Monument Achieves Commercial Gold Production (nlk)
FSC / Press Release
Monument Achieves Commercial Gold Production
Vancouver, British Columbia CANADA, September 20, 2010 /FSC/ -Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), is pleased toannounce it has advanced its Selinsing Gold Mine in Pahang State,Malaysia and has now achieved commercial production, effective September2010.
The board of Monument, in consultation with its auditors, hasapproved criteria used to determine the point at which commercialproduction is achieved under Canadian General Accepted AccountingPrinciples. In reviewing its operational results, the board has resolvedthat those criteria have been met and the commercial production hastherefore been declared.
The announcement of commercial production follows on from asuccessful commissioning of the newly built 400,000 tpa gold treatmentplant comprised of the gravity circuit and the carbon in leach ("CIL")circuit, which has continuously processed open pit ores at an averagemonthly mill throughput of 30,000 tons with a 90% average total goldrecoveries for consecutive 30 days.
Robert Baldock, the Chief Executive Officer and President of Monumentcommented, "Commencement of commercial production at our Selinsing GoldMine is a historic milestone for the Company, as it continues toincrease shareholder value, and for the mining industry of Pahang Stateof Malaysia. Monument is starting to make a significant contribution tothe sustainable economic development of the region by providingemployment opportunities to local people, increasing income per capitain Pahang state, as well as setting high environmental standards."
From the first gold pour on October 31, 2009 to date, a total 21,000ounces of gold has been produced from the first open pit of theSelinsing Gold Mine. The Company will be providing regular updates onits gold production as part of its quarterly financial disclosure.
About Monument Mining Limited
Canadian based Monument Mining Limited has two wholly-owned principalproperties: Selinsing Gold Mine Project ("Selinsing"); and DamarBuffalo Reef Prospect ("Buffalo Reef"); which are located in PahangState in the Central Gold Belt District of Malaysia. In addition, theCompany recently acquired the Famehub properties comprising 32,000 acresof highly prospective exploration land.
In conjunction with extensive exploration programs to be implementedat Selinsing, Buffalo Reef and the Famehub properties, the SelinsingGold Mine is scheduled to produce approximately 40,000 ounces of gold inits first year from announcement of commercial production at anestimated average operating cash cost of approximately $317 per ouncewith an initial five year mine life. The gold treatment plant has acurrent capacity of 400,000 tpa with a proposed capacity expansionthrough installation of an additional milling circuit to the existingplant.
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:
Monument Mining Limited
Richard Cushing Investor Relations
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