EANS-News: Monument Releases Positive Drill Results from Selinsing Property in
Malaysia
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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annual report/Drilling Results
Vancouver, Canada (euro adhoc) - Monument Mining Limited (TSX-V: MMY and FSE:
D7Q1) "Monument" or the "Company" is pleased to announce the first results from
Monument's twelve month drilling program which commenced in September 2010 at
its 100% owned Selinsing, property. The exploration program is targeting 22
drill holes comprising 1,000 metres RC drilling and 3,000 metres diamond
drilling and aims to increase the reserves by converting the inferred gold
resources below the present Selinsing open pit outline.
The mineralized ore body at Selinsing strikes at 3500 and dips 600-700 to the
east. The high grade shoots within the main mineralization, plunge to the south
east. The deposit is a sedimentary hosted sheared zone gold mineralization in
felsic tuff and very fine clastic argillite with hanging wall calcareous
material and limestone. The high grade mineralization is normally associated
with quartz stockwork and quartz carbonate veins within highly deformed
sedimentary rock.
As of the end of June, 2011 the MMY exploration team at Selinsing had completed
3,012 metres in 15 drill holes. The 20 metres spaced drill holes are up to 250
metres deep and are designed to intercept the mineralized structure 220 metres
below surface at 280 metres Reduced Level ("RL"). This is below the existing
planned pit depth.
A total of 922 samples were sent to SGS (Malaysia) Sdn. Bhd., an accredited
laboratory which complies with requirements of ISO/IEC 1725:2005, for
preparation and analysis. The sampling is of half NQ and half HQ diamond drill
core with maximum sample intervals of 1.5 metres. Quality assurance and quality
control ("QAQC") is maintained through the submission of certified reference
materials and blanks. Coarse split duplicates are collected and analyzed, but
assays are pending. Sample recoveries are good to excellent.
The significant results (greater than 1 g/t Au) obtained from the first six
holes drill are outlined in Table 1. More results will be announced as they are
made available from the laboratory. The approximate true thickness of the
intercepts is 86% of the quoted down hole thicknesses due to drilling and
orebody orientation.
The results indicate that the high grade shoots extend below the existing pit
and is still open at depth. The on-going programs will continue to assess the
gold distribution at depth with the data to be used to construct the new
resource estimate. Current results are in line with the data from the Selinsing
"Deeps" (Below the current pit limit) obtained from historic drilling campaigns
conducted before the 2007 acquisition.
Table 1: Significant (greater than 1 g/t Au) drill intercepts from Selinsing
"Deeps"
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Downhole
Hole Depth from (m) Depth to (m) Thickness (m) Au g/t
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MSMCD002 149.26 153.45 4.19 3.00
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MSMCD002 190.18 191.33 1.15 2.05
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MSMCD003 175.03 177.17 2.14 4.03
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MSMCD003 177.17 178.40 1.23 1.96
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MSMCD003 178.40 180.38 1.98 9.73
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MSMCD003 180.38 181.32 0.94 9.07
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MSMCD003 181.32 184.08 2.76 1.48
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MSMCD003 187.83 189.58 1.75 2.24
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MSMCD003 189.58 191.73 2.15 1.35
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MSMCD003 193.84 195.00 1.16 2.17
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MSMCD003 195.00 196.30 1.30 2.55
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MSMCD003 198.08 199.42 1.34 1.93
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MSMCD003 200.76 201.58 0.82 3.37
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MSMCD003 202.35 202.88 0.53 5.20
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MSMCD003 204.73 206.25 1.52 1.40
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MSMCD003 208.47 209.60 1.13 3.43
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MSMCD003 210.60 211.61 1.01 1.25
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MSMCD003 229.76 230.17 0.41 1.26
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MSMCD003 233.70 235.04 1.34 1.82
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MSMCD006 194.37 195.73 1.36 3.49
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MSMCD006 197.17 198.28 1.11 1.51
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MSMCD006 216.02 216.85 0.83 108.00
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MSMCD006 216.85 218.67 1.82 1.86
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MSMCD006 219.30 221.07 1.77 1.64
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MSMCD006 225.60 227.11 1.51 3.32
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MSMCD006 227.11 228.75 1.64 1.09
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MSMCD006 228.75 229.92 1.17 2.19
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MSMCD006 232.98 234.13 1.15 3.98
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MSMCD006 237.02 238.31 1.29 3.53
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MSMDD001 105.90 108.60 2.70 1.98
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MSMDD001 119.00 122.00 3.00 1.53
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MSMDD004 139.60 141.10 1.50 4.25
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MSMDD004 174.28 175.00 0.72 1.37
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MSMDD004 176.50 177.22 0.72 1.45
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MSMDD004 182.30 184.00 1.70 1.28
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MSMDD004 208.50 209.45 0.95 1.10
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MSMDD004 209.60 210.00 0.40 1.20
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MSMDD004 242.00 243.50 1.50 2.87
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MSMDD004 246.50 246.93 0.43 56.80
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The information in this report as it relates to the Selinsing exploration
drilling results was compiled by Monument; and reviewed by Mr. Roderick Carlson,
an independent qualified person as defined under National Instrument 43-101. Mr.
