2011 Production Results Monument's 2011 Fourth Quarter Production Result (cnw)
Q4 produced 10,327oz gold bringing the annual total to 44,585oz
VANCOUVER, July 30, 2012 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" today reports its fourth quarter production result for the period ended June 30, 2012. Full financial and operating results for the year will be released by the end of September 2012. All amounts are in United States dollars unless otherwise indicated.
| | | |
| | Three month ended June30 | Twelve month ended June 30, |
| Mining | 2011 | 2012 | 2011 | 2012 |
| Ore Mined (tonnes) | 237,342 | 108,420 | 740,909 | 501,882 |
| Waste moved (tonnes) | 700,968 | 619,502 | 2,707,598 | 2,770,492 |
| Ore Stockpiled (tonnes) | 773,432 | 920,633 | 773,432 | 920,633 |
| Process | | | | |
| Crushed ore (tonnes) | 87,038 | 103,134 | 355,021 | 354,681 |
| Ore Processed (tonnes) | 86,540 | 110,708 | 351,999 | 364,680 |
| | | | | |
| Average mill feed grade (g/t) | 4.58 | 3.87 | 4.31 | 4.24 |
| Processing recovery rate | 94.1% | 91.1% | 92.9% | 93.7% |
| Ball mill availability (%) | 96.6% | 92.0% | 96.1% | 95.0% |
| Production and Sales | | | | |
| Gold produced (oz) | 12,136 | 10,327 | 44,438 | 44,585 |
| Gold Sold (oz) | 10,936 | 8,500 | 40,438 | 36,938 |
| Revenue (in 000's) | $15,031 | $13,801 | $56,627 | $61,709 |
| Average realized gold price per ounce | $1,520 | $1,624 | $1,400 | $1,671 |
| | | | | |
Gold production for Q4, fiscal 2012 was in line with Q3, however, was reduced from Q1 and Q2 and Q4 of fiscal 2011 due to lower average mill feed grade. Fiscal 2012 gold production totaled to 44,585oz in line with fiscal 2011 but below expectation of 55,000oz mainly due to lower gold recovery that occurred during ramp up of tonnage through the new primary ball mill, downtime caused by commissioning of the phase III plant expansion, and transformation from oxide ore to transition (mixed) ore and plant changeover to better process sulfide ore.
Ore processed during Q4 reached 110,708 tonnes, a 19% increase compared to average mill feed of 84,700 tonnes per quarter as a result of the new primary ball mill commissioned during Q4, which, upon reaching full commercial production, shall bring total mill feed more than 2,500 tonnes a day, or 900,000 a year. The availability of the secondary ball mill was reduced during the quarter due to commissioning of the phase III expansion including the primary ball mill and a major power outage from the power supplier. A total of 364,680 tonnes of ore were processed during the year ended June 30, 2012, increasing by 12,681 tonnes or 3.6% over fiscal 2011.
Gold sales for fiscal 2012 were 36,938 ounces as compared to 40,438oz in fiscal 2011 due to timing; however, revenue was $61,709,000 compared to $56,627,000, $5,082,000, or 9.0% higher, resulting from a higher average realized gold price of $1671 per ounce this year as compared to $1,400 per ounce in fiscal 2011.
"We are nearing completion of the Phase III plant expansion to one million tonnes per year capacity and are currently fine tuning the plant for the increased throughput" commented Mr. Charlie Northfield, Selinsing Gold Mine General Manager. "We expect to continue to ramp up throughput in the coming months to full capacity by Q2, 2013 as we make circuit changes to accommodate the changing ore characteristics to more sulfidic ores from transition ores that have been predominant over the last 12 months."
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 feasibility stage, polymetalic Mengapur project. The Company employs 260 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