Monument Achieves Commercial Production at Selinsing Gold Mine

VANCOUVER, British Columbia, Sept. 22, 2023 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce that commercial production has been achieved at the Selinsing Gold Mine in Malaysia that has operated 30 days consecutive production of gold concentrate at 90% of designed capacity.

Cathy Zhai, President and CEO of Monument Mining commented: “We are very pleased to announce this landmark event at the Selinsing gold mine. After 12 years gold bullion production that generated positive cash flow, now the Gold Sulphide Project will continue the legacy, based on such we move forward to the Murchison Gold Project and the corporate development as well. We thank the Monument Mining team and contractor partners for their dedication and hard work to achieve this commercial production milestone.”

Figure 1: Selinsing Flotation Plant at Night is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c385faa-226d-480e-b975-901dd423f776 

Commercial Production Update

The throughput of the sulphide gold treatment plant achieved 90% of design capacity for the 30-day period up to August 16, 2023, thereby achieving the requirement for commercial production. Mill availability during this period was 94% and flotation mass pull was acceptable at 3.4% vs design of 3.5%. As a result concentrate production was at 79 tonnes per day in line with the designed protocol, considered satisfactory given the variability of the transition ore processed.

Flotation gold recovery was somewhat inconsistent due to the high clay content of freshly mined transition ore and the processing of stockpiled transition ore mixed with oxides that gave very poor flotation response. Daily recoveries in excess of 80% were recorded but overall gold recovery of 61.4% was reported for the 30-day period up to August 16, 2023. Optimization of the flotation reagent suite continued with particular attention to the addition of soda ash for pH control, potassium amyl xanthate as flotation collector and sodium hexametaphosphate as slimes depressant. Issues experienced with the flotation air blowers were resolved after troubleshooting by Atlas Copco technicians.

Frequent failure of the pressure filter cloths continues to be an issue. New higher permeability filter cloths have been sourced from local and international vendors as well as from the filter press supplier McLanahan in the US. The lead time for filter cloth orders is not acceptable for a six-month period. The Company has communicated with the supplier to resolve this issue while alternative suppliers are selected. Replacement filter plates have also been ordered from McLanahan to replace those that have worn prematurely, and Regular cleaning of filter cloths and plates improved the overall efficiency of the filter press operation.

Construction of the concentrate shed was completed.

Gold Concentrate Shipments and Sales

To date the flotation plant has produced over 9,100 dry metric tonnes (“DMT”) of gold concentrate at an average grade of 37.5 g/t Au.

Offtake agreements have been signed with selected buyers and a total of 6,550 DMT of concentrate shipment are currently in progress. The Company has obtained export permits for all selected buyers, renewable every six months. The sales and logistics teams are organized, trained and the documentation and control process including security system has also been developed.

Mining Update

Mining of Buffalo Reef Stage 1 BRC2 and BRC3 pits have continued with both transition and fresh ore delivered to the ROM pad. Extended hours have been introduced for waste drilling and mining. Objective of mining is set to accelerate daily mining rate and build up enough stockpiles before Monsoon season.

A new grade control drill rig was delivered in August 2023 and ten rigs are now on site. The drilling contractor has mobilized additional drillers and initiated training of drill offsiders to facilitate extended drill hours.

Construction of the explosive depot was completed, and the facility commissioned in July 2023 to accommodate shortage of explosive deliveries. A 13-tonne capacity emulsion tanker has been based at the mine site and blasting has been carried out on up to five days per week depending on drilling progress.

The old core shed has been converted to an expanded sample preparation facility capable of processing up to 700 grade control samples per day. The new facility was successfully commissioned, and new technicians have been recruited to handle the increased workload. New pulverisers have been ordered and the first unit was delivered in early September 2023.

Figure 2: Mining at Selinsing Gold Mine is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4196e23-a445-45d6-8ac0-c1504dba3749

Process Improvements

Ongoing effort has been devoted to further improve the performance of the concentrate plant.

New HDPE pipework was installed for the concentrate thickener underflow pipeline. Pumps from the previous CIL operation have been repurposed for the concentrate thickener overflow. Larger diameter pipelines were ordered for the concentrate thickener overflow and for the flotation cleaner concentrate.

Design work was completed for the concentrate launders and the new flotation rougher tailings hopper with associated structural, civil, mechanical and piping works. Tender quotations were requested from various local engineering companies for these process improvements and contracts are in preparation for the successful tenderers.

Risks

Operation risks in related to mining and processing processes are under continuous evaluation to improve the performance. The Company closely monitors uncontrollable risk factors with operation of the flotation plant including but not limited to, change of market conditions, change of gold prices, operation risks including critical parts shortages, and changes in regulatory restrictions in relation to arsenic level contained in gold concentrate.

About Monument

Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has 20% interest in Tuckanarra Gold Project jointly owned with Odyssey Gold Ltd in the same region. The Company employs approximately 220 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 [email protected]

“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.”

Disclaimer Regarding Forward-Looking Statements

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, expectations regarding the completion of the ramp-up period to target production level at Selinsing and the timing thereof, expectations regarding the Company’s continuing ability to source explosives from suppliers, expectations regarding completion of the proposed storage shed and ammonium nitrate depot and the timing thereof, and the timing and results of the other 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, including those related to the ramp-up process at Selinsing and the completion of the proposed storage shed and ammonium nitrate depot; uncertainties and risks related to the Company’s ability to source explosives from suppliers; 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; assumptions regarding the timing and results of development activities, including the ramp-up process at Selinsing and the completion of the proposed storage shed and ammonium nitrate depot; expectations that the Company will continue to be able to source explosives from suppliers in a timely manner; 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.

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