Monument Announces Commencement of PEA Study on the Burnakura Gold Project
February 7, 2018 News Release Release #04- 2018
Monument Announces Commencement of PEA Study
on the Burnakura Gold Project
Vancouver, B.C., February 7, 20 18, Monument Mining Limited (TSX -V: MMY and FSE: D7Q1) “Monument”
or the “Company” is pleased to announce that it has commenced t he Preliminary Economic Assessment Study
(“PEA”) program at Burnakura Gold Project, located in Western A ustralia to further advance planned early stage
production.
President and CEO Cathy Zhai commented, "Following the readiness of the Burnakura early stage production, the
Company has extended its economic study program to include furt her metallurgical studies, processing plant
upgrade potential, open pit mine design optimization and underground opportunities. While funding for production
is progressing and results from additional study are encouraging, we are happy to see a movement now to conclude
the results in the PEA study under NI 43-101 standards.”
Monument anticipates completing the PEA in April, 2018 and this will not impact start-up work already in place
for plant construction at Burnakura, subject to financing, to place the Burnakura operation into production.
In the PEA study, the open pit mine optimization used in previous scoping study, comprising several cut backs of
existing pits mined by previous owners, will be reworked with current cost and recovery assumptions and findings
from the recently completed PEA geotechnical study conducted by Peter O’Bryan and Associates. In addition, the
underground mining potential at NOA 7/8 will be included in the life of mine study work. Extended mine
production areas potentially allows the existing CIL plant to b e upgraded by adding a 500KTPA mill from the
existing 260KTPA mill in replacement of a proposed heap leach f acility to achieve much better reliability and
higher performance of production. Additional geological data co mpilation and metallurgical studies are also
included in the PEA study.
SRK Consulting has been engaged as the Independent Qualified Person for the PEA study. The study will be self-
funded and be completed mostly in-house by the Monument Mining technical team in Perth within the NI 43-101
technical report framework. Additional contract and consulting work now commenced including: Geotechnical
studies by Peter O’Bryan and Associates (now complete), a 500 KTPA processing plant upgrade scoping study by
COMO Engineers, Metallurgical study by Orway Mineral Consultant s Pty Ltd, Underground mining study and
evaluation for NOA 7/8 by Pit N Portal Group–Underground Mining Contractors (in progress).
Background of Burnakura early stage production
In 2017 the Company made the decision to put the Burnakura Proj ect into early stage production in order to
diversify from single-source cash flow generation. Operational readiness work has been c ompleted at Burnakura
including transporting the replacement crushing and screening c ircuit to the site for assembly and installation.
Primary permitting has been obtained. An internal economic stud y was completed and an independent technical
due diligence carried out by SRK Consulting for financing found no major flaws. The internal economic
assessment shows that the life of mine of the early stage production could be potentially extended.
The pre-production development, subject to completion of fundin g, mainly includes installation of refurbished
crushing plant and pre-stripping and will take approximately four to five months to complete.
In the meantime, a preliminary review of underground potential at the NOA7_8 deposit was commenced and is
being continued. This study highlights that gold grade is increasing with depth and is plunging to the north, which
is expected to be confirmed by a deep drilling program.
The Company’s production decision is not based on a feasibility study of mineral reserves to demonstrate
economic and technical viability. Therefore, there is significa nt 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 as anticipated in returning the Company’s capital investment.
The scientific and technical information in this news release has been reviewed and approved by Mr. Neil Rauert,
BE (Mining). MEng Sc. FAusIMM(CP), a Qualified Person defined in accordance to National Policy 43-101, and
Senior Project Manager, Technical Support of the Company.
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 m anagement 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 B urnakura, Gabanintha and Tuckanarra in the
Murchison area of Western Australia. The Company employs approx imately 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 rcushi [email protected]
Wolfgang Seybold, Axino GmbH T: +49 711-82-09-7211 wolfgan [email protected]
"Neither TSX Venture Exchange nor its Regulation Services Provi der (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 c ontaining forward-looking information about M onument, its business and future plans (“fo rward-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 th e timing and results of proposed programs and events referred to in this news release.
Generally, forward-looking informat ion can be identified by the use of forward-look ing terminology such as "plans", "expects" o r "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "inte nds", "anticipates" or "does not anticipate", or "believes", o r 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 ac hieved". 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 activitie s; foreign operations risks; other risk s inherent in the mining industry and ot her risks described in the
management discussion and analysis of the Co mpany 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. Mate rial factors and assumptions used to devel op forward-looking statements in this new s 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 pr ice of gold of other minerals; the timing and amount of estimated future production; the
expected timing and results of development and exploration activitie s; costs of future activities; capital and operating expenditures; success of exploration
activities; mining or processing issues; exchange rates; and all of the factors and assu mptions described in the management discussion and analysis of the
Company and the technical reports on the Com pany’s projects, all of which are available under the profile of the Company on SED AR at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from thos e 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 futu re events could differ materially from those anticipated in suc h 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. 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.