Welcome!

News Feed Item

Monument Reports First Quarter Fiscal 2017 Results

Gross Revenue of $3.14 Million and Cash Cost of US$981/Oz

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/29/16 -- Monument Mining Limited (TSX VENTURE: MMY)(FRANKFURT: D7Q1) "Monument" or the "Company" today announced its first quarter production and financial results for the three months ended September 30, 2016. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results).

President and CEO Robert Baldock commented on first quarter fiscal 2017 financial results: "The Company continued to build value on its foundation in the first quarter. At Selinsing, we wrapped up the Prefeasibility study to the final stages and completed a leach tank conversion to improve gold recoveries. At Murchison, we are working towards the implementation of the early stage production plan and in parallel a deep drilling program at Burnakura to pursue a long-term underground mining opportunity."

Third Quarter Highlights:

--  2,350oz of gold sold for gross revenue of $3.14 million (Q1 fiscal 2016:
    10,000oz sold for $8.33 million, of which 5,000oz sold for $5.74 million
    from production and 5,000oz for $2.59 million from settlement of a gold
    forward sale);
--  3,291oz of gold produced (Q1 fiscal 2016: 5,063oz);
--  Cash cost per ounce ("oz") of $981/oz (Q1 fiscal 2016: $468/oz);
--  Ore processed 0.23 million tonnes (Q1 fiscal 2016: 0.23 million tonnes);
--  The Selinsing CIL plant alteration was completed as planned to enhance
    production in coming months;
--  Prefeasibility study wrapped up to final stages at Selinsing targeting
    completion in the second quarter of fiscal 2017;
--  Independent test review continued in parallel with in-house optimization
    for Intec at Selinsing; and
--  The off-site refurbishment work on long lead items primarily completed
    at Burnakura for an early stage production plan.

First Quarter Production and Financial Highlights

----------------------------------------------------------------------------
                                            Three months ended September 30,
                                                       2016             2015
----------------------------------------------------------------------------
Production
Ore mined (tonnes)                                   61,882          105,327
Ore processed (tonnes)                              495,199          232,118
Average mill feed grade (g/t)                          0.56             0.96
Processing recovery rate (%)                         53.93%           76.96%
Gold production(1) (oz)                               3,291            5,063
Gold sold (oz)                                        2,350           10,000

Financial (in thousands of US dollars)                    $                $
Revenue                                               3,142            8,329
Net income (Net loss) before other items               (96)            1,569
Net income (Net loss)                               (1,442)              116
Cash flows used in operations                       (2,115)            (734)
Working capital                                      28,660           39,307

EPS (loss) before other items - basic
 (US$/share)                                         (0.00)             0.00
EPS (loss) - basic (US$/share)                       (0.00)             0.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                            Three months ended September 30,
                                                       2016             2015
----------------------------------------------------------------------------

Other                                                US$/oz           US$/oz
Average realized gold price per ounce sold
 (2)                                                  1,337            1,147

Cash cost per ounce (3)
Mining                                                  195               90
Processing                                              716              346
Royalties                                                66               31
Operations, net of silver recovery                        4                1
                                           ---------------------------------
Total cash cost per ounce                               981              468
----------------------------------------------------------------------------
(1) Defined as good delivery gold bullion according to London Bullion Market
    Association ("LBMA"), net of gold dore in transit and refinery
    adjustment.
(2) Monument realized US$/oz for the three months ended September 30, 2015
    excludes gold forward sales.
(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.

Production Results

A leach tank was converted to a CIL (Carbon in Leach) tank from the CIP (Carbon in Pulp) tank in the quarter is expected to increase gold recoveries in subsequent quarters. The lower gold production was mainly due to production downtime and lower processing recovery as result of super low grade ore mill feed, effects of organic carbon pre-robbing and timing of stripping. Gold production for the quarter, net of gold dore in transit and refinery adjustment, was 3,291oz (defined as good delivery gold bullion according to the London Bullion Market Association), a 35% decrease compared to 5,063oz in the corresponding period of the previous year. The conversion to a CIL (Carbon in Leach) tank from the CIP (Carbon in Pulp) was designed to resolve the pre-robbing issue.

Financial Results and Discussion

Gold sales generated $3.14 million for the quarter compared to $8.33 million, of which $5.74 million from production and $2.59 million from the settlement of a gold forward sale, in the same period last year. The revenue comprised of 2,325oz of gold sold (Q1 fiscal 2016: 5,000oz) from production at an average realized gold price of $1,337 per ounce (Q1 fiscal 2016: $1,147 per ounce) for the quarter. The average London Fix PM gold price was $1,335 per ounce for the quarter compared to $1,124 per ounce for the same period last year.

Total production costs decreased by 46% in the quarter to $3.24 million, compared to $6.00 million in the same period last year. The significant decrease in cost was mainly attributed to the lower amount of gold sold of 2,325oz in the quarter compared to 10,000oz in the same period last year, as a result of the decreased gold production.

