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Monument Mining Limited (MMY.V)

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  • Monument Announces Joint Venture Arrangement for the Tuckanarra Project in Western Australia
    GlobeNewswire

    Monument Announces Joint Venture Arrangement for the Tuckanarra Project in Western Australia

    Figure 1 Map showing locations of the Tuckanarra, Burnakura and Gabanintha’s Projects Figure 2 Burnakura Project geology and tenements Figure 3 Gabanintha Project geology of the main open pit areasVANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce that it has entered into a Joint Venture Arrangement (the “Transaction”) with Odyssey Energy Ltd (proposed to be renamed Odyssey Gold Ltd) (ASX: ODY) to advance the Tuckanarra Gold Project (“Tuckanarra”) located in the Murchison Goldfield. Tuckanarra is currently 100% owned by Monument through its Australian subsidiary Monument Murchison Pty. Ltd. (“Monument Murchison”), which also holds 100% of the Burnakura and Gabanintha Gold Projects (“Murchison Gold Projects”) as its primary high-grade gold development projects in the Meekatharra district. Subject to the closing of the Transaction, ODY will own 80% of Tuckanarra and develop Tuckanarra together with Monument under an unincorporated joint venture.TRANSACTION HIGHLIGHTS * Sell 80% of Tuckanarra interest for consideration of AUD$5 million cash subject to certain conditions; * Retain a 1% NSR royalty over Odyssey’s 80% shared interest; * Retain a 20% interest in Tuckanarra Project free carried until a decision to mine; * Preferentially process ODY’s gold ore through Monument’s Burnakura gold plant subject to commercial terms; * Jointly develop the Tuckanarra Gold Project through an unincorporated joint venture. President and CEO Cathy Zhai said: “The JV arrangement with Odyssey is a strategic move by the Company to divest Tuckanarra, one of our quality gold projects, allowing it to be advanced faster; and have our team focus on the primary highly prospective gold projects Burnakura and Gabanintha, former mining centers in Meekatharra and Cue region, and move these two projects closer to production through our existing infrastructure. This strategy will complement our Selinsing Gold Project in Malaysia, which has been in production since 2010 and has produced over 315,000 ounces of gold to date.”Ms. Zhai further commented: “We are excited to work with the Odyssey team, a part of Apollo Group in Perth which has a long and successful history of exploring and developing mining assets around the world. Apollo Group collectively has financed in excess of $1bn of mining projects. We are open to all opportunities to increase our shareholders value as a whole.”To date Monument has defined a total 381,000 ounces of gold resources under NI43-101 standards at Burnakura from its three gold projects (Figure 1), all acquired in 2014 with an aggregate historical gold resources of 644,000 ounces under JORC standards, of which 81,000 ounces were attributed to Tuckanarra. ODY plans to progressively explore high grade opportunity at Tuckanarra after closing the Transaction.Tuckanarra is directly adjacent to the Stakewell Gold Project that was recently acquired by ODY. Together ODY will own tenements covering 25km of strike of highly fertile banded iron formation (“BIF”) and greenstones with extensive gold mining history. Given Odyssey access to Monument’s Burnakura gold process plant located 25km from Odyssey’s projects, Odyssey will preferentially process ores extracted from both projects, subject to commercial terms at the Burnakura gold processing plant.  Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bc71899e-ec99-48cf-aadf-190290f19eefTENEMENT SALE AND UNINCORPORATED JV STRUCTURETenements SaleMonument and Monument Murchison (together “Monument Group”) entered into a binding Tenement Sale Agreement with ODY and its subsidiary Tuckanarra Resources Pty. Ltd. (“Tuckanarra Resources”) (together “ODY Group”), under which Monument Group sells to ODY Group a 80% of the Tuckanarra Gold Project for the aggregated consideration of AUD$5 million in cash, plus 1% net smelter return royalty over the ODY’s percentage share the Tuckanarra Gold Project on standard terms, as detailed below: * Deposit: AUD$150,000 cash payable on signing the Tenement Sale Agreement; * Completion Consideration: AUD$1,850,000 cash payable on completion of the Acquisition; * Deferred Consideration: AUD$2,000,000 cash payable within 6 months of completion of the Acquisition; and * Milestone Consideration: AUD$1,000,000 cash payable on the delineation of an independently assessed mineral resource in accordance with the JORC Code (2012 Edition) of at least 100,000 ounces of gold at a minimum resource grade of 1.55g/t in relation to Tuckanarra Gold Project, within 36 months of completion of the Acquisition.The acquisition is subject to condition precedents including: * Regulatory Approval: All ASX and other regulatory approvals required in relation to the Acquisition having been obtained either unconditionally or on conditions acceptable to the relevant party (acting reasonably); * Due Diligence: Odyssey completing due diligence on the Tuckanarra Gold Project subject to its satisfaction; * Capital Raising: Odyssey successfully completing a capital raising of at least $1 million at a price not less than $0.02 