Monument Announces Bioleaching Test Work Results on the Selinsing Sulphide Gold Project
February 27, 2018 News Release Release #05- 2018
Monument Announces Bioleaching Test Work Results
on the Selinsing Sulphide Gold Project
Vancouver, B.C., February 27, 2018, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument”
or the “Company” is pleased to announce the successful completion of a third programme of bioleaching testwork
on flotation concentrate produced from the Buffalo Reef deposit in Malaysia.
Highlight of Bioleaching Testwork Result
The testwork was conducted at the SGS laboratory in Johannesburg under the management of Outotec BIOX®
specialists. The batch testwork programme results showed that over 90% sulphide oxidation occurred after 9 days,
98% after 15 days and 99% after the full 24 days. The sulphide oxidation levels proved that representative samples
of Selinsing/Buffalo Reef concentrates are amenable to the BIOX® process. No deleterious elements were found
in the concentrate analysis and the batch tests confirmed that the sulphide to carbonate ratio was sufficient to be
net acid generating. Cyanide leach tests on the 24 -day BIOX ® residues achieved between 88% and 92% gold
dissolution within 24 hours.
To date, extensive flotation testwork has been conducted by the Selinsing R&D team on all of the ore types at
Selinsing and Buffalo Reef to determine the optimum suite of gangue depressants and has culminated in the design
of the flotation plant featuring conditioning and rougher scavenger flotation followed by further conditioning and
cleaner flotation. The flotation test work employed industry -standard sulphide flotation collectors, auxiliary
collectors, specialist gold recovery promoters and conventional frothing agents. Concentrate grades ranging from
5.9% to 14.2% sulphur have been produced in the flotation testwork with gold recoveries for the major ore types
in the range of 87 -95 %. Mass pull to cleaner concentrate varied from 6.5% to 15.8% and an overall 10% yield
containing 6.1% sulphur has been used for downstream plant design.
The laboratory flotation testwork results have determined the required conditioning and flotation residence times
for the rougher scavenger and cleaner flotation stages, enabling equipment sizing to be completed using industry
standard scale up factors. The flotation plant will feature si x rougher scavenger cells each of 50 cubic metres
capacity and four cleaner flotation cells of 20 cubic metres. Cleaner tailings will be recycled to rougher feed. The
flotation circuit will be designed to handle the varied response of the different ore types especially where the
desired sulphur grade is achieved though rougher flotation only and the cleaner stage may be bypassed.
Progress of the Basic Processing Design and FEED
The internal Definitive Feasibility Study (“DFS”) for the Sulphide Project commenced in the middle of last year.
This study is based on the 2016 PFS and is focused on delivery of a detailed front end engineering design (“FEED”)
by applying BIOX ® processing technology and an execution plan for construction of additional flotation and
BIOX® processing circuits and appropriate upgrade of the existing processing plant. It includes a basic processing
design package, further mine optimization and an economic analysis at a higher confidence level.
The BIOX® process design and flotation design packages have been sent to Orway Mineral Consultants Pty Ltd
(“Orway”) for review. Orway has been engaged to produce an overall plant design package. Contromation Energy
Services (“CES”) has commenced preparing the FEED for the new process plant using their experience from the
successful design of the Runruno BIOX® plant in the Philippines.
A number of specialized contractors have also been engaged in the DFS for the S elinsing Sulphide Project :
Geomapping Technology Sdn Bhd (“GMT”) for a study on slope stability in the Selinsing and Buffalo Reef open
pits and geotechnical studies on the proposed plant site; SRK Consulting (Australia) Pty Ltd (“SRK”) on the
existing tailings storage facility expansion; Afrima Consulting Pty Ltd on the power draw study. Internal studies
were initiated to address the additional clean water demand for the BIOX®plant and to gauge the requirements for
expanded site water storage facilities. The FEED and a construction execution plan are scheduled to be completed
during the fourth quarter of fiscal 2018 , deferred from September 2017. The delay wa s caused by additional
amenability testwork which is now being completed.
Michael John Kitney, Ass . Met, M.Sc., MAusIMM has reviewed and a pproved the scientific and technical
disclosure in the news release as a Qualified Person under NI43-101 standards.
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: 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 190 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]
Wolfgang Seybold, Axino GmbH T: +49 711-82-09-7211 [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."
Forward-Looking Statement
This news releas e 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 forwa rd-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 t he
management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are avail able 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 generat ed 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 estimat ed 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 S EDAR 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 pro ve to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Acc ordingly,
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. The Company’s production decisions on the Burnakurra Project and the Selinsing Sulphide Gold Project are
not based on a feasibility study of mineral reserves to demonstrate economic and technical viability. Therefore, there is some uncertainty with economic and
technical risks associated with this project, including but not limited to the risk that mineral quantities and grades might be lower than expected, and
construction or ongoing mining and milling operations different than expected; production and economic variables may vary considerably, due to the absence
of detailed economic and technical analysis prepared in accordance with NI 43-101. There is no guarantee that production will begin as anticipated or that
the production will be able to generate positive cash flow.