Vancouver, B.C., September 29, 2017, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its annual financial results for the year ended June 30, 2017. All amounts are in United States dollars unless otherwise indicated (refer to
www.sedar.com for full financial results).
President and CEO Robert Baldock stated: “In fiscal 2017 the Prefeasibility Study Sedar filed under NI 43-101 Technical Report at Selinsing and Buffalo Reef replaced gold inventory in full, extending the life of mine for at least another 6 years. The Burnakura Gold Project in Australia is ready for construction for the early stage production; and a preliminary economic study was initiated subsequent to year-end to include and upgrade new resource information. The success of putting two gold projects into cash flow will lift up the Company’s sustainable production going forward.”
Mr. Baldock continued to comment: “The closing of the Felda Block 7 acquisition in process will provide immediate additional oxide feed for sustainable production at Selinsing. Further exploration and study on the Peranggih mining tenement is exciting, aiming for a potential oxide system adjacent north of Buffalo Reef. We will work hard towards success in fiscal 2018.”
Fiscal 2017 Highlights:
◾12,700oz of gold sold for gross revenue of $15.72 million (2016: 23,150oz of gold sold for gross revenue of $23.60 million, of which 18,150oz sold for $21.01 million from production and 5,000oz sold for $2.59 million);
◾12,845oz of gold produced (2016: 18,155oz);
◾Cash cost per ounce (“oz”) of $936/oz (2016: $606/oz);
◾Felda Block 7 proprietary mining leases approved and Exclusive Contract to Mine Agreements signed for closing;
◾Prefeasibility Study completed, Sedar filed under NI43-101 Technical Report at Selinsing replacing gold inventories for 6 years of mine life;
◾A FEED study being carried out on Selinsing to deliver an Implementation Execution Plan for the Sulphide Project; and
◾Operational readiness at Burnakura for the early stage gold production.
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