per share; * Shareholder Approval: Odyssey obtaining shareholder approval in relation to the Acquisition or relevant aspects ofThe completion of the Transaction is projected by December 9, 2020. The cash proceeds will be used for Murchison Gold Projects development and working capital.Unincorporated Joint Venture AgreementTuckanarra Resources (80%) and Monument Murchison (20%) have also entered into an unincorporated joint venture agreement in respect to the exploration and development of the Tuckanarra, on the following key terms: * Tuckanarra Resources will be the manager of the joint venture; * A joint venture management committee will comprise of two members from Tuckanarra Resources and one member from Monument Murchison and will have the responsibility for overseeing joint venture matters, including a decision to mine; * Monument Murchison’s 20% interest is free carried until a decision to mine on the Tuckanarra Gold Project, following which the participant will contribute pro rata or dilute; * If a decision to mine is made, the parties will form an unincorporated mining joint venture on certain agreed terms and subject to a separate mining joint venture agreement; * There is a pre-emptive right on disposal of joint venture interests and drag along and tag along rights; * Tuckanarra Resources and Monument Murchison have agreed to negotiate in good faith a processing arrangement on reasonable arm's length commercial terms for Monument Murchison to process ore extracted by Tuckanarra Resources from the Tuckanarra or Stakewell Gold Projects at Monument Murchison's Burnakura plant in Meekatharra, Western Australia; and * Other standard terms and conditions for an unincorporated exploration joint venture including areas of interest and rights upon default by a participant (including an option to acquire a defaulting participant’s interest at fair market value). Planned Exploration under the Unincorporated Joint VentureUpon completion of the Transaction, work planned to develop the targeting profile for Tuckanarra in the near term will include: * Reassessment and re-processing of historical high-resolution magnetics in the area; * Potential sub audio magnetics ground geophysical survey; * An updated 3D structural targeting model of the region; * Confirmation of the drill database through on-ground work and reference to historical company reports; * Re-interpretation of soil sampling data including potential infill lines; * A target ranking exercise over the area; and * Re-logging and re-assaying of drill core and samples where appropriate. MURCHISON GOLD PROJECT DEVELOPMENT (BURNAKURA AND GABANINTHA)Murchison Gold Project is situated in the Meekatharra district. The unique position in the Murchison Goldfields, where historically millions ounces of gold were delivered and major production from Westgold Resources and Ramelius Resources are still ongoing. This together with the fully functional small size gold processing plant designed for high grade production that can be upgraded to larger capacity, makes Murchison Gold Project strategic and attractive as the recent success of Musgrave Minerals and Spectrum Metals highlights.Burnakura and Gabanintha Gold Projects are at the development stage with considerable exploration potential, located approximately 650km north of Perth and 45km south of Meekatharra in the Murchison Goldfields, containing a total of 381,000 ounces of gold under NI43-101 Standards (historical resources of 563,000 ounces). The projects have extensive mining histories and have been mined via numerous open pits and underground methods as well as smaller workings. The projects cover an area on the eastern margin of the Archean Meekatharra -Wydgee greenstone belt within the north-eastern Murchison Domain of the Yilgarn Craton.The 260,000 tpa gold processing plant, 108 man camp and infrastructure facilities are well maintained, and ready to be placed into production once a three stage refurbished crushing plant is installed. An economic assessment was completed in 2018 and it is currently under review, with the new rally of gold prices in 2020. The Murchison Gold Project requires both development and exploration work to increase its prospective potential to add value to the Monument Group as a whole.Burnakura ProjectThe Burnakura project consists of a full set of gold processing facilities and operating camp, 6 mining licenses, 3 exploration licences (2 under application) and 5 prospecting licenses covering a total area of 123.1km2. It contains a NI43-101 compliant Resource of 381,000 ounces of gold. The historical resources were in total 410,000 ounces of gold under JORC standards. Significant effort was devoted to development and exploration since acquisition, to establish production capacity and economic viability to compliment the Selinsing Gold production.The Burnakura gold deposits are situated along a northeast trending splay (Burnakura Shear Zone) that parallels and is linked to the north-northeast trending regional scale Mt Magnet fault. The Burnakura Shear Zone Gold mineralization is typical of a brittle to semi-ductile shear zone, forming semi-continuous dilational veins.Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5319cac1-67eb-422c-9a51-af1400e7d3bfThe main historical mining period was between 1898 and 1961, and a total production of 32,231 ounces of gold at 26 g/t has been estimated to have been produced. More recent production, prior to the commissioning of the Burnakura gold processing plant in 2005, from the 13 producing pits and two underground operations amounts to 216,000 ounces of gold at 3.7g/t. Gold production since the Burnakura plant was commissioned totals 58,371 ounces from Tectonic, ATW Gold Corp and Kentor Gold.The project has been extensively explored and numerous drill programs have been carried out since 1986.A total of 20,642 drill holes are in the current database as well as 13,278 surface samples. The main mining leases were covered by an aerial photographic survey carried out in 2014, and various geophysical surveys have been completed including an airborne magnetics, radiometric and digital elevation survey in 2008 at 40m line spacing. In addition, several structural interpretations have been completed by various consultants.An updated mineral resource was reported by SRK in 2018 under NI43-101 standards, with 381,000 ounces of gold for the NOA 1-6, NOA 7-8, ANA, Authaal and Federal City deposits, comprised of 88,000 ounces of Inferred and 293,000 ounces of Indicated Resource.Gabanintha ProjectThe Gabanintha project consists of 2 mining licenses, 3 exploration licenses and 16 prospecting licenses (5 under application) covering a total area of 43.4 km2. It contains a historical Inferred Resource of 153,000 ounces of gold at 2.16g/t.The project lies on the Gabanintha Shear Zone, a 1km wide north-northwest anastomosing regional shear zone hosted within a mafic and ultramafic sequence with minor volcanics. Mineralization is associated with quartz veins and stockworks hosted within a volcanogenic suite of lithologies which include ultramafic, mafic and felsic volcanics, felsic porphyry, gabbro/dolerite, volcanogenic sediments and thin BIFs.Historical mining production of 11,800 ounces of gold has been estimated up until 1914, with intermittent gold and copper production until the late 1940’s. Between 1987 and 1991, Dominion Mining expanded the resources at Kavanagh, Yagahong and Canterbury and mined Terrell’s, Yagahong, Kavanagh, Canterbury, Canterbury South and Tumblegum pits, producing approximately 150,000 ounces of gold. There was no production from Jinka Minerals Limited or Kentor Gold who owned the project after Dominion.Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a6490ac-076c-4770-9cfc-76120801af34 A total of 8,718 drill holes are in the current database as well as 13,452 surface samples. The project has been covered by over 8 geophysical surveys including multiple EM surveys which were primarily used to target copper mineralization. Various resource estimations have been completed between 2011 and 2013.Work Plan for Murchison Gold Project (Burnakura and Gabanintha)The work plan for the Murchison project will consist of re-assessing the production profile at current higher gold prices, developing a range of high priority exploration targets, as well as further advancing existing mineral resources so that updates can be incorporated into a new life of mine plan. In addition, there will be further corporate development work, and other opportunities that could potentially add value to shareholders that will be explored.The main focus of development work will include: * Review and updates of existing drilling data including wireframe remodelling for a new Alliance resource estimation considering an underground mining scenario. * Review status of data for all deposits that are included in the life of mine plan and generate a program of work to update existing data to ensure robust mine plans. * Collection of additional data and reinterpretation of data for deposits included in the life of mine plan as required. * Drillhole planning to infill and immediately extend deposits to ensure mine plans are based on comprehensive datasets. * Resource updates as required. This will be especially important for resources that are being targeted by underground mining. * Complete an updated life of mine plan and financial model for production potential.The main focus of exploration will include: * Drill programs that will target down plunge of existing high-grade resources that have the potential to be mined underground such as at NOA 1, 7-8 and Alliance deposits at Burnakura and Yagahong deposits at Gabanintha. * Close spaced magnetic orientation surveys that may be able to delineate favourable structures in prospective host lithologies such as BIF. * Upgrade existing drilled areas to resource status such as Tumblegum and Kavanagh at Gabanintha. * Further refinement and ranking of regional style exploration targets, that have the potential to host significant deposits. There are multiple areas in both projects that have no first pass sampling information. * Complete budget in line with exploration strategy. The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc. (Hons) Chief Geologist of Monument Mining Limited; reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.About Monument Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that operates the 100% owned 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 200 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 4A6FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:Richard Cushing, MMY VancouverT: +1-604-638-1661 x102rcushing@monumentmining.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.

