Monument Releases
Positive Drill Results from Selinsing Property in
Malaysia
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1)
�Monument� or the �Company� is pleased toannounce
the first results from Monument�s twelve month drilling program which
commenced in September 2010 at its 100% owned Selinsing,
property. The exploration program is targeting 22 drill holes comprising
1,000 metres RC drilling and 3,000 metres diamond drilling and aims to increase the
reserves by converting the inferred gold resources below the present Selinsing open pit outline.
The mineralized ore body at Selinsing strikes at
3500 and dips 600-700 to the east.
The high grade shoots within the main mineralization, plunge to the south
east. The deposit is a sedimentary hosted sheared zone gold mineralization
in felsic tuff and very fine clastic argillite
with hanging wall calcareous material and limestone. The high grade
mineralization is normally associated with quartz stockwork
and quartz carbonate veins within highly deformed sedimentary rock.
As of the end of June, 2011 the MMY exploration team at Selinsing
had completed 3,012 metres in 15 drill holes. The
20 metres spaced drill holes are up to 250 metres deep and are designed to intercept the
mineralized structure 220 metres below surface at
280 metres Reduced Level (�RL�). This is
below the existing planned pit depth.
A total of 922 samples were sent to SGS (Malaysia) Sdn.
Bhd., an accredited laboratory which complies with requirements of ISO/IEC
1725:2005, for preparation and analysis. The sampling is of half NQ and
half HQ diamond drill core with maximum sample intervals of 1.5 metres. Quality assurance and quality control (�QAQC�)
is maintained through the submission of certified reference materials and
blanks. Coarse split duplicates are collected and analyzed, but
assays are pending. Sample recoveries are good to excellent.
The significant results (>1 g/t Au) obtained from the first six holes
drill are outlined in Table 1. More results will be announced as they are
made available from the laboratory. The approximate true thickness of the
intercepts is 86% of the quoted down hole
thicknesses due to drilling and orebody
orientation.
The results indicate that the high grade shoots extend below the existing
pit and is still open at depth. The on-going programs will continue to assess
the gold distribution at depth with the data to be used to construct the
new resource estimate. Current results are in line with the data from the Selinsing �Deeps� (Below the current pit limit)
obtained from historic drilling campaigns conducted before the 2007
acquisition.
Table 1: Significant
(>1 g/t Au) drill intercepts from Selinsing
�Deeps�
Hole
|
Depth from (m)
|
Depth to (m)
|
Downhole Thickness (m)
|
Au g/t
|
MSMCD002
|
149.26
|
153.45
|
4.19
|
3.00
|
MSMCD002
|
190.18
|
191.33
|
1.15
|
2.05
|
MSMCD003
|
175.03
|
177.17
|
2.14
|
4.03
|
MSMCD003
|
177.17
|
178.40
|
1.23
|
1.96
|
MSMCD003
|
178.40
|
180.38
|
1.98
|
9.73
|
MSMCD003
|
180.38
|
181.32
|
0.94
|
9.07
|
MSMCD003
|
181.32
|
184.08
|
2.76
|
1.48
|
MSMCD003
|
187.83
|
189.58
|
1.75
|
2.24
|
MSMCD003
|
189.58
|
191.73
|
2.15
|
1.35
|
MSMCD003
|
193.84
|
195.00
|
1.16
|
2.17
|
MSMCD003
|
195.00
|
196.30
|
1.30
|
2.55
|
MSMCD003
|
198.08
|
199.42
|
1.34
|
1.93
|
MSMCD003
|
200.76
|
201.58
|
0.82
|
3.37
|
MSMCD003
|
202.35
|
202.88
|
0.53
|
5.20
|
MSMCD003
|
204.73
|
206.25
|
1.52
|
1.40
|
MSMCD003
|
208.47
|
209.60
|
1.13
|
3.43
|
MSMCD003
|
210.60
|
211.61
|
1.01
|
1.25
|
MSMCD003
|
229.76
|
230.17
|
0.41
|
1.26
|
MSMCD003
|
233.70
|
235.04
|
1.34
|
1.82
|
MSMCD006
|
194.37
|
195.73
|
1.36
|
3.49
|
MSMCD006
|
197.17
|
198.28
|
1.11
|
1.51
|
MSMCD006
|
216.02
|
216.85
|
0.83
|
108.00
|
MSMCD006
|
216.85
|
218.67
