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Monument’s 2011 Third Quarter Results
Gross Revenue of $15 M from 10,704 Oz Gold Sales at Cash Cost $238/Oz
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company”today announces its third quarter financial results for the period ended March 31, 2011. All amounts are in United States dollars unless otherwise indicated (refer to
www.sedar.com for Q3 full financial results).
Third Quarter Highlights include:
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Gross revenue of $15 million generated from gold sales of 10,704 ounces at an average price of $1,404 per ounce;
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Gold production of 11,904 ounces produced at average cash cost of $238 per ounce;
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A positive net working capital of $52.1 million resulted from gold sales and the close of the $13.4 million financing (CAD13 million);
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The Phase III plant extension preliminary design work was continued at the Selinsing Gold Project targeting to double production capacity from 40,000 ounces to 75,000 to 80,000 ounces; and
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Snowden Perth Pty was engaged to prepare NI43-101 technical report converting historical estimates to CIM compliant resources. The report was completed and filed under Sedar on May 27, 2011 with 20% increase in gold content.
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Exploration programs with a planned $4 million over the next 12 months commenced at the Selinsing and Buffalo Reef properties. Total of 517 meters of diamond drilling from four drill holes was completed bringing total drill meters to 1,606 from eight drill holes through the targeted zone at the Selinsing property.
President and CEO Robert Baldock stated “Production result continued as satisfactory in line with our business plan this quarter and is expected to exceed the targeted 40,000 ounces of gold in its first year of commercial production. The management focuses on resource increase by way of improving its drilling programs and seeking new targets in the South East region.”