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.
About Monument
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.”
Forward-Looking Statement
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 Information
Monument Mining Limited
Richard Cushing, MMY Vancouver
+1-604-638-1661 x102
[email protected]
www.monumentmining.com
Axino GmbH
Wolfgang Seybold
+49 711-82-09-7211
[email protected]
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