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Monument Achieves Commercial Production at Selinsing Gold Mine
September 22, 2023
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Vancouver, B.C., September 22, 2023, 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
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
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 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.”
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,
Monument Mining Limited (MMY : MMTMF) is a Canada-based gold producer and mining asset developer.
The Company owns and operates the Selinsing Gold Portfolio in Malaysia and the Murchison Gold
Portfolio in Western Australia.
The Selinsing Gold Mine is located in Pahang State, within the Central Gold Belt of Western Malaysia,
comprising the Selinsing, Buffalo Reef, Felda Land, Peranggih and Famehub projects .
The mine has about one million ton per annum gold processing CIL plant, which is situated
approximately 158 kilometers (km) north of Kuala Lumpur.
Murchison is located in the Murchison region in Western Australia and comprises the Burnakura,
Tuckanarra, and Gabanintha projects, which are located in the Murchison goldfield of Western
Australia, approximately 40 km southeast of Meekatharra and 765 km northeast of Perth.
The Company owns a producing mine, a producing site with a gold plant and all infrastructure, and a
large prospective land position, covering approximately 382.9 square kilometers.
Monument Mining Ltd:
https://monumentmining.com
https://monumentmining.com/news-media/photo-gallery/
https://monumentmining.com/investors/presentation/
https://monumentmining.com/news-media/news/
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$Monument Mining Ltd. (TSXV:MMY) (MMMTMF)
RE:$21 million CAD of Unrecognized Deferred Tax Assets
Of course beside that we have $40.5 million US = $53 million CAD
Hello, we have approximately 93 million in loss carryforward from the sale
Comment by Freddy1989Germaon Sep 08, 2023
$Monument Mining Ltd. (TSXV:MMY) (MMMTMF) -$21 million CAD of Unrecognized Deferred Tax Assets
These have been accrued in previous years but not recognized as an asset convertible to cash because
the amount of future taxable profits were unpredictable .
That is now no longer the case, with the resumption of mining by the install of the FP.
I don't know if that would be the case in Q4 of F23 but certainly in F24 perhaps Q1.
This is a substantial cash asset worth $0.07 cad per share which will be a huge boost to our balance sheet
especially for the accelerated development of our Murchison asset in conjunction with ODY.
Recently, one of my other investments converted about $40 m in such unrecognized deferred tax assets to cash
which caused me to investigate MMY deferred tax assets.
Of course beside that we have $40.5 million US = $53 million CAD ( 17 cents cad per share ) in forward tax loss
pools to offset future taxable profits..
So, altogether, we have on our asset base $0.24 cad per share tax loss assets that can be converted to cash
once profitability returns ....as it almost certainly will
by nozzpack on Sep 08, 2023
Watch $Monument Mining Ltd. More Exposure….Now appearing in The Asian Miner -
https://asiaminer.com/news/latest-news/11291-monument-now-mining-in-malaysia.html
Stock Screener: Ep. 324: $Monument Mining (MMY)(MMTMF): Commissioning Flotation Plant in Malaysia
Albert S
$Monument Mining Ltd. (TSXV:MMY) (MMMTMF) -$21 million CAD of Unrecognized Deferred Tax Assets
These have been accrued in previous years but not recognized as an asset convertible to cash because
the amount of future taxable profits were unpredictable .
That is now no longer the case, with the resumption of mining by the install of the FP.
I don't know if that would be the case in Q4 of F23 but certainly in F24 perhaps Q1.
This is a substantial cash asset worth $0.07 cad per share which will be a huge boost to our balance sheet
especially for the accelerated development of our Murchison asset in conjunction with ODY.
Recently, one of my other investments converted about $40 m in such unrecognized deferred tax assets to cash
which caused me to investigate MMY deferred tax assets.
Of course beside that we have $40.5 million US = $53 million CAD ( 17 cents cad per share ) in forward tax loss
pools to offset future taxable profits..
So, altogether, we have on our asset base $0.24 cad per share tax loss assets that can be converted to cash
once profitability returns ....as it almost certainly will
by nozzpack on Sep 08, 2023
$Monument Mining Ltd. More Exposure….Now appearing in The Asian Miner -
https://asiaminer.com/news/latest-news/11291-monument-now-mining-in-malaysia.html
Stock Screener: Ep. 324: $Monument Mining (MMY)(MMTMF): Commissioning Flotation Plant in Malaysia
Albert S
