VANCOUVER, Nov. 6, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced its first quarter
operating results for the three months ended September 30, 2013. Full
financial and operating results for the quarter will be released by the
end of November 2013. All amounts are in United States dollars unless
otherwise indicated.
First Quarter 2014 Operating Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30
|
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
Ore mined (tonnes)
|
|
|
|
|
150,185
|
|
|
|
|
101,654
|
|
Ore processed (tonnes)
|
|
|
|
|
235,809
|
|
|
|
|
224,643
|
|
Average mill feed grade (g/t)
|
|
|
|
|
1.56
|
|
|
|
|
1.98
|
|
Mill utilization (%)
|
|
|
|
|
91.3%
|
|
|
|
|
95.6%
|
|
Processing recovery rate (%)
|
|
|
|
|
79.7%
|
|
|
|
|
85.6%
|
|
Calculated gold content (oz)
|
|
|
|
|
9,443
|
|
|
|
|
12,240
|
|
Gold poured (recovered) (oz)
|
|
|
|
|
9,632
|
|
|
|
|
12,655
|
|
Gold production(1) (oz)
|
|
|
|
|
10,515
|
|
|
|
|
10,906
|
|
Gold sold (oz)
|
|
|
|
|
12,238
|
|
|
|
|
12,552
|
|
Revenue (US$ 000's)
|
|
|
|
|
$16,002
|
|
|
|
|
$20,805
|
|
Average realized gold price (US$/ounce sold)
|
|
|
|
|
$1,308
|
|
|
|
|
$1,658
|
|
(1) Defined as good delivery gold bullion according to London Bullion Market
Association ("LBMA"). The variance between gold produced and gold
poured (gold dorè) is mainly due to timing of refinery.
|
During the quarter Monument sold 12,238 ounces of gold, a decrease of 2%
compared to Q1 fiscal 2013 sales of 12,552 ounces, at an average
realized price of $1,308 per ounce, representing a decrease of $350 per
ounce or 21% compared to $1,658 per ounce realized in the first quarter
of fiscal 2013 due to prevailing lower market prices. During the
quarter the gold price was very volatile dropped to $1,192 per ounce,
and appreciated by 11% to the close at September 30, 2013 of $1,327 per
ounce. The gold price reached a high of more than $1,420 per ounce
during August.
Ore mined for the three months ending September 30, 2013 was 150,185
tonnes which is a 48% increase compared to the same fiscal 2013 period.
The tonnage increase is due to the additional ore mined from the
Buffalo Reef South Pit. Ore processed during the quarter was 235,809
tonnes. This is a 5% increase compared to Q1 fiscal 2013 as a result of
processing a greater amount of reclaimed gravity tails, offset by 120
hours of unscheduled plant shutdown. The non-recurring plant shutdown
negatively impacted throughput and subsequently quarterly gold
production as a result. Mill utilization is expected to return to above
the historical average of 95% in the second quarter of fiscal 2014.
Calculated gold content for the first quarter ended September 30, 2013
was 9,443 ounces, a 23% decrease compared to 12,240 ounces for the same
fiscal 2013 period. Actual gold poured (recovered) for the quarter was
9,632 ounces, a 24% decrease compared to 12,655 ounces for the same
period of the 2013 fiscal year. The decreases are a direct result of
lower feed grade, processing recovery rate and the non-recurring
unscheduled plant shutdown outlined above. Strong focus and efforts
have been made to improve the recovery rate throughout the quarter,
resulting in an increase to 82.5% in September, up 17% over August.
Gold production for the quarter was 10,515 ounces of gold, a decrease of
4% compared to 10,906 ounces of gold production for the same period of
fiscal 2013. This slight decrease is a result of decreased gold poured
during the quarter, net of gold dorè in transit and refinery
adjustment.
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
336 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
