VANCOUVER, British Columbia, July 05, 2018 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V:MMY) (FSE:D7Q1)
“Monument” or the “Company” reports on progress made with the basic gold processing plant design and the Front End Engineering
Design (“FEED”) for its Selinsing Gold Sulphide Project (“SGSP”) in Malaysia. Additional testwork programs from independent
consultants have pushed out the completion date which is now aimed for mid-August, 2018.
Process and Engineering Design
The basic gold processing plant design and FEED form a major part of the Feasibility Study. It is aimed to
convert the existing oxide gold treatment processing plant to a sulphide treatment gold processing plant. As a result, it would
allow additional flotation process and BIOX® process to be added to the existing plant with certain alterations to the existing
process. To date both design packages have been delivered for Monument’s review, subject to further optimization should it be
required upon additional flotation test work.
Basic Metallurgical Process Design
The design of the new processing facilities featuring: flotation, BIOX® oxidation, counter current decantation,
neutralisation and conventional CIL processing has now been completed by Orway Mineral Consultants (“Orway”) and delivered to
Monument for review. CIL tailings will undergo conventional cyanide detoxification prior to the Activated Sludge Tailings Effluent
Remediation (“ASTER™”) process. A water recovery thickener will recover the bulk of process water from flotation tailings,
neutralisation and ASTER™ discharge. The thickener underflow will be pumped to the existing tailings storage facility (“TSF”).
The BIOX® process is a patented technology for pre-treatment of sulphide-based refractory ores and concentrates
ahead of a conventional cyanide leach for gold recovery. Outotec, the owner of the patent has produced an ASTER™ process
design package for the biological destruction of residual cyanide and thiocyanate. Operation of the ASTER™ process, as successfully
practised at the Runruno BIOX® plant in the Philippines, will provide clean water for milling and flotation and prevent the
poisoning of the BIOX® microbes by cyanide compounds.
FEED
Contromation Energy Services (“CES”) has submitted the engineering design of the new processing facilities. The
3D model of the new processing plant has been incorporated into the available space around the process plant while minimizing the
loss of existing infrastructure. Best use has been made of the local topography with the BIOX® cooling towers located at an
elevated position. CES has also provided: major equipment data sheets and specifications; material take-offs for earthworks,
civils, structural steel, platework and piping; also the specifications for medium voltage switchgear and low voltage motor control
centres, cabling and instrumentation requirements.
SRK Consulting (“SRK”) has provided a scoping level design confirming the feasibility to expand the existing
TSF. Detailed design will be carried out following further geotechnical investigations and testing of suitable materials from
borrow pits and open pit cutbacks.
Perth based geotechnical specialists, Peter O’Bryan and Associates (“POB”), has completed the slope stability
studies for both the Selinsing and Buffalo Reef pits, providing recommendations for new slope angles that will provide a safe
working environment for the development of these pits.
Metallurgical Testwork
Bioleach Variability Testwork
Following the announcement of bioleaching test results in February 2018, additional bioleaching variability
testwork has been conducted by SGS Johannesburg under the supervision of Outotec to determine the metallurgical response of other
ore sources to be processed in the first two years of production. The testwork results have shown excellent bioleaching kinetics
with 98-99% sulphide sulphur oxidation achieved within 18 days. Cyanide leaching of the BIOX® residues achieved gold dissolution of
94-99% in the standard 24-hour tests. It has confirmed the process being selected is most suitable for Selinsing and Buffalo Reef
ore. No more testwork is required.
Iron to arsenic solution grades indicated that the formation of a stable ferric arsenate compound would result
and toxicity characteristic leaching procedure (“TCLP”) testwork confirmed compliance with the USA Environmental Protection Agency
requirements.
The latest testwork included the testing of Selinsing Pit 5 hanging wall limestone for its acid neutralisation
capacity and potential use in the BIOX® reactors and the neutralisation tanks. The limestone was found to have excellent
neutralisation characteristics and could be used for pH control in the BIOX® reactor tanks and for neutralisation of the effluent
solution and BIOX® residue. Quotations have been sought for suitable crushing and milling equipment both locally and overseas to
produce milled limestone slurry.
Flotation Optimization Testwork
Additional flotation testwork has been commissioned at the Bureau Veritas laboratory in Perth on further samples
of drill core from Buffalo Reef. The aim of the testwork is to provide independent verification of the flotation conditions
reported by the in house R&D team that achieved better recovery rate of gold to the flotation concentrate while maintaining the
design sulphur grade and mass pull. The Bureau Veritas testwork will be supervised by Orway.
Feasibility Study and Project Execution Plan
The equipment specifications and data sheets produced by CES have been used by Monument to solicit quotations
from appropriate equipment vendors. The quotations received have been combined with the material take-offs and schedules of rates
to produce initial capital cost (“Capex”) estimates. Quotations have been received for specialist BIOX® and ASTER™ nutrients,
flotation chemicals and flocculants towards compiling the operating cost (“Opex”) estimate. Both Capex and Opex are under review
and will be used for economic assessment in the Feasibility Study. Geological modelling and mine plan review and update are in
progress to complete the internal Feasibility Study that will deliver the Sulphide Project Execution Plan, which is also in
progress to complete. The delay is primarily caused by external laboratory work, targeting completion in mid-August, 2018.
Michael John Kitney, Ass. Met, M.Sc., MAusIMM has reviewed and approved the scientific and technical disclosure
in the news release as a Qualified Person under NI43-101 standards.
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. Its experienced management team is committed to growth and is advancing several exploration
and development projects including the Mengapur Copper and Iron Project, in Pahang State of Malaysia, and the Murchison Gold
Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs
approximately 190 people in both regions and is committed to the highest standards of environmental management, social
responsibility, and health and safety for its employees and neighboring communities.
Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver
T: +1-604-638-1661 x102
rcushing@monumentmining.com
Wolfgang Seybold, Axino GmbH
T: +49 711-82-09-7211 wolfgang.seybold@axino.com
"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 includes statements containing forward-looking information about Monument, its business
and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans,
objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and
the timing and results of proposed programs and events referred to in this news release. 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". 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: risks related to general
business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration
activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in
the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on
the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material
factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding 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; assumptions and expectations regarding the results
of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount
of estimated future production; the expected timing and results of development and exploration activities; costs of future
activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and
all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on
the Company’s projects, all of which are 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 statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There
can be no assurance that such statements 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 statements. The
Company does not undertake to update any forward-looking statements, except in accordance with applicable securities
laws.
