Q4 Gold prod 13,760 oz fiscal '13 sold 57,905 oz @ $1,576/oz = $91.277mm
Monument Reports Fourth Quarter Gold Production of 12,919 Ounces (cnw)
VANCOUVER, July 23, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced its fourth quarter operating results for the three months ended June 30, 2013. Full financial and operating results for the quarter will be released by the end of September 2013. All amounts are in United States dollars unless otherwise indicated.
Fourth Quarter 2013 Operating Results
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Three months ended June 30 |
Twelve months ended June 30 |
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2013 |
2012 |
2013 |
2012 |
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Ore mined (tonnes) |
314,481 |
108,420 |
882,159 |
501,881 |
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Ore stockpiled (tonnes) |
947,794 |
920,633 |
947,794 |
920,633 |
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Ore processed (tonnes) |
268,045 |
110,708 |
938,498 |
364,680 |
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Average mill feed grade (g/t) |
1.83 |
3.87 |
2.07 |
4.24 |
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Mill utilization (%) |
95.5 |
92.0 |
95.9 |
95.0 |
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Processing recovery rate (%) |
85.6 |
91.1 |
87.0 |
93.7 |
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Calculated gold content (oz) |
13,485 |
12,553 |
54,368 |
46,491 |
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Gold poured (recovered) (oz) |
13,760 |
9,872 |
54,439 |
44,542 |
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Gold production(1) (oz) |
12,919 |
10,327 |
52,982 |
44,585 |
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Gold sold (oz) |
21,500 |
8,500 |
57,905 |
36,938 |
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Revenue (US$ 000's) |
30,507 |
13,801 |
91,277 |
61,709 |
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Average realized gold price US$/ounce sold |
1,419 |
1,624 |
1,576 |
1,671 |
(1) Defined as good delivery gold bullion according to London Bullion Market Association ("LBMA"). The variance between gold produced and gold poured (gold doŕe) is mainly due to timing of refinery.
Gold production for the quarter was 12,919 ounces of gold, an increase of 25% compared to 10,327 ounces of gold production for the same period of fiscal 2012. Gold production for fiscal 2013 was 52,982 ounces of gold, an increase of 19% compared to 44,585 ounces of gold produced during fiscal 2012. These increases are a result of increased gold poured during the quarter, net of gold doŕe in transit and refinery adjustment.
During the quarter Monument sold 21,500 ounces of gold at an average realized price of $1,419 per ounce (Q4 F2012 - $1,624/oz). Of which 7,228 ounces of gold sold was resulted from gold released from the restricted metal account upon conversion of the convertible notes, 14,272 ounces of gold sold from current quarter's production, net of change in gold inventory (Q4, 2012 - 8,500 ounces of gold sold). For fiscal 2013 Monument sold 57,905 ounces of gold at an average realized price of $1,576 per ounce (Fiscal 2012 - $1,671/oz). Of which 50,677 ounces of gold sold was from current year's production, net of escrow reserves (fiscal 2013 - 36,938 ounces).
Ore mined for the three months ending June 30, 2013 was 314,481 tonnes which is a 190% increase compared to the same fiscal period in 2012. Ore processed was 268,045 tonnes which is a 142% increase compared to the same fiscal period in 2012. The large increase in ore mined is due to better equipment availability, drier weather in Q4 F2013 and substantial contributions of oxide ore from the Buffalo Reef pit. The large increase in ore processed is due to the increase in mill capacity as a result of the 2012 plant expansion.
Calculated gold content of ore processed for the fourth quarter ended June 30, 2013 was 13,485 ounces, a 7% increase compared to 12,553 ounces for the same period of fiscal 2012. Actual gold poured (recovered) for the quarter was 13,760 ounces, a 39% increase compared to 9,872 ounces poured for the same period of the 2012 fiscal year. The increases are a direct result of the significant increase in tonnes processed, offset by lower feed grade and processing recovery rate which were expected in the mine plan.
About Monument
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the development stage, Mengapur Polymetalic Project. The Company employs 330 people in Malaysia and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1