  • GlobeNewswire

    Monument Reports Fourth Quarter and Fiscal 2020 Results

    Gross Revenue of $29.97 Million and Cash Cost of US$878/OzVANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its annual financial results for the year ended June 30, 2020. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results). President and CEO Cathy Zhai commented: “Despite the eight week’s suspension of production at Selinsing Gold Mine starting March 18th 2020 in compliance with the Movement Control Order (“MCO”) issued by Malaysia Government against the Covid-19 pandemic, fiscal 2020 has generated positive cash flow, contributed mainly to record high gold price and improved recoveries. Working capital is sufficient to support the same level of operations capacity and procurement has been manageable with global dynamic changes in supply chains.”Ms. Zhai further commented: “Management is firmly moving forward with the Sulphide Project financing and actively engaging interested parties. We stay focused on our corporate development strategies to take upside opportunities for future sustainable production, including entering into the sulphide gold concentrates market using our planned sulphide Biox® treatment plant.”Fiscal 2020 Highlights: * 19,401oz of gold sold for $29.97 million (2019: 16,505oz of gold sold for $20.99 million); * Average realized gold price per ounce (“oz”) of 1,563/oz (2019: $1,260/oz); * Cash cost per ounce of $878/oz (2019: $713/oz); * All-in sustaining cost per ounce (“AISC”) of $1,136/oz (2019: $1,040/oz); * 17,360oz of gold produced (2019: 15,763oz); * Gross margin of $12.94 million (2019: $9.23 million); * Peranggih trial mining program completed with encouraging average gold recoveries; * Mentique Prospect discovered at west of Peranggih mineralization. * Drill program at Murchison confirmed targeted mineralization identified by geological structure study; * Full production capacity maintained during Selinsing production suspension caused by COVID-19 pandemic.Fourth Quarter and Fiscal 2020 Production and Financial Highlights Three months ended June 30,Year ended June 30,  2020 2019 2020 2019  Production     Ore mined (tonnes)          42,331            45,076         263,074          166,940  Waste removed (tonnes)        463,228          829,286      2,887,441       3,201,817  Ore processed (tonnes)          68,961          229,416         675,708          934,843  Average mill feed grade (g/t)              1.06                0.75               1.11                0.80  Processing recovery rate (%)67% 72% 71% 69%  Gold production (1) (oz)            2,311              3,577           17,360            15,763  Gold sold (oz)            3,282              3,623           19,401            16,505        Financial (in thousands of US dollars)$ $ $ $  Revenue            5,404              5,210           29,971            20,993  Gross margin from mining operations            2,653              2,204           12,944              9,227  Net income before other items               704                 759             4,509              2,907  Net loss           (1,273)            (1,115)               (275)               (499)  Cash flows generated from operations               657                (242)             6,273              2,139  Working capital          18,786            24,519           18,786            24,519        Loss per share before other items – basic (US$/share)              0.00                0.00               0.00                0.00  Loss per share – basic (US$/share)             (0.00)              (0.00)              (0.00)              (0.00)         Three months ended June 30,Year ended June 30,  2020 2019 2020 2019           OtherUS$/oz US$/oz US$/oz US$/oz  Average realized gold price per ounce sold (2)1,684 1,337 1,563 1,260           Cash cost per ounce (3)          Mining233 174 223 159    Processing454 539 507 456    Royalties143 106 136 92    Operations, net of silver recovery8                  11 12 6  Total cash cost per ounce 838 830 878 713  All-in sustaining costs per ounce (4)          By-product silver recovery1 1 1 1    Operation expenses179 -  40 -    Corporate expenses 6 (1)  6 6    Accretion of asset retirement obligation 12 14  9 12    Exploration and evaluation expenditures 45 47  32 43    