Carlson is a Member of the Australasian Institute of Geoscientists and a
full-time employee of Snowden Mining Industry Consultants, who has sufficient
experience relevant to the style of mineralization and type of deposit under
consideration. Mr Carlson consents to the inclusion in the report of the matters
based on information provided by Monument and in the form and context in which
it appears.
President and CEO Robert Baldock stated "These drill results are very positive
and show us that at a further 220 metres below the current pit the
mineralization is continuing. Together with our recent NI43-101 report filed on
Buffalo Reef and the in-fill drilling program, the Company is targeting of a new
NI43-101 compliant resource statement during Q3, 2012 fiscal year, which will
consolidate the resources from two properties including converting inferred
resource to measure and indicated resources and historical resources to NI43-101
compliant resources. Our current gold processing plant expansion to increase
production capacity to 1,000,000 tpa from 400,000 tpa will fulfill the expected
gold inventory in the ground. We express thanks to our hard working exploration
team led by Vice President of Exploration Zaidi Harun."
About Monument Mining Limited
Canadian based Monument Mining Limited has two wholly-owned principal
properties: Selinsing Gold Mine Project ("Selinsing"); Damar Buffalo Reef
Prospect ("Buffalo Reef"); which are located in Pahang State in the Central Gold
Belt District of Malaysia. In addition, the Company acquired the Famehub
properties comprising 32,000 acres of prospective exploration land. These assets
are an approximate 130 kilometers from the Mengapur Polymetalic Project which
the Company is seeking to acquire and is currently under due diligent review.
In conjunction with extensive exploration programs at Selinsing, Buffalo Reef
and the Famehub properties, the Selinsing Gold Mine is on track to produce its
scheduled 40,000 ounces of gold in its first full year of commercial production
at an estimated average operating cash cost of approximately $317 per ounce or
below. The gold treatment plant has a current capacity of 400,000 tpa with the
phase III gold processing plant expansion to 1,000,000 tpa targeting completion
in May 2012.
Please visit our website at www.monumentmining.com for more information.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
"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 contains forward-looking statements about Monument Mining
Limited ("Monument"), its business and future plans. Forward-looking statements
are statements that are not historical facts and include the timing of the
proposed programs and events. 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 different materially from those
expressed or implied by the forward-looking statements. These risks and certain
other factors include, without limitation, 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, statements regarding the future price of gold; the
estimation of mineral resources; conclusions of economic evaluation (including
scoping studies); the realization of mineral resource estimates; the timing and
amount of estimated future production, development and exploration; costs of
future activities; capital and operating expenditures; success of exploration
activities; mining or processing issues; currency exchange rates; government
regulation of mining operations; and environmental risks. 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". Forward-looking information is
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the actual results
of current exploration activities; foreign operations risks; other risks
inherent in the mining industry and other risks described in the annual
information form of the Company, which is 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 information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be
no assurance that such information 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 information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.
(MMY.)
Further inquiry note:
Monument Mining Limited: Richard Cushing, Investor Relations, T: + 1 604 638
1661 x 102, E: rcushing(at)monumentmining.com; CHF Investor Relations: Robin
Cook, Senior Account Manager, T: + 1 416 868 1079 x 228, E: robin(at)chfir.com;
Axino AG - Europe: Wolfgang Seybold, President and CEO, T: + 49 711 25 35 92 40,
E: wolfgang.seybold(at)axino.de
end of announcement euro adhoc
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company: Monument Mining Ltd.
688 West Hastings St. Suite 910
CA-V6B 1P1 Vancouver
phone: +1 (604) 638 1661
mail: czhai@monumentmining.com
WWW: http://www.monumentmining.com
sector: Metals & Minerals
ISIN: CA61531Y1051
indexes:
stockmarkets: Open Market: Frankfurt, free trade: Berlin, Düsseldorf, München
language: English
