VANCOUVER, Aug. 17, 2015 /CNW/ - Monument Mining Limited
(TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" reports that
since acquisition of the Murchison Gold Project it has reviewed the
metallurgical and process treatment and gold recovery option, and
implemented its exploration and development programs in fiscal
2016.
Project Review
The review has confirmed that the project will require a
two-phase process approach to maximize gold recovery to enhance the
project economics, involving milling of higher grade and heap
leaching of low-grade material. While this outcome was
expected, the Company had to confirm it was possible to heap leach
the low grade material. The Company is conducting
further test work to optimize the process and is now
targeting completion of construction and start-up of the heap leach
Phase I of the project by the end of 2016.
It is anticipated that material grading approximately 3.5 - 4.0
Au grams per tonne ("gpt") or greater will be treated via the
process plant to obtain optimum gold recovery. A
program of mill and related equipment upgrade and ongoing
maintenance has been designed and is intended to ensure the proper
operation of the process plant.
It is anticipated that the lower grade material reported to be
under 3.5 - 4.0 gpt Au (low grade) will be agglomerated and placed
on a heap leach pad for gold recovery via the heap leach method.
Once start-up of the heap leach is achieved and actual costs are
determined, this low grade threshold may be reviewed. The
engineering, planning, costing and construction of this heap leach
facility is in process. While sterilization drilling on the
originally selected site has been completed, this site is being
reviewed with a view to moving the Heap Leach pad to enable
potential haulage costs savings from Alliance and New Alliance
("ANA") and Federal City pits and the North of Alliance ("NOA")
material from both pits/and or potential future underground
material.
The Company has also reviewed the crushing circuit and has
determined that more work is required on determining optimum
crushing equipment before the final circuit is determined,
purchased and installed. This has led to a decision to
conduct an on-site vertical impact crusher trial on the actual
material that is envisaged to be crushed. This trial will be
conducted using hired equipment by the equipment's owner/operators
from Perth who will deliver, set
up, operate and dismantle the crusher equipment and return same to
Perth.
A Company technical team will oversee this trial and assess the
results. The trial is expected to occur on site in September
2015. The impact crusher trial will test material from the
NOA underground mineralized material presently stacked on the Run
Of Mine ("ROM") pad and other material from a number of pits
intended to be mined including ANA. If the trial of this
equipment is successful and a satisfactory mesh size is achieved,
it could save substantial capital in the re-design and installation
of the new crushing and screening circuit.
2016 Exploration Work Program
The Company has filed an amended technical report entitled "NI
43-101 Technical Report on the Alliance and New Alliance Gold
Deposits, Burnakura, Western
Australia" dated April 2, 2015
and amended August 7, 2015 (the
"Report"). The Report was filed on SEDAR on
August 12, 2015.
Additional drilling at ANA and further field work, in addition
to an extensive review of past records, have indicated a further
mineralized zone exists to the East and North of the ANA
pits. This area will be the subject of a further exploration
program scheduled for 2016. As a part of this program, the
Company also expects to commence drilling in the NOA pits. It
is expected that these programs will in turn conduct confirmation,
in-fill, expansionary and step out drilling. Additionally, nearby
situated exploration and related assay and metallurgical test work
will be undertaken to determine suitability for gold
recovery. Further news will be released with more detail on
this exploration program.
While the Company's goal is production, the above described
program of plant overhaul including the crushing and screening
circuit, exploration and confirmation, in-fill and nearby
exploration drilling is necessary ahead of any re-start of the mill
and commencement of gold production.
Heap Leach Facility Design, Engineering and Construction
The Company has determined that it is preferable to prioritize
and focus on the construction of the heap leach facility to
commence gold processing ahead of re-starting the mill.
Once the heap leach operation is constructed, ponds and pads
loaded and operating, mill start-up will be addressed.
Monument's geological team has established that both high grade
and low grade zones occur within the presently identified
mineralized zones in the ANA pit contained within the Report.
It will be necessary to mine these selectively. Mine
planning will focus on identifying high grade blocks, mining them
and placing the material on the ROM near the crushing circuit for
future mill feed for the next Phase. At the same time, mining
low grade for crushing, agglomeration and stacking on the heap
leach pad will be carried out to minimize double handling.
This entire review and optimization program is time consuming;
however it is the best way to maximize recovery of gold without
sacrificing high grade mineralized material to the lower grade heap
recoveries.
The scientific and technical disclosure in this news release has
been reviewed and approved by Darryl
Mapleson (BSc. (Hons), FAusIMM) who is a qualified Geologist
retained by Monument and is a Qualified Person as defined by JORC
guidelines and National Instrument 43-101. He has been working in
Australia for Monument as an
independent consultant.
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 300 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.
Robert F. Baldock,
President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
"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 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, without
limitation, the Company's plans with respect to its mineral
projects and the timing and results of proposed programs and
events, the Company's development plans for the Murchison project,
timing of construction and completion of the heap leach facility,
timing and effect of the impact crusher trial and the Company's
planned 2016 exploration program 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;
availability of financing on reasonable terms; availability of
equipment and personnel; foreign operations risks; other risks
inherent in the mining industry and other risks described in the
management discussion and analysis of the Company, the Report
and the other 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; 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
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.
SOURCE Monument Mining Limited