Sustaining capital expenditures 174 383  170 265  Total all-in sustaining cost per ounce             1,255              1,274             1,136              1,040  (1)  Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment. (2)  Exclude gold prepaid delivery for comparison purposes. (3)  Total cash cost includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties, and operating costs such as storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, capital costs, exploration costs and corporate administration costs. (4)  All-in sustaining cost per ounce includes total cash costs, operation expenses, and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included.Fiscal 2020 Production Analysis  * Gold production of 17,360oz, a 10% increase as compared to 15,763oz of the previous year. The increase mainly resulted from higher mining rates and contained gold in old tailing materials and leachable sulphide ore, and less super low-grade oxide ore as compared to last year, which off set by lower mill feed. * Ore processed decreased to 675,708t from 934,843t last year. The decreased mill feed was mainly due to a decrease in stockpiled super low-grade oxide ore, less oxide ore being mined and the production suspension caused by COVID-19. The negative impact was offset by average mill feed grade that was increased to 1.11g/t from 0.80g/t,  brought the annum average processing recovery rate up to 71%, comparable to 69% of the previous year, despite the lower recoveries generally obtained from the transition ore materials.  * Cash cost per ounce increased by 23% to $878/oz from $713/oz of last year.  The increase was mainly due to additional reagents, processing time and energy required in leaching sulphide materials. * Ore stockpile has significantly reduced mainly due to adverse impact from lower mining rate in previous year that has yet be caught up. Significant mining facilities were used in fiscal 2019 to deliver material borrowed from mining waste for tailing development.  COVID-19 pandemic has not helped in achieving the target. The Company has devoted its effort to improve the stockpile balance.Fiscal 2020 Financial Analysis * Gold sales generated revenue of $29.97 million for the year as compared to $20.99 million from last year.  Gold sales revenue was derived from the sale of 16,750oz (2019: 15,300oz) of gold at an average realized gold price of $1,563 per ounce (2019: $1,260 per ounce) and the delivery of 2,651oz (2019: 1,205oz) in fulfilling gold prepaid obligations at an average London Fix PM gold price of $1,429 per ounce (2019: $1,429 per ounce). * Total production costs increased by 45% to $17.03 million as compared to $11.77 million from last year. The increase in production costs reflected timing difference of gold sold and higher mining and processing costs as compared to last year. * Gross margin for the year was $12.94 million before operation expenses and non-cash amortization and accretion.  That represented a 40% increase as compared to $9.23 million from last year. The increase in gross margin was attributable to an increase in gold sold and a higher average realized gold price but offset by higher mining and processing costs. * Net loss for the year was $0.28 million, or $nil per share as compared to net loss of $0.50 million or $nil per share from last year. The positive variance was caused by higher income from mining operations, offset by higher depreciation and amortization and higher tax expenses. * Cash and cash equivalents balance as at June 30, 2020 was $10.13 million, an increase of $0.78 million from the balance at June 30, 2019 of $9.34 million. As at June 30, 2020, the Company had positive working capital $18.79 million (June 30, 2019: $24.52 million). The decrease in working capital resulted from the drawdown of stockpiled ore by $5.29 million. * Cash used in investing activities for the year was $5.47 million (2019: $7.81 million), which was represented by $4.06 million invested in Selinsing for sulphide project development and tailings storage facility upgrades (2019: $5.86 million), $1.26 million and $0.15 million invested in Murchison exploration and evaluation projects and Mengapur exploration and evaluation projects, respectively (2019: $1.64 million and $0.31 million, respectively)..DevelopmentSelinsing Gold MineDuring