Monument Heads Toward Commercial Production at Selinsing Gold Mine
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May 30, 2023 News Release Release #04-2023
Monument Heads Toward Commercial Production at Selinsing Gold Mine
Vancouver, B.C., May 30, 2023, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or
the "Company") is pleased to update the progress at the Selinsing Sulphide Project. The ramp-up of the
flotation plant has made great headway, with the mill feed rate of 113 dry tonnes per hour achieved,
being 95% of the design capacity of 119 dry tonnes per hour . The plant construction and mine
development consumed a total of $18 million, in line with the budget.
President and CEO Cathy Zhai commented, “ We are very pleased with the flotation plant ramp -up
progress as we head towards full commercial production . We have commenced sulphide production in
January 2023 and continue testing and adjusting to improve plant performance through the action plan.
Despite several incidental plant shutdowns during March to May, the plant is expected to reach its near
or full production level by June 2023, within the planned ramp up period of three to six months. To date,
the flotation plant has produced approximately 3,450 dry metric tonnes (“DMT”) of concentrate with an
average gold grade of 36.20 g/t, containing 4,015 troy ounces of gold. Several export permits have been
recently granted by the relevant authority and concentrate shipments are currently in progress.”
Figure 1. Concentrate in Tent Figure 2. Concentrate Storage Construction
Flotation Plant Production Ramp-up
The ramp-up of the flotation plant continued, with the mill feed rate of 113 dry tonnes per hour achieved,
being 95% of the design capacity of 119 dry tonnes per hour . During this ramp-up process bottlenecks
have been identified and the team has been working to correct them in order to ramp up to com mercial
production. The ramp-up period is expected to be completed in June 2023.
Certain design deficiencies have been detected and revision of designs have been received to improve
performance efficiencies including design of a new rougher flotation tailings hopper and associated
pipework, structural and civils drawings and specifications for the new concentrate thickener overflow
pumps. Pump suction and delivery lines will be upgraded as well as the power supply to the bigger motors
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required. None of the above works has material impact on our current flotation plant operations.
The flotation plant experienced major shutdowns from early March to first week of May. The Metso-
Outotec concentrate thickener rake drive gearbox was broken, replaced by a new gear box assembled in
Australia, airfreighted to Malaysia, and installed. The concentrate thickener was then recommissioned,
and all concentrates were recovered to the circuit. Further loss of production occurred in April until May
as the filter press cloths started failing prematurely due to manufacturing defects; the supplier has
accepted the defects and will supply two new sets of higher permeability filter cloths. In the meantime,
replacement filter press cloths were sourced and delivered from local suppliers. Management is focused
on reviewing all critical parts and in advancing the procurement plan.
Construction of the new concentrate shed continued with the concrete floor poured and the erection of
structural steelwork commencing. The shed is expected to be completed by mid-June and will hold enough
capacity for over 4,500 tonnes of concentrate or one month’s production.
Construction of the 100-tonne capacity weighbridge was completed, and the unit was calibrated and
certified by the Metrology Corporation of Malaysia.
Manufacture of the 1 tonne bulk bagging system has been completed in the UK and is ready to be shipped
to Malaysia.
Figure 3: Weighbridge Figure 4: Ammonium Nitrate Storage Area
Mining
Mining of the first stages of Buffalo Reef pits BRC2 and BRC3 continued , transition sulphide ore was
delivered to the ROM pad and oxide ore to stockpiles elsewhere. The stockpile of around one month of
process plant feed of 80,000 tonnes was maintained , with mining production over the next six months
expected to boost this to a t least three months or 240,000 tonnes of ore. The arrival of the new mining
fleet will help enhance the mining rates.
Unexpected heavy rain in February 2023 slowed down the mining rates and explosives delivery shortages
were experienced from supplier Austin Powders due to their implementation of a stricter explosive
trucking policy. The explosive supply situation will be helped by the opening of a new storage facility at
Bentong, which is much closer than the current supply from Kuala Lumpur. In addition , a new depot for
raw materials including ammonium nitrate is being constructed at the Selinsing mine site . These
developments will ensure the availability of explosives in the future by providing alternatives .
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Construction of this facility is ongoing and scheduled for initial use in June 2023.
Government Permits
Recently, several export permits and transportation permits have been granted to Selinsing which enable
Selinsing to initiate the shipment for its first sales.
Around the Hari Raya holiday on April 21 st, the new operational mining scheme (OMS) expired on April
16th, 2023 and was renewed on April 20th, 2023. The annual and monthly blasting permits expired along
with the OMS and there was insufficient time for the requisite approvals for these permits before the Hari
Raya holiday period. The two blasting permits were issued on May 11 th, 2023 when mining activities
resumed.
Concentrate Sales Preparation
Off take agreements or business confirmation letters for off-take of Selinsing gold concentrate have been
signed with several concentrate buyers under competitive commercial terms. Several buyers have
received export permits and the shipments are underway . The first 2, 000 DMT of gold concentrate
production is now available for sale and the royalties for this concentrate have been paid to the parastatal
Pahang Mining Corporation.
Risks
The Company closely monitors uncontrollable risk factors with building and operation the flotation plant
including: change of market conditions, change of gold prices, operation risks including critical part s
shortages which may cause a longer than expected ramp up period, 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 200 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]
"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
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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, plans, objectives or future
events that are not his torical facts and include the Company's plans with respect to its mineral projects , expectations regarding
the completion of the ramp -up period to target production level at Selinsing and the timing thereof, expectations regarding the
Company’s continuing ability to source explosives from suppliers, expectations regarding completion of the proposed storage shed
and ammonium nitrate depot and the timing thereof, and the timing and results of the other 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", "antici pates" 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 n ews 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 timin g of
development activities, including those related to the ramp -up process at Selinsing and the completion of the proposed storage
shed and ammonium nitrate depot ; uncertainties and risks related to the Company’s ability to source explosives from suppliers ;
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 available under the profile of the
Company on SEDAR at ww w.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 generated from th e 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 minera ls; the timing and amount of estimated future production; assumptions regarding the
timing and results of development activities, including the ramp -up process at Selinsing and the completion of the proposed
storage shed and ammonium nitrate depot ; expectations that the Company will continue to be able to source explosives from
suppliers in a timely manner; 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 SEDAR 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 prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place un due
reliance on forward-looking statements. The Company does not undertake to update any forward -looking statements, except in
accordance with applicable securities laws.