Monument progresses construction of waterline at Selinsing

VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce that the work of Waterline construction progress at Selinsing gold mine in Malaysia reached 85% complete on budget. Commissioning aims to be completed in November 2022, followed by a three-month ramp-up period for commercial production in January 2023.

President and CEO, Cathy Zhai, said, “We are delighted to see that the team has weathered the difficult period with the COVID-19 pandemic lockdown in Shanghai and the global logistics lockdown. The installation is progressing rapidly with close supervision. In the meantime, we have been in communication with potential buyers to review key terms and continue to optimize salable gold concentrates for better economic outcome.

Construction Highlights

  • The overall project is 85% complete to date, on budget.
  • Equipment continues to arrive at the Selinsing site; the concentrate filter press left port on September 24, later than expected, and is expected to arrive in early November 2022.
  • Pre-commissioning (dry and wet) will begin in October; objectives for full commissioning at the end of November/or beginning of December 2022.
  • The first production of concentrate is expected to start at the end of November 2022, with full production expected in January 2023.

Floatation design and engineering

To date, all work related to the detailed design and flotation engineering has been completed, pending submission of TNB’s power supply upgrade request from 3.8 MW to 4.0 MW.

Supply

The overall procurement is 89% complete, mainly pending delivery of the filter press to the site in November 2022.

Most of the equipment has been delivered to the Selinsing site, including but not limited to the Beijing flotation cells assembled and delivered by BGRIMM Machinery and Technology Co Ltd (Figure 1); water-recovery concentrate and thickeners supplied by Metso Outotec; flotation blowers, compressor and compressed air dryer supplied by Atlas Copco.

First fill flotation reagent was purchased pending delivery. Transportation costs have increased due to global supply chain issues related to the COVID-19 pandemic, which will be offset by mine development costs. Partial consumable reagents have been delivered and are stored inside the reagent warehouse building.

Figure 1: Construction view of the flotation plant circuit

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a06e4ae-caf3-4456-a4f5-472cc9cb5517

Construction

Construction works include foundation and civil engineering works, steel structure works, factory equipment fabrication and installation works, piping works, electrical wiring works, installation plant automation system, electrical system installation and plant infrastructure including reagent warehouse, concentrate storage yard and plant area drainage system.

Construction of flotation plants has reached 85% completion to date. The earthworks, the foundations, the piping works connecting the reagent tanks and the air supply system to the circuit of the flotation cells have been completed. The civil engineering works and the installation of the structural work are 100% complete. The mechanical installation is 96% complete with all reagent tanks, flotation cells and thickeners installed. Piping racks were erected from the reagent building to the flotation circuit, from the concentrate thickener to the concentrate filter building and from the flotation circuit to the water recovery thickener. The electrical installation is 81% complete and the control room is 100% complete. Pipes were laid and connected to pumps. The electrical installation work for the cable trays and cable pulling is now 60% complete.

The flotation plant is equipped with a plant automation system, which consists of a SCADA system and process instrumentation monitoring devices. All pumps, flotation cell circuit, concentrate filter, concentrate thickeners, blowers and air compressor are controlled using a program logic control system (PLC Siemens & Allen Bradley). A 750 kVA standby generator as backup power in the event of a power outage will ensure the operation of essential services. Enertech Sdn Bhd (Siemens distributor in Malaysia) supplied the control system hardware and software. The control system panel (PLC) hardware was delivered to site and installed in the prefabricated electrical substation (E-House), together with the motor control center (MCC) panel.

Other infrastructure includes: reagent warehouse, air services building, concentrate filter building and other facilities. The reagent storage warehouse and the air services building are constructed. The dosing pump has been installed inside the reagent building and the foundation and steel structure work has been completed. Bag breaker working plates, reagent mixing tanks with stirring equipment are installed. The compressor and flotation blowers were installed in the air services building. The foundation and structural work of the concentrate filter building (Figure 2) has been completed, and most of the roof and cladding have been completed, pending the installation of the filter press.

Figure 2: Concentrate filter building

Monument Mining

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bffdbda0-fef3-459d-b83f-93a02469f1e2

mining development

Pre-stripping and mining of sulphide ore stockpiles began at Buffalo Reef in July 2022 in preparation for: completion of the flotation plant, start of commissioning and ramp-up of production . Construction of the tailings storage facility (“TSF”) has been completed for the current year’s tailings storage needs. The diversion of the river at Buffalo Reef is complete.

Commissioning

Commissioning work is expected to start in October and end in November 2022. The scope of commissioning work will be divided into dry, wet and ore commissioning. After the commissioning work is completed, production will be accelerated.

About Monument

Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that wholly owns and operates the Selinsing gold mine in Malaysia and the Murchison gold project in the Murchison region of Australia- Western. It holds a 20% interest in the Tuckanarra gold project held jointly 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
Office 1580 -1100 Melville Street
Vancouver, BC V6E 4A6

FOR MORE INFORMATION, visit the company’s website at www.monumentmining.com or contact:

Richard Cushing, MMY Vancouver Tel. : +1-604-638-1661 ext. 102 [email protected]

“Neither the 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 press release contains statements containing forward-looking information about Monument, its business and its 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 for its mining projects and the timing and results of proposed programs and events mentioned in this press release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. The forward-looking statements contained in this press 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, but are not limited to: risks relating to business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of ongoing exploration activities; uncertainties regarding the progress and timing of development activities; risks related to foreign operations; other risks inherent in the mining industry and other risks described in the Company’s MD&A and technical reports on the Company’s projects, all of which are available under the Company’s profile on SEDAR at www.sedar.com. Important factors and assumptions used to develop the forward-looking statements in this press release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows that may be generated from operations, general economic factors and other factors that may be beyond Monument’s control; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold from other minerals; the timing and amount of estimated future production; the timing and expected results of development and exploration activities; the costs of future activities; capital and operating expenses; success of exploration activities; mining or processing problems; exchange rate; and all factors and assumptions described in the Company’s MD&A and technical project reports, all of which are available under the Company’s profile 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 the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or expected. 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..

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