the year ended June 30, 2020, development initiatives focused on projects at the Selinsing Gold Mine, namely the optimization of the sulphide gold project, the tailing storage facility (“TSF”) construction and mine development for gold production.The sulphide plant upgrade construction is anticipated to take 18 months inclusive of commissioning activities. Metallurgical drilling was undertaken at the Selinsing and Buffalo Reef pits for investigating the leachability of transitional sulphide ore through the current CIL circuit by adding lead nitrate and blending with super low-grade ore.Following the completion of construction of the TSF main embankment to 533.3m RL at the Selinsing Gold Mine, which has increased the TSF capacity for fiscal 2020 production, a plan for the second stage TSF lift to 535.5m RL was finalized to meet fiscal 2021 production requirements through the current oxide processing plant. Construction planning was initiated during the year, but its completion was postponed due to operation suspension caused by COVID-19.  The construction is on-going and has reached about 68.9% of the total TSF construction to 535.5m RL.  Preliminary planning for the final stage TSF lift to 540m RL commenced during the year, aimed to meet sulphide gold production capacity, which was withheld until completion of funding.Haul truck road construction was primarily completed during the second quarter which included 14 new culvert crossings along a 10km length from the Selinsing Northern tenement boundary to the south of the Peranggih tenement.  Trial pit for bulk mining started in January 2020, completed in February 2020 then continued with extension mining of the trial pit in March 2020.  Grade control drilling recommenced in Peranggih in May 2020.ExplorationMalaysiaDuring the year ended June 30, 2020, a soil sampling campaign that was conducted at the Peranggih area between December 2018 and March 2019 had delineated 1.8km by 0.8km gold soil anomaly located 1km west of the Peranggih deposit on a parallel north west- south east trending structure, with a peak value of 103ppb. This discovery has been named the Mentique Prospect. Infill soil sampling, trenching, and geological mapping are planned to be carried at Mentique to assist in creating a drill target and to determine the nature of mineralization in this area.AustraliaAt Murchison, exploration was focused on the completion of a 3D structural targeting study and then the execution of a drill program. The drill program tested near mine down-plunge targets that have been historically mined at NOA 1 and NOA 2, Alliance, New Alliance and Yagahong open pits as well as to test the regional NOA 9 target.A 3D structural study was completed that identified down plunge targets at Gabanintha and Burnakura. The study was finalized and confirmed near mine down-plunge potential and highlighted regional prospectivity. This study was used to refine drill targets in the subsequently completed drill program at Burnakura and Gabanintha.  The drill program commenced on February 26, 2020 and the first phase of this drill program was completed on March 12, 2020. During the first phase of drilling, a total of 4 holes for 839m of RC were drilled at Burnakura and 6 holes for 1,265m was drilled at the Gabanintha Project. In addition, 23 holes for 603m of AC were drilled at the NOA 9 regional target. Due to high volumes of water at Burnakura, several of the deeper planned RC holes at Alliance and NOA 1 and 2 were postponed and completed in a second phase of drilling. The second phase of drilling commenced on the April 23, 2020 and was completed on May 8, 2020 using an RC rig for precollars and a diamond rig for tails.  A total of 4 holes that included 738m of RC and 397m of DD tails were drilled in the second phase. Holes were widely spaced with a view to find significant new resources rather than smaller step outs from existing drilling. Geological structures and mineralization were generally intersected where expected.About Monument Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that operates the 100% owned 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 200 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 4A6FOR 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"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.

