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Monument's
2011 Second Quarter Results
Gross
Revenue of $14 M from 10,148 Oz Gold Sales at Cash Cost $265/Oz
Vancouver, B.C. 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, 2010. All amounts are in United States dollars unless
otherwise indicated (refer to www.sedar.com for Q2 full financial results).
Second Quarter Highlights
include:
- Gross Revenue of $14.1
million generated from gold sales of 10,148 ounces at an average
price of $1,391 per ounce;
- Gold production of 11,348
ounces produced at average cash
cost of $265 per ounce;
- A positive net working
capital of $38.5 million;
- The Phase III conceptual
plant extension planning was continued at Selinsing
Gold Project targeting doubling of production capacity;
and
- The initial setup work
was undertaken at the Selinsing and
Buffalo Reef properties to re-commence the next 12 months $3.4 M
exploration programs.
President and CEO Robert Baldock
stated: "This is a satisfactory result and in line with our business
plan. The Company is on track to deliver its targeted 40,000 ounces of
gold in its first year of commercial production. The Company has built a
team that has demonstrably delivered, and is now working on an expansion
plan, details of which are to be announced shortly."
Production
Statistics
|
June
30, 2010
|
Three
months,
Sep.30, 2010
|
Three
months, Dec. 31,
2010
|
Six months,
Dec 31, 2010
|
Mining
|
|
|
|
|
Ore Mined
(tonnes)
|
662,330
|
203,150
|
159,681
|
362,831
|
Waste
moved (tonnes)
|
2,326,502
|
615,937
|
649,584
|
1,265,521
|
Ore Stockpiled
(tonnes)
|
387,545
|
499,589
|
570,719
|
570,719
|
Process
|
|
|
|
|
Crushed
ore (tonnes)
|
274,786
|
91,106
|
88,552
|
179,658
|
Ore Processed
(tonnes)
|
272,120
|
89,834
|
87,845
|
177,679
|
Average mill feed grade (g/t)
|
3.08
|
4.08
|
4.41
|
4.24
|
Processing
recovery rate
|
58.7%
|
90.0%
|
93.7%
|
91.9%
|
Ball mill availability (%)
|
89.2%
|
94.6%
|
96.1%
|
95.4%
|
|
June
30, 2010
|
Three
months,
Sep.30, 2010
|
Three
months, Dec. 31,
2010
|
Six months,
Dec 31, 2010
|
Gold produced (oz)
|
13,793
|
9,050
|
11,348
|
20,398
|
Gold Sold (oz)
|
13,793
|
8,650
|
10,148
|
18,798
|
Revenue (in 000's)
|
-
|
6,611
|
14,119
|
20,731
|
|
|
|
|
|
Cash
cost (US$/oz) -
|
|
|
|
|
Mining
|
64
|
50
|
52
|
51
|
Processing
|
90
|
90
|
142
|
118
|
Royalties
|
62
|
62
|
69
|
66
|
Operations
|
0
|
0
|
2
|
1
|
Total Cash cost (US$/oz)
|
216
|
202
|
265
|
236
|
Financial Results and Discussion
For the three months ended December 31, 2010,
the Company had gold sales of $14,119,390 produced 11,348 ounces of gold
and sold 10,148 ounces of gold at an average realized price of $1,391
from its Selinsing Gold Mine. The operation
generated an income of $9,970,350 net of operating and corporate
expenses, or $0.06 per share. This result was offset by other losses
mainly due to changes in fair value of estimated derivative liabilities
of $3,961,789 using a Black-Scholes financial
model, together with foreign exchange loss of $115,703 and accretion
expense of $453,092 to produce a net income of $5,469,122 or $0.03 per
share, compared to a net loss of ($771,015) or ($0.00) per share,
reported for the corresponding period in fiscal 2010.
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 an additional 32,000
acres of prospective exploration land. The Company now holds a large
exploration land package nearby its gold producing property.
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 full year of commercial
production 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 in the future.
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:
"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, perform ance 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.
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