Gross Revenue of $19.6 million from Sale of 11,353 Ounces of Gold
VANCOUVER, Jan. 11, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced its second quarter
operating results for the three months ended December 31, 2012. Full
financial and operating results for the quarter will be released by the
end of February 2013. All amounts are in United States dollars unless
otherwise indicated.
Second Quarter 2013 Operating Results
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Three months ended December 31
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Six months ended December 31
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2012
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2011
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2012
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2011
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Ore mined (tonnes)
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184,197
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128,557
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285,851
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253,293
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Ore processed (tonnes)
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209,626
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84,182
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434,268
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170,525
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Average mill feed grade (g/t)
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2.88
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5.25
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2.41
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4.89
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Processing recovery rate
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89.1%
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95.3%
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87.6%
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95.2%
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Gold recovery (oz)
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17,289
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13,544
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29,530
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25,500
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Gold produced (oz)
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15,902
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11,736
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26,808
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23,582
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Gold sold (oz)
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11,353
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12,765
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23,905
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21,137
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Revenue (000's)
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$19,640
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21,084
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40,445
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35,514
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Average realized gold price/ounce sold
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$1,730
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1,652
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1,692
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1,680
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Gold recovery from the Selinsing gold processing plant for the second
quarter ended December 31, 2012 was 17,289 ounces, a 28% increase
compared to 13,544 ounces for the same period of fiscal 2012, mainly
due to the increase in processing capacity as a result of the recent
plant expansion. The benefit realized through the increase in tonnes
processed was offset by a drop in feed grade and processing recovery
rate. Both of these declines are expected in the mine plan and are
driven by the transition from Oxide to Sulphide ore. Gold production
(defined as good delivery gold bullion according to London Bullion
Market Association ("LBMA")), net of gold dore in transit and refinery
adjustment, was 15,902 ounces of gold, an increase of 35.5% compared to
11,736 ounces for the same period of fiscal 2012.
For the six months ended December 31, 2012 gold recovery increased by
16% to 29,530 ounces and gold produced increased by 14% to 26,808
ounces, compared to the same fiscal 2012 period. These increases are
also a result of the increased mill throughput offset by lower feed
grade and recovery rate.
Robert Baldock, President and CEO of Monument, commented: "The increase
in gold production is a direct result of the plant expansion and our
team's dedicated efforts to commission and fine tune the expanded
process plant. The expansion was financed from cash flow and now we are
seeing the payback in the bottom line."
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
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
"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 contains forward-looking statements about Monument
Mining Limited ("Monument"), its business and future plans.
Forward-looking statements are statements that are not historical facts
and include the timing of the proposed programs and events. 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, 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; statements regarding the future price
of gold; the estimation of mineral resources; conclusions of economic
evaluation (including scoping studies); the realization of mineral
resource estimates; the timing and amount of estimated future
production, development and exploration; costs of future activities;
capital and operating expenditures; success of exploration activities;
mining or processing issues; currency exchange rates; government
regulation of mining operations; and environmental risks. 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". Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or implied
by such forward-looking information, including but not limited to:
general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration activities;
foreign operations risks; other risks inherent in the mining industry
and other risks described in the annual information form of the
Company, which is 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 information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information 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 information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE: Monument Mining Limited