  • GlobeNewswire

    Monument Provides Update on Selinsing Gold Mine in Malaysia

    VANCOUVER, British Columbia, Aug. 21, 2020 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) provides an update on its wholly owned Selinsing Gold Mine in Pahang State, Malaysia. CEO and President Cathy Zhai said: “Selinsing is our primary gold producing project. We continue to work hard on several financing alternatives to upgrade the Selinsing Gold processing plant that will treat sulphide ore, bringing the new life of mine into production. In the meantime, our operations team is also focused on sustainability of gold production to bridge the gap during the conversion, enhancement of the sulphide project design, and carrying out gold concentrate test work to top up the current and future production profile.”Ms. Zhai continued with a brief on the corporate development: “I would like to take this opportunity to draw our shareholders’ attention to a bigger picture that may help them understand the background of reported development activities at Selinsing. Monument's first stage of corporate development has delivered two portfolios of projects including gold and base metal from a single near production project - Selinsing Gold Mine acquired 10 years ago. The second stage of corporate development is focused on the gold portfolio, include Selinsing Gold Sulphide Project development and Murchison Gold Project. Both gold projects have cash generation capacities subject to initial funding and blue sky potential. This gold portfolio is our foundation and part of our future. Our base metal portfolio - Mengapur Copper and Iron Project has also provided us opportunities and we work on our strategy alternatives on it as well.” Ms. Zhai commented further: “We believe in vision and persistence that will lead us to achieve our corporate objectives, and we have made good progress in which we have not only been evaluating the available opportunities, but also creating new opportunities that we believe are in the best interests of our shareholders. We will make an announcement when any opportunity becomes material.”Gold ProductionThe Selinsing gold mine has been in commercial gold production since 2010, and has produced 312,916 oz of gold, generating over $423 million in gold revenues and $268 million net cash since startup up to March 31, 2020; 15,048oz of gold were produced in the latest nine month period in fiscal 2020, increased by 2,862oz or 24% compared to 12,186oz for the same period of fiscal 2019. The current production strategy is to achieve sustainability of production with positive cash flow to bridge the gap to start up the new life of mine; it has been achieved by supplying leachable sulphide ore to the current oxide plant. The mining was carried out on Selinsing Pit 5/6 and Block 7 for remaining oxide but mainly transitional leachable sulphide ore and a cutback at Selinsing Pit 4 and Block 7 to gain access to additional oxide material. In Q4, mining activities were conducted at Selinsing Pit IV south west cutback, Pit V/VI, Buffalo Reef Block 7 and Buffalo Reef North.Selinsing gold production was temporarily put on hold for approximately eight weeks by the Movement Control Order issued by the Malaysian government as a preventative measure against the Covid-19 pandemic. Production has resumed gradually through remaining fiscal year 2020 since mid-May. The workforce had gone through a long medical screening process; the milling started using the secondary mill first; and mining did not resume until June 12th due to the delayed issuance of the blasting permit which badly affected production. Mining of free dig oxide ore was initiated at Buffalo Reef North to help make up the shortfall. Construction to raise the tailing storage facility (“TSF”) was completed in September 2019 to an elevation of 533.3 mRL to increase TSF capacity for fiscal 2020 production. TSF construction activities to 535.5m RL resumed in mid-May 2020 to meet 2021 production requirements. TSF construction work is continuing and is expected to be completed by early September 2020.Sulphide Gold Project Optimization At the Selinsing Gold Mine a positive Feasibility Study (FS) was completed by Snowden in January 2019 which includes the Selinsing deposit, and the adjacent Felda Block 7 and Buffalo Reef deposits. The FS establishes the economic viability of the project for a six year life of mine through the extension of the existing oxide plant by adding a flotation and BIOX® plant to process refractory sulphide ore materials. The Company continues to focus on obtaining financing alternatives for the extension, which is expected to place the Selinsing Sulphide Project into production within 18 months from the commencement of construction.In May 2020, the preparation of the next five years’ operation projection was undertaken to deliver a production schedule based on the Resources and Reserves reconciliation. Its aim is to maximize the economic return at an operation level according to the FS and changes in gold price level. Under which, the leachable sulphide materials will be continued to feed into the current oxide treatment plant, while non-leachable sulphides will be fed into the sulphide treatment plant once converted. The operating plan is to facilitate the timing of financing. The engagement of a single major equipment supplier was under consideration, with options for process guarantees, increased automation and control expected to improve recovery and reduce operating costs.The consideration includes, but is not limited to, reduction of the completion time for long lead items such as stainless steel for BIOX® based applications, the provision of HV power