recurring unscheduled plant shutdown outlined above. Strong focus and efforts have been made to improve the recovery rate throughout the quarter, resulting in an increase to 82.5% in September, up 17% over August.
Gold production for the quarter was 10,515 ounces of gold, a decrease of 4% compared to 10,906 ounces of gold production for the same period of fiscal 2013. This slight decrease is a result of decreased gold poured during the quarter, net of gold dorè in transit and refinery adjustment.
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 336 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.
SOURCE: Monument Mining Limited
For further information:
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]