Monument Commenced FEED on Selinsing Sulphide Project
May 26, 2017 News Release Release #08, 2017
Monument Commenced FEED on Selinsing Sulphide Project
Vancouver, B.C., May 26, 2017, Monument Mining Limited (TSX -V: MMY and FSE: D7Q1) “Monument” or
the “Company” reports that it has commenced the Front End Engineering Design (the “FEED”) work leading to
an internal Definitive Feasibility Study (the “DFS”), based on results of additional follow up test work on its Pre-
Feasibility Study (the PFS”), Sedar filed on December 14, 2016 namely “NI43-101 report: Selinsing Gold Mine
and Buffalo Reef Project”, prepared by Snowden (the “2016 NI43-101 PFS Report”).
FEED/DFS Work In Progress
The 2016 NI43-101 PFS Report uses the biological leaching process to treat sulphide gold ores. The Sulphide pre-
treatment plant would require an estimated capital of US$39.5 million, providing a US$23.1 million NPV and
34.8% rate of return, given approximately 6 years life of mine. The additional test work was designed to determine,
among bio-leach, intensive acid leach and Intec hydrometallurgical process, which sulphide treatment technology
can deliver the best overall performanc e and economic recoveries in relation to Selinsing and Buffalo Reef ore
characteristics.
As a result, the BIOX® Process has given the best overall performance in terms of the above parameters, shown
on average 90% recovery of gold from representative samples of ore from the Buffalo Reef material at Selinsing.
The BIOX® Process is a pat ented technology owned by Outotec (Finland) Oy. It uses micro-organisms in the
oxidation of certain gold bearing sulphide minerals in order to facilitate gold recovery. This technology has been
used for decades to build sulphide pre-treatment plants all over the world.
FEED/DFS has commenced targeting completion in September, 2017. This will include the overall plant process
design to set up FEED criteria, FEED for add-in flotation plant and BIOX® Process plant, other alterations to the
existing gold processing plant, and internal DFS with an execution plan to move forward to a detailed engineering
and construction stage.
Most of the work will be carried out internally by Monument’s experienced technical team. The pilot plant built
for Intec test work will be used for continuous test work on the BIOX® Process over the life of sulphide production
when ore characteristics change with mining at depth. The Company is also in the process of selecting experienced
experts in the BIOX® Process to assist in FEED/DFS work.
Intec Deed of Variation
While Intec has not been chosen as the most suitable treatment on Selinsing/Buffalo Reef sulphide ore, the test
work going forward with Intec will be focused on production of very close to LME grade copper metal at the
Mengapur Project. The Deed of Variation and the “Heads of Agreement” executed on February 14, 2015 is under
review by the Company and Intec.
The commercial objective of the test work is to produce copper metal in-country at the Mengapur site. Malaysia
is a net importer of copper metal to feed its copper metal products manufacturing and fabrication industries. This
will entail confirmation test work programs using copper ore feed from the Mengapur site and pilot plant programs
using Intec. The technology has successfully produced copper and other base metals for more than 7 years in
Tasmania, Australia by treating waste dumps as a commercial project.
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 bo th regions and is
committed to the highest standards of environmental management, social responsibility, and health and safety for
its employees and neighboring communities.
Robert F. Baldock, 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 release i ncludes 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 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". 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 the
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 th at 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 prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accord ingly,
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.