Gold Production of 11,736 ounces
VANCOUVER, Jan. 25, 2012 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today reports its second quarter production results for the three months ended December 31, 2011. Full financial and operating results for the quarter will be released by the end of February 2012. All amounts are in United States dollars unless otherwise indicated.
The second quarter gold production was 11,736 ounces compared to 11,348 ounces for the same quarter in the previous fiscal year, an increase of 3%. The average realized price per ounce of gold sold was $1,652 this quarter compared to $1,391 for the corresponding quarter in the previous fiscal year, an increase of 19%. The average processing recovery rate was 95.3% for the three month period. Cathy Zhai, CFO of Monument Mining, said: "We are pleased with another quarter of consistent production, and a favorable market for gold prices."
| Year ended,
Jun. 30, 2010
| Year ended,
Jun. 30, 2011
| Three months ended,
Sep. 30, 2011
| Three months ended,
Dec. 31, 2011
|Ore mined (tonnes)||662,330||740,909||124,736||128,557|
|Waste moved (tonnes)||2,326,502||2,707,598||719,080||686,995|
|Ore stockpiled (tonnes)||387,545||773,432||813,175||859,011|
|Crushed ore (tonnes)||274,786||355,021||84,993||82,722|
|Ore processed (tonnes)||272,120||351,999||86,343||84,182|
|Average mill feed grade (g/t)||3.08||4.31||4.53||5.25|
|Processing recovery rate||58.7%||92.9%||95.1%||95.3%|
|Ball mill availability (%)||89.2%||96.1%||97.4%||95.8%|
|Gold produced (oz)||13,793||44,438||11,846||11,736|
|Gold sold (oz)||13,793||40,438||8,372||12,765|
|Revenue (in 000's) (1)||$16,316||$56,627||$14,430||$21,084|
|Average realized gold price per ounce||$1,183||$1,400||$1,724||$1,652|
|(1)||Prior to achieving commercial production in September 2010, gold sales and related production costs were capitalized against the Selinsing Gold Property and construction of the gold treatment plant.|
Please visit our website at www.monumentmining.com for more information.
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.
For further information:
|Monument Mining Limited:||Richard Cushing, Investor Relations|
|T: + 1 604 638 1661 x 102|
|CHF Investor Relations:||Robin Cook, Senior Account Manager|
|T: + 1 416 868 1079 x 228|
|Axino AG - Europe:||Wolfgang Seybold, Chairman|
|T: + 49 711 25 35 92 40|