For the first quarter, loss from mining operations was $0.10 million compared to income of $2.33 million in the same period last year and corporate expenditure for the quarter of $0.73 million (Q1 fiscal 2016: $0.77 million) was 5% lower compared to the same period last year. Net loss for the quarter was $1.44 million, or $0.00 per share (basic) compared to income of $0.12 million or $0.00 per share (basic) in the same period last year.

As at September 30, 2016, the Company had positive working capital of $28.66 million compared to $28.34 million as at June 30, 2016, an increase of $0.32 million. The Company's cash and cash equivalents, including the restricted cash balance as at September 30, 2016 was $15.98 million compared to the balance held at June 30, 2016 of $20.91 million, a decrease of $4.94 million. The decrease was partially due to development that increased the value in the Company's two gold portfolios, Selinsing in Malaysia and Murchison in Western Australia.

The Company's first quarter development focused on improvement of the Selinsing gold processing plant to lift gold production, completion of the prefeasibility study to increase life of mine of the Selinsing Gold Mine, and development of early stage production for additional cash generation at Murchison. During the first quarter, a total of $2.76 million (Q1 fiscal 2016: $2.57 million) was spent on these programs, comprised of $1.09 million (Q1 fiscal 2016: $0.62 million) at Selinsing, $1.57 million (Q1 fiscal 2016: $1.72 million) at Murchison, and $0.10 million (Q1 fiscal 2016: $0.23 million) was spent on care and maintenance at Mengapur.

Development

Selinsing Gold Mine

During the quarter, the prefeasibility study wrapped up to final stages targeting completion in the second quarter of fiscal 2017. Under the prefeasibility study, the bioleach sulphide treatment process is identified in the upcoming NI 43-101 Technical Report as the most economic approach to demonstrate viability of the Selinsing sulphide project. Other process flowsheets are also being investigated and pending economic outcomes, the bioleach sulphide treatment process may be replaced by the Intec process.

The results of the Intec pilot plant were completed during the quarter and an independent confirmation metallurgical testwork program was progressing by Orway Metallurgical Consultants. This testwork will provide an independent confirmation of the recoveries of gold from sulphide resources that is planned to be mined from Buffalo Reef using the Intec Process technology. Capital and operating costs will also be developed for the Intec Process, in comparison with biological, and acid leaching process as alternatives, and will be included in the study for the recovery of gold from Buffalo Reef sulphide mineralization. The independent testwork program is expected to be completed by December 2016.

Burnakura Project

The off-site engineering design, refurbishment and procurement work was primarily completed on long lead items including the new primary and secondary, tertiary crushing circuit and a heap leach plant, ready for installation. The CIL feed plan and CIL recommissioning plan has been proposed and a construction schedule has been developed for implementation, this has reduced construction time from six to three months. Other critical movement included completion of a power strategy assessment, building the site power model and waste dump review for submission of mining proposal. Pit dewatering assessment for early stage production, access road, ROM pad and crusher feed ramp construction, sorting of store area ready for operational start-up have also been completed during the quarter.

During the quarter, the internal preliminary reports for geology, mining, processing metallurgy and financial models were also completed. The further metallurgical study and mine optimization have been carried out subsequent to the first quarter in parallel with the independent technical review, targeting completion by December 2016.

The workforce planning was submitted to management for review and the key operation management are now on board. The Amended Environmental Protection License for Crushing, Heap Leach and Dewatering was received subsequent to the quarter. In addition all mine planning work for submission of the Mining Proposal was completed during the quarter.

Exploration Progress

Malaysia

The first quarter exploration program focused on geo-metallurgy aimed to define leachable mining blocks to improve mining and plant production by selecting drill hole samples within the life of mine oxide pits, starting with Buffalo Reef North ("BRN") and progressing south. During the quarter, analysis results were received for 25 geo-metallurgical samples from BRN and are being used for modelling. An additional 19 geo-metallurgical samples from Buffalo Reef Central ("BRC") and 65 geo-metallurgical samples from Felda Block 7 were submitted to the on-site laboratory for analysis.

Western Australia

The first quarter exploration at Murchison has wrapped up the 2016 infill and extension drilling programs, including sampling and assay work, collar and down-hole survey, rehabilitation and data preparation to commence NOA ("North of Alliance") North Resource modeling, which has been completed subsequently in the second quarter. These programs were aimed to increase the ounces for additional ore to be included in the early stage of the Burnakura Operation production.

A deep drilling program at the NOA7_8 deposit includes 5,237m RC and diamond drilling was announced during the quarter aiming to test the underground potential to 500m in order to increase the life of mine, in conjunction with the early stage production plan. The program was scheduled to start in the second quarter of fiscal 2017, however postponed subject to funding.

About Monument

Monument Mining Limited (TSX VENTURE: MMY)(FRANKFURT: 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 Polymetallic 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 240 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.

Robert F. Baldock, 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.

"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.

Contacts:
Monument Mining Limited
Richard Cushing
MMY Vancouver
+1-604-638-1661 x102
[email protected]
www.monumentmining.com

Wolfgang Seybold
Axino GmbH
+49 711-82 09 7211
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...