VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2017) - Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) ("Monument" or the "Company") reports that, following up on the announcement of the pre-feasibility study results in a SEDAR filed "NI 43-101 Technical Report - Selinsing Gold Mine and Buffalo Reef Project" (the "Selinsing 2016 NI43-101 Pre-Feasibility Study", or the "PFS") on December 14, 2016, additional test work to further optimize bioleach sulphide treatment recoveries has now been commenced in parallel with completing Intec and acid leaching alternatives at its wholly owned Selinsing Gold Mine in Malaysia.
The Selinsing 2016 NI43-101 PFS report prepared by Snowden Mining Consultants has focused on a biological treatment approach as an economically viable option for the Company to maximize gold recovery from the sulphide material. A total Mineral Reserve of 279 koz of gold from 6,217 kt of ore at a grade of 1.40 g/t Au is reported, including 60 koz of gold from 2,736 kt of oxide ore at a grade of 0.68 g/t Au, which will support the Company's next 18 to 24 months production in transition period. Remaining sulphide ore will be processed primarily through an additional biological pre-treatment circuit planned to be added to the existing plant. Upon success of final design, in-house construction and commissioning, the upgraded plant will enable the Company to continue gold production at Selinsing for a further estimated 5 years through to 2023 without further ore discovery, as demonstrated by the recent NI43-101 PFS report.
The additional test work is aimed to confirm that the biological approach is suitable and the outcome could be further optimized to provide the highest recovery of gold, based on the results of the work to date undertaken by the Company and the results achieved through independent consultants and third party laboratories, and therefore to provide a higher level of confidence with respect to gold recovery and enable robust capital and operating costs to be generated in comparison with the current NI 43-101 PFS results.
The biological test work has been arranged through a biological/bacterial leaching specialized laboratory in South Africa. The remaining feedstock from the Buffalo Reef ore body used for the second Intec pilot campaign are representative and sufficient for the test work carried out under the control of independent specialists. In parallel with the additional biological test work program, Monument's in-house R&D team is also considering innovative methods to further reduce capital and operating costs and thus enhance the economics of the project by all other avenues. An interim engineering design for the biological process plant has been completed by Monument that can be modified should test results require for delivery of a final engineered integrated sulphide process pre-treatment plant.
Michael Kitney, MAusIMM, MSc has reviewed, supervised the preparation and approved the scientific and technical disclosure in the news release as a Qualified Person under NI43-101 standards.
Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 260 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities. The Company has also been looking in other countries seeking potential opportunities for larger resources, including the Democratic Republic of the Congo ("DRC").
Robert F. Baldock, President and CEO, Monument Mining Limited
"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."
This news release includes statements containing
forward-looking information about Monument, its business and future
plans ("forward-looking statements"). Forward-looking statements are
statements that involve expectations, plans, objectives or future events
that are not historical facts and include the Company's plans with
respect to its mineral projects and the timing and results of proposed
programs and events referred to in this news release. 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". 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 differ materially
from those expressed or implied by the forward-looking statements. These
risks and certain other factors include, without limitation: risks
related to general business, economic, competitive, geopolitical and
social uncertainties; uncertainties regarding the results of current
exploration activities; uncertainties in the progress and timing of
development activities; foreign operations risks; other risks inherent
in the mining industry and other risks described in the management
discussion and analysis of the Company and the technical reports on the
Company's projects, all of which are available under the profile of the
Company on SEDAR at www.sedar.com.
Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding 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; assumptions and expectations regarding the results of exploration on the Company's projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are 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 statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Contact InformationMonument Mining Limited
Richard Cushing, MMY Vancouver
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