20 July 2009
|
NEWS RELEASE
|
Release # 6 - 2009
|
Monument
Commences Open-Pit Mining at the Selinsing Gold Project
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1)
("Monument" or the "Company is pleased to announce that
Open-Pit mining at its Selinsing Gold Project commenced in early July,
2009. The Company has been fast tracking the Selinsing Gold Project
including construction of the gravity section of the gold treatment
plant. This program will allow production from the Gravity Plant to take
place within 27 months of acquisition of the project.
The Company acquired the greenfield Selinsing project located in
Pahang State, Malaysia in June 2007. Since then it has permitted,
designed, funded and commenced construction of a plant designed to
process 1200 tonnes per day and aims to produce approximately 40,000
ounces of gold per year when the full plant is up and running.
Since the last update announced on May 13, the Company called for
bids from a short list of pre-qualified mining contractors. The selected
mining contractor has since mobilized to site, established workshops and
other support infrastructure and in late June began pre-strip to commence
mining.
The mineralized zone is outcropping and in a number of places is
at or near surface; therefore, pre-strip does not impact accessing grade
material. During the first week of July, the contractor began mining
and hauling grade material to the ROM pad in readiness for plant
commissioning.
Commissioning is scheduled to commence in late August, subject to
power supply hook up from the government power supplier Tenaga Nasional
Berhard ("TNB"). TNB has appointed a contractor to install
all poles on which to run aerials. This phase has been completed from the
main supply to the TNB sub-station adjacent to the process
plant. Aerials are now being run with a targeted completion date in
the middle of August. Plant commissioning is dependent on
connection of the aerials in order to energize the system.
In the meantime, the jaw crusher and the cone crusher have been
installed and are ready for commissioning. All elevator and conveyor
equipment are on site and most are installed. The fine ore reclaim tunnel
is expected to be completed by the end of July. The 1200
tonne per day ball mill has been completely reconditioned and installed
and is also ready for commissioning.
In relation to the Phase I gravity circuit, all major equipment is
on site and installation is nearly complete. The plant Control-Room
and on-site Exploration Assay Laboratory is completed, fully equipped and
in use as a grade control laboratory for mining operations. The plant
control office is completed and in use and staff canteen and other staff
accommodation is nearing completion and is scheduled to be in use by the
end of July 2009. The canteen has reached practical completion and
is presently being outfitted with equipment to provide meals to staff,
day and night shift operators as well as operational and construction
contractors.
In relation to Phase II, the CIL circuit, construction is on
schedule and it is still expected that the entire plant will be fully
commissioned by the end of December 2009. The Company will operate
the gravity circuit to achieve cash flow in parallel with completing
construction of the CIL circuit and commissioning of the full plant.
A recent visit to the Selinsing site by management has enabled an
update of the Photo Gallery on the Company web site at www.monumentmining.com and investor inquiries are welcome to info@monumentmining.com.
Robert
F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada
For further information contact:
North
America:
Europe:
Richard Cushing, Investor
Relations
Wolfgang Seybold, President,Axino AG
Office: 604.638.1661
Office:
+49.711.25.35.92.40
Cell:
604.889.6563
Fax:
+49.711.25.35.92.55
E-mail: info@monumentmining.com
E-mail: wolfgang.seybold@axino.de
Website: www.monumentmining.com
Website: www.axino.de
The TSX Venture Exchange has in no way passed
upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this news release.
Not for distribution to U.S. news wire services
or dissemination in the United States. The TSX Venture Exchange
does not accept responsibility for the adequacy or accuracy of the
information contained herein. Certain disclosures in this release,
including management's assessment of the Company's plans and
projects, constitute forward-looking statements that are subject to
numerous risks, uncertainties and other factors relating to the
Company's operation as a mineral exploration company that may cause
future results to differ materially from those expressed or implied in
such.
Forward-Looking Statement
This press release contains forward-looking
statements about Monument Mining Limited ("Monument"), its
business and future plans, including the contemplated phase I and phase
II development plans resulting in the commencement of mining and gold
production, and in respect of the dates and amounts projected for these
two phases resulting in the plant construction, gold production, gold
sales and costs of the Selinsing Project. 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 press 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 gravity circuit and the
estimated cash flows which may be generated from the gravity circuit, the
risk that the Selinsing Project will not be completed successfully or in
a timely manner, 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.
|