GlobeNewswire by notified

Monument Heads Toward Commercial Production at Selinsing Gold Mine

Share

VANCOUVER, British Columbia, May 30, 2023 (GLOBE NEWSWIRE) -- 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 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f39acde0-f30d-4cb5-ba04-acfcffe21613

Figure 2. Concentrate Storage Construction is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/616859ef-54ec-4981-af79-7bf9dbeb3575

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 commercial 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 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 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/184810b7-a354-4785-a5d4-e65d2c2e99d0

Figure 4: Ammonium Nitrate Storage Area is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0da4743-e701-4cae-8553-f15f6ce7be1f

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 at 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. 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 21st, 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 11th, 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 parts 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 rcushing@monumentmining.com

"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

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 historical 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", "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, 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 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 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 price of gold of other minerals; 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 undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Nokia Corporation: Repurchase of own shares on 26.09.202326.9.2023 20:00:00 CEST | Press release

Nokia Corporation Stock Exchange Release 26 September 2023 at 21:00 EEST Nokia Corporation: Repurchase of own shares on 26.09.2023 Espoo, Finland – On 26 September 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL311,0543.56CEUX55,9623.57AQEU8,7573.55TQEX16,2273.57Total392,0003.56 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 5 April 2022 started on 2 Januar

Sunstone IV hf. announces Consolidated Condensed Interim Financial Statements for the six months ended June 30, 202326.9.2023 19:56:38 CEST | Press release

Sunstone IV hf. Storhofdi 22-30, 110 Reykjavik, Iceland Sunstone IV hf. announces Consolidated Condensed Interim Financial Statements for the six months ended June 30, 2023 Consolidated condensed interim financial statements, for the six months ended June 30, 2023 of Sunstone IV hf. were approved at a Board of Directors meeting on 21 September 2023. The financial statements can be found on the Company’s website: https://www.mila.is/um-milu/fjarmal/sunstone-iv/ For more information please contact: Inga Helga Halldórudóttir Compliance officer Sunstone IV hf. ingah@mila.is

Nokia to bring semiconductor expertise to CHIPS and Science Act funded innovation hub26.9.2023 18:20:01 CEST | Press release

Press Release Nokia to bring semiconductor expertise to CHIPS and Science Act funded innovation hub Nokia will join a new innovation hub that seeks to expand U.S. global leadership in microelectronics technical development.The program will help reduce U.S. reliance on foreign microelectronics and safeguard supply chain risks, while ensuring access to cutting edge semiconductors for the Department of Defense. 26 September 2023 Murray Hill, New Jersey – Nokia today announced that it is part of the Northeast Microelectronics Coalition (NEMC) Hub, a regional innovation hub led by the Massachusetts Technology Collaborative (MassTech). The NEMC Hub was recently awarded funding to advance the microelectronics needs of the U.S. Department of Defense (DoD) from the "Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act." The funding award will establish a total of eight Microelectronics Commons regional innovation hubs and Core Facilities distributed across the United St

ABC arbitrage : Continuation of liquidity contract of ABC ARBITRAGE26.9.2023 18:00:00 CEST | Press release

Continuation of liquidity contract of ABC ARBITRAGE ABC ARBITRAGE informs that it will continue the liquidity contract with Kepler Cheuvreux, adding the following additional resources: 80,000 in cash (transfer executed on 21 September 2023). As a reminder : • the following resources appeared on the last half year statement on 30 June 2023 on the liquidity account: - 51,410 shares - € 111,829.43 - Number of executions on buy side on semester: 783 - Number of executions on sell side on semester: 1,120 - Traded volume on buy side on semester: 125,924 shares for € 781,516.85 - Traded volume on sell side on semester: 115,527 shares for € 719,846.14 • the following resources appeared on the liquidity account when the activity started: - 28,440 shares - € 49,007.93 The implementation of this report is carried out in accordance with AMF Decision N°2021-01 of June 22nd 2021 renewing the implementation of liquidity contracts for shares as an accepted market practice. Contacts : abc-arbitrage.com

ROBIT PLC: REPURCHASE OF OWN SHARES 26 SEPTEMBER 202326.9.2023 17:45:00 CEST | Press release

ROBIT PLC STOCK EXCHANGE RELEASE 26 SEPTEMBER 2023 AT 18.45 EEST ROBIT PLC: REPURCHASE OF OWN SHARES26 SEPTEMBER 2023 Robit PlcNasdaq Helsinki LtdDate26.9.2023Exchange transactionBUYShare trading codeROBITAmount, shares1765Average price / share, EUR1,453666Total cost, EUR2565,72 Robit Plc now holds a total of 17 479 shares including the shares repurchased on 26 September 2023. Detailed information concerning the repurchase is attached to this stock exchange release. On behalf of Robit Plc OP Corporate Bank Mikael Ahovuo Further information: Robit Plc Arto Halonen, Group CEO +358 40 028 0717 arto.halonen@robitgroup.com Distribution: Nasdaq Helsinki Ltd Key media www.robitgroup.com Robit is the specialist focused on high quality drilling consumables for the mining and construction markets globally to help you drill even Further. Faster. Robit strives to be the world’s number one drilling consumables company. Through our proven, high-quality Top Hammer, Down the Hole and Geotechnical prod