Monument�s
2011 Third Quarter Production and Sales Results
Gross Sales of $15 M
from 10,704 Oz Gold Sales
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1)
�Monument� or the �Company�today reports its
third quarter production results for the quarter ended March 31, 2011. Full
financial and operating results for the quarter will be released by the end
of May 2011. All amounts are in United States dollars unless
otherwise indicated.
�The
quarter three production results from Selinsing
Gold Mine show very healthy plant operations since it was fully
commissioned and put into commercial production since September 2010. The
average recovery rate for nine month period is 95.9% higher than 87.0%
reported in the NI43-101 report published in November, 2007 by Snowden.�
Kevin Wright, General Manager of Selinsing Gold
Mine, said: �We are confident that we will achieve our targeted 40,000
ounces this fiscal year.�
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June 30, 2010
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Three months,
Sep. 30, 2010
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Three months, Dec.
31, 2010
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Three months, Mar. 31, 2011
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Nine months, Mar. 31, 2011
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Mining
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Ore
mined (tonnes)
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662,330
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203,150
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159,681
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140,736
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503,567
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Waste moved (tonnes)
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2,326,502
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615,937
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649,584
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741,109
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2,006,630
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Ore
stockpiled (tonnes)
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387,545
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499,589
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570,719
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623,130
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623,130
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Process
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Crushed ore (tonnes)
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274,786
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91,106
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88,552
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88,325
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267,983
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Ore
processed (tonnes)
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272,120
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89,834
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87,845
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87,780
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265,459
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Average mill feed grade (g/t)
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3.08
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4.08
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4.41
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4.18
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4.22
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Processing recovery rate
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58.7%
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90.0%
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93.7%
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93.7%
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92.5%
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Ball
mill availability (%)
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89.2%
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94.6%
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96.1%
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97.1%
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95.9%
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Sales
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Gold
produced (oz)
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13,793
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9,050
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11,348
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11,904
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32,302
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Gold
sold (oz)
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13,793
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8,650
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10,148
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10,704
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29,502
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Revenue
(in 000's)
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$
-
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$6,611
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$14,119
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$15,032
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$35,762
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Average realized gold price per oz
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$1,183
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$1,256
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$1,391
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$1,404
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$1,356
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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, in the main continuous and contiguous or
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 to 1,000,000 tpa through the addition of an additional milling
circuit to the existing plant.
Please visit our website at 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, 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.
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