Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or
the "Company") is pleased to update the progress at the Selinsing
Sulphide Project. The ramp-up of the flotation plant has made great
headway, with the mill feed rate of 113 dry tonnes per hour
achieved, being 95% of the design capacity of 119 dry tonnes per
hour. The plant construction and mine development consumed a total
of $18 million, in line with the budget.
President and CEO Cathy Zhai commented, “We are
very pleased with the flotation plant ramp-up progress as we head
towards full commercial production. We have commenced sulphide
production in January 2023 and continue testing and adjusting to
improve plant performance through the action plan. Despite several
incidental plant shutdowns during March to May, the plant is
expected to reach its near or full production level by June 2023,
within the planned ramp up period of three to six months. To date,
the flotation plant has produced approximately 3,450 dry metric
tonnes (“DMT”) of concentrate with an average gold grade of 36.20
g/t, containing 4,015 troy ounces of gold. Several export permits
have been recently granted by the relevant authority and
concentrate shipments are currently in progress.”
Figure 1. Concentrate in
Tent is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/f39acde0-f30d-4cb5-ba04-acfcffe21613
Figure 2. Concentrate Storage
Construction is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/616859ef-54ec-4981-af79-7bf9dbeb3575
Flotation Plant Production
Ramp-up
The ramp-up of the flotation plant continued,
with the mill feed rate of 113 dry tonnes per hour achieved, being
95% of the design capacity of 119 dry tonnes per hour. During this
ramp-up process bottlenecks have been identified and the team has
been working to correct them in order to ramp up to commercial
production. The ramp-up period is expected to be completed in June
2023.
Certain design deficiencies have been detected
and revision of designs have been received to improve performance
efficiencies including design of a new rougher flotation tailings
hopper and associated pipework, structural and civils drawings and
specifications for the new concentrate thickener overflow pumps.
Pump suction and delivery lines will be upgraded as well as the
power supply to the bigger motors required. None of the above works
has material impact on our current flotation plant operations.
The flotation plant experienced major shutdowns
from early March to first week of May. The Metso-Outotec
concentrate thickener rake drive gearbox was broken, replaced by a
new gear box assembled in Australia, airfreighted to Malaysia, and
installed. The concentrate thickener was then recommissioned, and
all concentrates were recovered to the circuit. Further loss of
production occurred in April until May as the filter press cloths
started failing prematurely due to manufacturing defects; the
supplier has accepted the defects and will supply two new sets of
higher permeability filter cloths. In the meantime, replacement
filter press cloths were sourced and delivered from local
suppliers. Management is focused on reviewing all critical parts
and in advancing the procurement plan.
Construction of the new concentrate shed
continued with the concrete floor poured and the erection of
structural steelwork commencing. The shed is expected to be
completed by mid-June and will hold enough capacity for over 4,500
tonnes of concentrate or one month’s production.
Construction of the 100-tonne capacity
weighbridge was completed, and the unit was calibrated and
certified by the Metrology Corporation of Malaysia.
Manufacture of the 1 tonne bulk bagging system
has been completed in the UK and is ready to be shipped to
Malaysia.
Figure 3: Weighbridge is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/184810b7-a354-4785-a5d4-e65d2c2e99d0
Figure 4: Ammonium Nitrate Storage
Area is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0da4743-e701-4cae-8553-f15f6ce7be1f
Mining
Mining of the first stages of Buffalo Reef pits
BRC2 and BRC3 continued, transition sulphide ore was delivered to
the ROM pad and oxide ore to stockpiles elsewhere. The stockpile of
around one month of process plant feed of 80,000 tonnes was
maintained, with mining production over the next six months
expected to boost this to at least three months or 240,000 tonnes
of ore. The arrival of the new mining fleet will help enhance the
mining rates.
Unexpected heavy rain in February 2023 slowed
down the mining rates and explosives delivery shortages were
experienced from supplier Austin Powders due to their
implementation of a stricter explosive trucking policy. The
explosive supply situation will be helped by the opening of a new
storage facility at Bentong, which is much closer than the current
supply from Kuala Lumpur. In addition, a new depot for raw
materials including ammonium nitrate is being constructed at the
Selinsing mine site. These developments will ensure the
availability of explosives in the future by providing alternatives.
Construction of this facility is ongoing and scheduled for initial
use in June 2023.
Government Permits
Recently, several export permits and
transportation permits have been granted to Selinsing which enable
Selinsing to initiate the shipment for its first sales.
Around the Hari Raya holiday on April 21st, the
new operational mining scheme (OMS) expired on April 16th, 2023 and
was renewed on April 20th, 2023. The annual and monthly blasting
permits expired along with the OMS and there was insufficient time
for the requisite approvals for these permits before the Hari Raya
holiday period. The two blasting permits were issued on May 11th,
2023 when mining activities resumed.
Concentrate Sales
Preparation
Off take agreements or business confirmation
letters for off-take of Selinsing gold concentrate have been signed
with several concentrate buyers under competitive commercial terms.
Several buyers have received export permits and the shipments are
underway. The first 2,000 DMT of gold concentrate production is now
available for sale and the royalties for this concentrate have been
paid to the parastatal Pahang Mining Corporation.
Risks
The Company closely monitors uncontrollable risk
factors with building and operation the flotation plant including:
change of market conditions, change of gold prices, operation risks
including critical parts shortages which may cause a longer than
expected ramp up period, and changes in regulatory restrictions in
relation to arsenic level contained in gold concentrate.
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1)
is an established Canadian gold producer that 100% owns and
operates the Selinsing Gold Mine in Malaysia and the Murchison Gold
Project in the Murchison area of Western Australia. It has 20%
interest in Tuckanarra Gold Project jointly owned with Odyssey Gold
Ltd in the same region. The Company employs approximately 200
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.
Cathy Zhai, President and CEOMonument Mining
LimitedSuite 1580 -1100 Melville StreetVancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web
site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver T:
+1-604-638-1661 x102 rcushing@monumentmining.com
"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."
Disclaimer Regarding Forward-Looking
Statements
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, expectations
regarding the completion of the ramp-up period to target production
level at Selinsing and the timing thereof, expectations regarding
the Company’s continuing ability to source explosives from
suppliers, expectations regarding completion of the proposed
storage shed and ammonium nitrate depot and the timing thereof, and
the timing and results of the other 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, including those related to the ramp-up
process at Selinsing and the completion of the proposed storage
shed and ammonium nitrate depot; uncertainties and risks related to
the Company’s ability to source explosives from suppliers; 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; assumptions
regarding the timing and results of development activities,
including the ramp-up process at Selinsing and the completion of
the proposed storage shed and ammonium nitrate depot; expectations
that the Company will continue to be able to source explosives from
suppliers in a timely manner; 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.
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