CST: 30/07/2016 10:03:32   

Monument Updates on Intec Pilot Plant Commissioning at Selinsing

177 Days ago

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2016) - Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) "Monument" or the "Company" reports that it is pleased to announce the results from the first trial of the Intec pilot plant commissioning program. As announced in the September 24, 2015 news release, the Company completed the construction of the Intec Pilot Plant and placed it into commissioning at the Selinsing gold mine site in Malaysia. The pilot plant was built as a part of the Intec Trial Testing Program to exploit Intec's sulphide dissolution and gold recovery technology using the existing Selinsing Gold Processing Plant under the Interim Intec license.

During the first trial, the Intec pilot plant was successfully commissioned achieving "steady state" for 7 days where various parameters were tested using different sulphide feed stock materials drawn from selected ore samples in Buffalo Reef and Selinsing Deeps. The purpose of the pilot run was to demonstrate two main aspects of the process: bench scale batch test work results can be duplicated in a continuous flow process and the process can be successfully scaled-up. The following table shows the results of gold extraction tests on Intec leach residue samples.

Test
No.
Leaching
Time, hrs
Calculated
Head, g/t Au
Au Extraction, %
060 20 10.7 97.0
063 20 12.1 86.0
064 20 10.7 82.0
065 20 11.0 86.5
066 20 12.5 86.5
067 20 11.2 88.0
Average 11.4 87.7

The second trial of the pilot plant commissioning will now commence to test the response of ores containing varying amounts of pyrite and arsenopyrite using sulphide ores from Buffalo Reef and Selinsing Deeps. It will allow the effects on overall gold recovery of sulphide pre-concentration by gravity and flotation methods to be compared. The second trial is being carried out following recommendations by, and agreement with Orway Mineral Consultants (WA) Pty Ltd of Perth, Western Australia who are engaged by Monument to oversee and report on the pilot plant operation.

A drill team has been deployed to the field to collect representative ore samples for the second pilot plant run. Those samples will be concentrated by flotation and fed into the pilot plant for testing. The results of this second pilot plant run are anticipated to be available in May 2016 for Orway to complete economic analysis of the Intec technology based sulphide gold recovery process. The economic analysis will be incorporated into an updated NI43-101 technical report, targeted for release by June, 2016.

In conjunction with the Intec trial test work, Selinsing has commenced flotation work to produce fresh concentrate samples for bench-scale testing ahead of the second pilot plant run. Flotation results to date are shown below:

Ore Sample Recovery, % Calculated Head
Au S Au, g/t S, %
BR South B1 97.87 98.40 2.54 2.64
BR South B2 97.71 99.59 2.98 1.73
BR Central B1 97.58 99.47 2.34 1.36
  • BR South B1 and BR South B2 are two separate representative grade samples of the Buffalo Reef South area of the orebody.

  • BR Central B1 is one type (stibnite-rich) of two types of ore in the Buffalo Reef Central area of the orebody.

Michael John Kitney, Ass. Met. (WAIT), 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 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 260 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.

Monument Mining Limited
Richard Cushing
MMY Vancouver
+1-604-638-1661 x102
rcushing@monumentmining.com
Axino GmbH
Wolfgang Seybold
+49 711-82-09-7211
wolfgang.seybold@axino.com