supply, BIOX® agitators, flotation cells and thickeners; the refinement of sulphide gold project plan to reach maximum feasible return; improvements to the layout to make better use of the local topography, to shrink the overall plant footprint and to reduce the capital cost by reducing structural steel requirements and shortening the length of pipe and cable racks.R&D WorkBioleach Batch Amenability Tests (BAT) was carried out to investigate the response of Buffalo Reef and Selinsing flotation concentrate to the adapted locally sourced bacteria inoculum. Training of the laboratory technicians continued in the site bioleaching laboratory to monitor the condition, adjusting the parameters and checking the progress of the BAT tests. BAT tests carried out on Buffalo Reef flotation concentrates achieved sulphide oxidations between 97 - 99% and gold leachability of 94% on the bioleach residues. Sulphide oxidation of 97% was reported from a BAT test on a composite flotation concentrate of Buffalo Reef, Felda Block 7 and Selinsing ore; gold leachability was 91%. The test results supported the previous BIOX® test work conducted for the feasibility study.In order to feed leachable sulphide materials to the current oxide treatment plant, Sulphide Leachability Testwork is being performed including 2019 metallurgical drilling at the Selinsing and Buffalo Reef pits for investigating the leachability of transitional sulphide ore through the current CIL circuit by adding lead nitrate and blending with super low-grade ore (Au at 0.35-0.50 g/t grade range).The majority of samples showed good leachability with a gold recovery above 70% at Selinsing Pit 5. Testwork was also conducted on a sample of stockpiled Selinsing Pit 4 sulphide ore, previously rejected due to low leachability using direct CIL bottle rolled test. The sample was tested using gravity separation and followed by a CIL bottle roll test. Gravity concentration using a Knelson concentrator gave a recovery of 39% and CIL test work on the gravity tailings recovered a further 38% for an overall 77% recovery; adding lead nitrate to the leach improved the CIL recovery to 47% and overall recovery to 85%. Transitional sulphide ore from Buffalo Reef pits however, did not respond well to gravity separation followed by CIL test even after the addition of lead nitrate.Testwork has been carried out on third party gold concentrate materials. The intent is to open up the upside for gold production at Selinsing Gold Mine through both oxide and sulphide plants. Certain high grade concentrate samples were tested in the laboratory by conventional gravity and CIL methods. Gravity recovery was 47% and CIL recovered a further 29% for a total recovery of 76%. Batch trial processing is intended to be performed for 100 tonnes of concentrates fed through the Selinsing processing plant. Other samples are also under review.Peranggih Trial Mining At Peranggih, a new oxide exploration target 14 km north of the Selinsing Gold Mine, trial mining was carried out from February 22 to March 3, 2020, under which the bulk sample was extracted from the higher mineralized area (please refer to Monument’s News Release on April 20, 2020). The bulk sample material was fed into the existing Selinsing oxide gold processing plant to confirm the average grade of the close-spaced drilled area, to quantify the presence of coarse gold and to test the metallurgical performance at plant scale. The trial mining generated a positive cash flow (News Release, April 20, 2020). After the successful trial mining program at Peranggih, the Operational Mining Scheme report (“OMS”) was amended to include Peranggih mining activities, and upon approval by the Department of Mineral and Geosciences the mining activities at Peranggih will be permitted under the Mineral Development Act 2004 and State Mineral Enactment 2001.Additional grade control drilling was carried out near-surface ore delineation at Peranggih. The initial 5,002m stage 1 drilling commenced in June 2020 and was completed on July 6th 2020 to define the extensions of the known mineralization along strike to the Northeast and Southwest of the Peranggih trial mining area. 2,493 drilling samples at 2m internals and 135 QAQC samples were assayed, the results have shown a total mineralized material of 72,111 tons at 0.88 g/t with 2,040 oz contained gold from the surface of Peranggih central and southern zone down to 10m deep. The gold mineralization is associated with quartz breccia and tuff breccia material in a north west trending structures. The mineralization is still open down dip and along strike.There is currently no NI 43-101 mineral resource estimate established anywhere on the Peranggih Gold Prospect. There is no certification as to the accuracy of the results and readers should use caution in their use and interpretation. The mineralized materials will be extracted to feed into the mill when the grade control results are confirmed as satisfactory.The grade control activities are expected to continue during the next quarter and beyond.The scientific and technical information in this press release has been prepared by Azman Taib, B.Eng. (Mineral Resource), Metallurgist at Selinsing Gold Mine and by Adrian Woolford, B.Sc., (Hons), Chief Geologist of Monument Mining Limited; reviewed and approved by Michael John Kitney, MAICD, MSc., MAusIMM, and Roger Stangler, MEng, FAusIMM, MAIG, both Qualified Persons as defined by NI 43-101, retained by Golder Associates Pty Ltd.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 202 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 4A6FOR 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"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.