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Monument�s 2012 Second Quarter Results
Gross Revenue of $21.1M from 12,765 Oz Gold Sales at Cash Cost $307/Oz

 

Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) �Monument� or the �Company� today announces its second quarter financial results for the period ended December 31, 2011. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for Q2 full financial results).

Second Quarter Highlights include:

  • Record gold production of 11,736 ounces at an average cash cost of $307 per ounce;
  • Revenue of $21.1 million generated from gold sales of 12,765 ounces at an average price of $1,652 per ounce;
  • Net operating income of the Company of $14.8 million or $0.08 per share compared to $10.1 million or $0.06 per share for the same quarter in fiscal 2011;
  • 50% increase in cash from operating activities before changes in non-cash working capital over the same quarter in fiscal 2011;
  • Strong liquidity position - a positive net working capital of $80.9 million from gold sales and a previous financing. 

President and CEO Robert Baldock stated �Production results for the 2nd quarter of 2012 continued in line with previous quarters and the Company is targeting production of up to 55,000 ounces of gold for the fiscal year ending June 30, 2012. Management is working to further develop the Company�s pipeline of projects in 2012 through development and construction projects and continued exploration drilling.�
 
Production and Statistics

 

 

 

 

 

Year ended,
 Jun 30,  2010

Year ended,
 Jun 30, 2011

Three months ended
Sep 30, 2010

Three months ended
Sep 30, 2011

Three months ended
Dec 31, 2010

Three months ended
Dec 31, 2011

Mining

 

 

 

 

 

 

Ore mined (tonnes)

662,330

740,909

203,150

124,736

159,681

128,557

Waste removed (tonnes)

2,326,502

2,707,598

615,937

719,080

649,584

686,995

Stripping ratio

3.51

3,65

3.03

5.76

4.07

5.34

Ore stockpiled (tonnes)

387,545

773,432

499,589

813,175

570,719

859,011

 

 

 

 

 

 

 

Process

 

 

 

 

 

 

Crushed ore (tonnes)

274,786

355,021

91,106

84,993

88,552

82,722

Ore processed (tonnes)

272,120

351,999

89,834

86,343

87,845

84,182

Average mill feed grade (g/t)

3.08

4.31

4.08

4.53

4.41

5.25

Processing recovery rate

58.7%

92.9%

90.0%

95.1%

93.7%

95.3%

 

 

 

 

 

 

 

 

 
Financial Results

 

 

 

 

 

Year ended,
 Jun 30,  2010(1)

Year ended,
 Jun 30, 2011

Three months ended
Sep 30, 2010

Three months ended
Sep 30, 2011

Three months ended
Dec 31, 2010

Three months ended
Dec 31, 2011

Gold produced (oz)

13,793

44,438

9,050

11,846

11,348

11,736

Gold sold (oz)

13,793

40,438

8,650

8,372

10,148

12,765

 

 

 

 

 

 

 

Revenue, ($000)(2)

$16,316

$56,627

$10,863

$14,430

$14,119

$21,084

Average realized gold price ($/oz)

$1,183

$1,400

$1,256

$1,724

$1,391

$1,652

Total cash cost ($/oz)

216

242

199

297

262

307

 

 

 

 

 

 

 

Net operating income (loss), ($000)(3)

$(2,635)

$35,457

$4,508

$9,925

$10,115

$14,780

Earnings per share (EPS) - basic

$(0.02)

$0.21

$0.03

$0.06

$0.06

$0.08

 

 

 

 

 

 

 

Net income (loss), ($000)

$(3,035)

$37,028

$1,118

$12,038

$4,594

$27,138

EPS, basic

$(0.02)

$0.22

$0.01

$0.07

$0.03

$0.15

EPS, diluted

$(0.02)

$0.20

$0.01

$0.06

$0.02

$0.14

 

 

 

 

 

 

 

 
(1)     The information on operating results for the year ended June 30, 2010 has not been restated to conform to IFRS and is presented with Canadian GAAP.
(2)     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. 
(3)     Net operating income is a non-GAAP measure and represents the Company�s income (loss) before other items: the change in fair value of derivative liabilities, net realized gain on forward gold sale, foreign currency exchange gain (loss), Interest income and accretion interest on convertible note.
 
Operating performance

The financial results show the steady gold production with increased average mill feed grade, processing recovery rates, and more efficient operations. The higher average realized gold price led to higher gold sales. The cash costs were higher this quarter mainly is due to royalty paid on restricted gold deposited as a security pledge on designated metal accounts, which was not required to be paid before. The net income was also impacted by other income comprised of changes in fair value on derivative liabilities and fair value of a forward contract.