|
1.82
|
1.86
|
MSMCD006
|
219.30
|
221.07
|
1.77
|
1.64
|
MSMCD006
|
225.60
|
227.11
|
1.51
|
3.32
|
MSMCD006
|
227.11
|
228.75
|
1.64
|
1.09
|
MSMCD006
|
228.75
|
229.92
|
1.17
|
2.19
|
MSMCD006
|
232.98
|
234.13
|
1.15
|
3.98
|
MSMCD006
|
237.02
|
238.31
|
1.29
|
3.53
|
MSMDD001
|
105.90
|
108.60
|
2.70
|
1.98
|
MSMDD001
|
119.00
|
122.00
|
3.00
|
1.53
|
MSMDD004
|
139.60
|
141.10
|
1.50
|
4.25
|
MSMDD004
|
174.28
|
175.00
|
0.72
|
1.37
|
MSMDD004
|
176.50
|
177.22
|
0.72
|
1.45
|
MSMDD004
|
182.30
|
184.00
|
1.70
|
1.28
|
MSMDD004
|
208.50
|
209.45
|
0.95
|
1.10
|
MSMDD004
|
209.60
|
210.00
|
0.40
|
1.20
|
MSMDD004
|
242.00
|
243.50
|
1.50
|
2.87
|
MSMDD004
|
246.50
|
246.93
|
0.43
|
56.80
|
The information in this report as it relates to the Selinsing
exploration drilling results was compiled by Monument; and reviewed by Mr.
Roderick Carlson, an independent qualified person as defined under National
Instrument 43-101. Mr. Carlson is a Member of the Australasian Institute of
Geoscientists and a full-time employee of Snowden Mining Industry
Consultants, who has sufficient experience relevant to the style of
mineralization and type of deposit under consideration. Mr Carlson consents to the inclusion in the report of
the matters based on information provided by Monument and in the form and
context in which it appears.
President and CEO Robert Baldock stated �These
drill results are very positive and show us that at a further 220 metres below the current pit the mineralization is
continuing. Together with our recent NI43-101 report filed on Buffalo Reef
and the in-fill drilling program, the Company is targeting of a new
NI43-101 compliant resource statement during Q3, 2012 fiscal year, which
will consolidate the resources from two properties including converting
inferred resource to measure and indicated resources and historical
resources to NI43-101 compliant resources. Our current gold processing
plant expansion to increase production capacity to 1,000,000 tpa from 400,000 tpa will
fulfill the expected gold inventory in the ground. We express thanks
to our hard working exploration team led by Vice President of Exploration Zaidi Harun.�
About Monument
Mining
Limited
Canadian based Monument Mining Limited has two wholly-owned principal
properties: Selinsing Gold Mine Project (�Selinsing�);
Damar Buffalo Reef Prospect (�Buffalo Reef�);
which are located in Pahang State in the Central Gold Belt District of
Malaysia. In addition, the Company acquired the Famehub
properties comprising 32,000 acres of prospective exploration land. These
assets are an approximate 130 kilometers from the Mengapur
Polymetalic Project which the Company is seeking
to acquire and is currently under due diligent review.
In conjunction with extensive exploration programs at Selinsing,
Buffalo Reef and the Famehub properties, the Selinsing Gold Mine is on track to produce its
scheduled 40,000 ounces of gold in its first full year of commercial
production at an estimated average operating cash cost of approximately
$317 per ounce or below. The gold treatment plant has a current capacity of
400,000 tpa with the phase III gold processing
plant expansion to 1,000,000 tpa targeting
completion in May 2012.
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
For further information contact:
Monument Mining
Limited:
Richard Cushing, Investor Relations
T: + 1 604 638 1661 x 102
E: rcushing@monumentmining.com
CHF Investor
Relations:
Robin Cook, Senior Account Manager
T: + 1 416 868 1079 x 228
E: robin@chfir.com
Axino AG �
Europe:
Wolfgang Seybold, President and CEO
T: + 49 711 25 35 92 40
E: wolfgang.seybold@axino.de
"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, 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.