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01 November 2010 |
NEWS RELEASE |
Release # 13 - 2010 |
Monument's Selinsing Gold Mine Opening Ceremony in Malaysia
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" is pleased to announce that the official Selinsing gold mine opening ceremony was held on Thursday 28th October, 2010 and officiated by the Chief Minister of Pahang State Dato' Sri Di Raja Yang Amat Berhormat Dato' Sri Haji Adnan Bin Haji Jaakob. The Company has received congratulations and warm support from the Pahang State Government for its investment and development in Malaysian gold resources.
The Chief Minister of Pahang State along with State Cabinet members, about hundred and twenty state officials and local community leaders were present in the event. Shareholders, the Company's directors and officers, and other guests from Europe, Australia and Canada also participated in the official opening among the approximately five hundred participants. The Selinsing gold mine, owned 100% by Monument, commenced commercial gold production in September 2010 at its first open pit and process plant located in Pahang State, Malaysia.
The Chief Minister thanked Mr. Robert Baldock, President and CEO of the Company for generating royalty revenue for the Government and creating employment opportunities for Pahang State. "Gold mining gave a larger contribution in the economic spill-over to the local community", he said: "We want to assure our investors that the state government will continue to assist in their business ventures". In 2007, the state government awarded the mining permit to Monument's subsidiary Able Return Sdn Bhd and a five years tax holiday from commencement of the commercial production.
Mr. Baldock thanked the Chief Minister, his administration, and the people of Pahang State for their firm and continuing support to the Company, and reassured its continuing commitment to provide employment to local Malaysian people, education scholarship programs to qualified local students, and to continue to keep its high environmental protection standards.
About Monument Mining Limited
Canadian based Monument Mining Limited has two wholly-owned principal properties: Selinsing Gold Mine Project ("Selinsing"); and Damar Buffalo Reef Prospect ("Buffalo Reef"); which are located in Pahang State in the Central Gold Belt District of Malaysia. In addition, the Company recently acquired the Famehub properties comprising 32,000 acres of highly prospective exploration land.
In conjuction with extensive exploration programs at Selinsing, Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is scheduled to produce approximately 40,000 ounces of gold in its first year at an estimated average operating cash cost of approximately $317 per ounce with an initial five year mine life. The gold treatment plant has a current capacity of 400,000 tpa with a proposed capacity expansion through the addition of an additional milling circuit to the existing plant.
Please visit our website at http://www.monumentmining.com/ for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
"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."
Forward-Looking Statement
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, uncertainty to the actual cost of the gold plant construction, 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. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
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