For the second quarter of fiscal 2012, the gold production from the Selinsing Gold Project generated an income of $14,779,551 net of operating and corporate expenses, or $0.08 per share, an increase of $4,664,378, or $0.02 per share compared to $10,115,173 or $0.06 per share in the corresponding period in fiscal 2011. The favorable operational results was due to a combination of gold production, the full commercial production period verse the partial commercial production period over the same quarter in fiscal 2011 and increase in the gold price.

The Company produced 11,736 ounces of gold at Selinsing Gold Mine in the second quarter of fiscal 2012, 12,765 ounces of gold were sold at an average realized price of $1,652 for total gross revenue of $21,084,315 compared to gold production of 11,348 ounces, gold sales of 10,148 ounces at an average realized price of $1,391 for total gold sales of approximately $14,119,390 for the corresponding period in fiscal 2010; and gold production of 11,856 ounces, gold sales of 8,372 ounces at an average realized price of $1,724 for total gross revenue of approximately $14,430,298 for the first quarter ended September 30, 2011.  

Development

The Phase III gold plant expansion construction at the Selinsing Gold Mine is approximately 50% complete and is progressing as planned targeting completion by May 2012.

The Company acquired the 100% common shares of Star Destiny Sdn. Bhd. (�SDSB�) by cash through its wholly-owned Malaysian subsidiary. SDSB is a Malaysian company holding 100% right of the exploration permit pertaining to a total of 750 Hectares of prospective land adjacent to the Mengapur Polymetalic Project in Pahang State, Malaysia. This acquisition brings back under the control of MMSB most of the original area that Malaysian Mining Corporation (�MMC�) worked on, and covers the majority of the resource included in the recently filed 43-101 technical report reported below.

In November 2011 the NI43-101 compliant technical report was completed by Walter Dzick, B.Sc., MBA, P. Geo., MAusIMM, and Rod Carlson, B.Sc., M.Sc., MAIG, of Snowden Mining Industry Consultants (�Snowden�), and SEDAR filed on December 2, 2011 as �Monument Mining Limited:  Mengapur Project, Pahang State, Malaysia, Project No. V1165�, representing a compilation of historic information and data that has been provided to Snowden by the Company. All economic assessments and resource statements included in the Report are considered historic in nature and there is no certainty that any economic assessments will be realized.

On November 23, 2011 the Company, through its wholly-owned subsidiary, MMSB in Malaysia, entered into the Definitive Acquisition Agreement with Diamond Hard Mining Sdn. Bhd., its shareholders and its wholly-owned subsidiaries, CASB and Malaco, all incorporated in Malaysia, to acquire 70% of the Mengapur Polymetalic Project located in Pahang State, Malaysia. Subsequently to the reporting quarter, on February 21, 2012, upon receipt of the TSX-V acceptance, the Company closed the acquisition of a 70% interest in the Mengapur Polymetalic Project located in Pahang State, Malaysia.

The private placement of up to CAD$70,000,000 for the Mengapur acquisition is pending acceptance of the TSX-V, which has been successfully negotiated at more favorable terms at a price of CAD$0.50 cents per unit with each unit comprising a share and a half share purchase warrant, each full warrant being convertible into a full share at an exercise price of CAD$0.70 within three years of closing.  All of the shares and warrants will be subject to a hold period of three years.  
 
Please visit our website at
www.monumentmining.com for more information.
 
Robert F. Baldock, President and CEO

Data and Statistics for these countries : Malaysia | All
Gold and Silver Prices for these countries : Malaysia | All
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Monument Mining Limited

PRODUCER
CODE : MMY.V
ISIN : CA61531Y1051
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TSX-V (MMY.V)FRANKFURT (D7Q1.F)
0.190+0.00%0.137+0.00%
TSX-V
CA$ 0.190
10/01 15:51 -
0%
Prev close Open
0.190 0.190
Low High
0.190 0.190
Year l/h YTD var.
0.180 -  0.370 -24.00%
52 week l/h 52 week var.
0.180 -  0.370 -36.67%
Volume 1 month var.
15,500 -%
24hGold TrendPower© : -27
Produces Gold
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Explores for Copper - Gold - Silver
 
 
 
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DateVariationHighLow
2014-17.39%0.370.22
2013-45.24%0.450.21
20127.69%0.540.35
2011-40.91%0.740.38
201078.38%0.700.24
 
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