News
posted on
Apr 29, 2010 07:47AM
Edit this title from the Fast Facts Section
Apr. 21, 2010 (Filing Services Canada) -- Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), "Monument" or the "Company" reports that the gravity circuit of the 400,000 tpa gold treatment plant continues to operate at its design capacity. As a result of defective CIL tank agitators, commissioning of the CIL circuit is delayed to the fourth fiscal quarter. The gold treatment plant is situated at Monument's Selinsing Gold Project in Pahang State, Malaysia.
The gravity circuit continues to operate to design. A total of 7,200 ounces of gold has been poured from the gravity plant.
The delay in commissioning of the CIL circuit has been caused by the late delivery of the CIL tank agitators, which were subsequently determined to be defective.
The supply, delivery, installation and commissioning of the replacement equipment is estimated to be completed and in service by the end of June 2010 , resulting in an approximate 6 month delay from the original target date set by Monument. Monument will continue to operate the phase 1 gravity circuit until the CIL circuit is available.
Monument is of the opinion that its previously announced $12 million financing should close within the next month . Upon the closing of the financing, Monument will recommence its exploration activities, the acquisition of additional exploration lands and the preparation of an updated 43-101 resource statement for the Damar Buffalo Reef prospect.