Q4 produced 10,327oz gold bringing the annual total to 44,585oz
VANCOUVER, July 30, 2012 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" today reports its fourth quarter production result for the period ended June 30, 2012. Full financial and operating results for the year will be released by the end of September 2012. All amounts are in United States dollars unless otherwise indicated.
|Three month ended June30||Twelve month ended June 30,|
|Ore Mined (tonnes)||237,342||108,420||740,909||501,882|
|Waste moved (tonnes)||700,968||619,502||2,707,598||2,770,492|
|Ore Stockpiled (tonnes)||773,432||920,633||773,432||920,633|
|Crushed ore (tonnes)||87,038||103,134||355,021||354,681|
|Ore Processed (tonnes)||86,540||110,708||351,999||364,680|
|Average mill feed grade (g/t)||4.58||3.87||4.31||4.24|
|Processing recovery rate||94.1%||91.1%||92.9%||93.7%|
|Ball mill availability (%)||96.6%||92.0%||96.1%||95.0%|
|Production and Sales|
|Gold produced (oz)||12,136||10,327||44,438||44,585|
|Gold Sold (oz)||10,936||8,500||40,438||36,938|
|Revenue (in 000's)||$15,031||$13,801||$56,627||$61,709|
|Average realized gold price per ounce||$1,520||$1,624||$1,400||$1,671|
Gold production for Q4, fiscal 2012 was in line with Q3, however, was reduced from Q1 and Q2 and Q4 of fiscal 2011 due to lower average mill feed grade. Fiscal 2012 gold production totaled to 44,585oz in line with fiscal 2011 but below expectation of 55,000oz mainly due to lower gold recovery that occurred during ramp up of tonnage through the new primary ball mill, downtime caused by commissioning of the phase III plant expansion, and transformation from oxide ore to transition (mixed) ore and plant changeover to better process sulfide ore.
Ore processed during Q4 reached 110,708 tonnes, a 19% increase compared to average mill feed of 84,700 tonnes per quarter as a result of the new primary ball mill commissioned during Q4, which, upon reaching full commercial production, shall bring total mill feed more than 2,500 tonnes a day, or 900,000 a year. The availability of the secondary ball mill was reduced during the quarter due to commissioning of the phase III expansion including the primary ball mill and a major power outage from the power supplier. A total of 364,680 tonnes of ore were processed during the year ended June 30, 2012, increasing by 12,681 tonnes or 3.6% over fiscal 2011.
Gold sales for fiscal 2012 were 36,938 ounces as compared to 40,438oz in fiscal 2011 due to timing; however, revenue was $61,709,000 compared to $56,627,000, $5,082,000, or 9.0% higher, resulting from a higher average realized gold price of $1671 per ounce this year as compared to $1,400 per ounce in fiscal 2011.
"We are nearing completion of the Phase III plant expansion to one million tonnes per year capacity and are currently fine tuning the plant for the increased throughput" commented Mr. Charlie Northfield, Selinsing Gold Mine General Manager. "We expect to continue to ramp up throughput in the coming months to full capacity by Q2, 2013 as we make circuit changes to accommodate the changing ore characteristics to more sulfidic ores from transition ores that have been predominant over the last 12 months."
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
"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 different 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:
visit the company web site at www.monumentmining.com or contact:
Nick Kohlmann, MMY Toronto
Richard Cushing, MMY Vancouver
T: +1-604-638-1661 x102
Anne Robert, CHF IR
T: +1-514- 826-8121
Wolfgang Seybold, Axino AG-Europe
T: +49 711-2535-92 40