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$Pro-Life - GOD'S $Gold On Fire - $NEWS - $Monument Reports Second Quarter Fiscal 2023 ("Q2 FY2023") Results March 1, 2023 View PDF Gross Revenue of US$5.87 Million and Cash Cost of US$1,507/Oz
Vancouver, B.C., March 1, 2023, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its production and financial results for the second quarter of fiscal 2023 and the six months ended December 31, 2022. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commented, “I am pleased to report during the second quarter our Selinsing Gold Mine has filtered first gold concentrates with completion of dry/wet flotation plant commissioning. The ramp up period commenced subsequent to the second quarter yet to bring the project to commercial production.”
RE: NEWS - Monument Mining President and CEO Cathy Zhai commented, “During commissioning we have identified some bottlenecks and are working with Mincore to fix them. Up to date the flotation plant has delivered saleable concentrate of approximately 1,707 dry tonnes at 35.12 g/t Au with gold content of 1,928 troy ounces. :-))
As of February 22nd, 2023, a total of 1,707 dry metric tonnes of gold concentrate have been produced with an average gold grade of 35.12 g/t Au (1,928 troy ounces).
A fast Production Gold Au Estimate DD by a Monument Mining Investor: - Ex.gracia -
Scoping of concentrate Production…52,000 ounces
We have some very interesting tidbit provided in todays NR which can be combined with FS information to scope out annual concentrate production
...950,000 tons of mill feed per year ( about 3000 tpd )
....Mass pull of 5% ( ie 100 tons of ore is concentrated by a factor of 20 to 5 tons of concentrate )
..head .grade of 1.95 gms per ton ( oxides removed )
....recovery of 85%
So , we have 1.95 gms/ ton. X 20 X 85 % = 35 gms per ton which is spot on the performance reported today.
950,000 tons of head feed is concentrated by a factor of 20 ( ie Mass pull of 5% ) to 47000 tons of concentrate containing 1.1 ounces of gold per ton .
This computes to about 52,000 ounces of gold per year contained within 47000 tons of gold concentrate
The Feasability Study included Biox and also oxides .
It quoted 60.000 ounces per year in the initial years of production .
So, removing the oxides from the mill feed and 53,000 ounces of sulphide gold produced per year seems quite good and meets breast plate production rates.
Reducing production by about 10 % for smelting and transportation costs and our net gold sales will be about 48,000 ounces per year which at current POG of $2259 CAD per ounce will result in about $105 million CAD in annual revenues.
The FSR analyst report calculated a 30% cash flow margin which is just over $30 million CAD per year.
As we have nearly $45 million US in forward non capital tax loss pools to offset income taxes, that amount ($30 m CAD ) is essentially free cash flows.
There will be need for sustaining capital , so remove $5 million for that and we have about $25 million or about $0.08 per share in free cash flows or equivalently in the absence of taxes, net earnings
This gets us to about book value of $0.48 per share at a very modest 6 times annual earnings
So todays NR provided an excellent insight into our FP production outlook . As importantly , it confirms and conforms quite well with the 2019 Feasability Study which is quite reassuring.
Considering that we have over $75 million in asset value in our Murchison Project, Monument is now a screaming buy.
" As of February 22, 2023, a total of 1,707 tonnes of flotation concentrate have been produced at an average grade of 35.12 g/t Au...1928 ounces of gold"
Comment on this Post
(All time best to make your own DD)
Welcome ; Can we produce/ sell 10,000 ounces in Q3 Q3 is this quarter ending March 31/23. We have 30 days in March to do so .
Head feed is 3000 tons per day, so if all goes well, we should produce 90,000 tons of ore in March.
With a mass pull of 5%, that will result in about 4500 tons of concentrate , containing 1.1 ounces per ton which is about 5000 ounces of gold.
We have already produced 1829 ounces to date during ramp it , up to a week or so ago.
Now, we have ....recalling from memory ..about 3000+ ounces of bullion in Inventory that was saved from Q2 and Q3 production in F22..
So, with breast plate production of about 5000 ounces for March....if no more significant hiccups.. and nearly 2000 ounces in the bag already , along with over 3000 ounces of bullion in our vaults, we could see up to 10,000 ounces sold in Q3...?..if all going good -
About $23 million in gross sales .
The FSR projected 22,000 ounces in F 2023.
That looks reasonably certain right now....if ramp up proceeds without any major hiccups.
This is the best news we have had - so.. more Great PR NEWS this week at PDAC should be made -
Company Profile & Information (TSXV:MMY) Contact Information Address 1100 Melville Street, Suite 1580, Vancouver, BC, CA, V6E 4A6 Telephone +1 604 638-1661 Website http://www.monumentmining.com Fax +1 604 638-1663 Email info@monumentmining.com Details CEO Cathy Zhai
Issue Type Common Stock ISOCFI ESVUFR Auditor GRANT THORNTON LLP Last Audit Unqualified Opinion
Well we have produced 1000 Gold Bars - :-)) and the next 1000 should go much faster with the new MILL - :-))
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