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In The News - MONUMENT MINING LTD.

In The News -  MONUMENT MINING LTD.

In the news: Monument Mining

COMPANIES

MONUMENT MINING††

CVE:MMY | C$0.10 | US$24m

Interim Results

Monument Mining has announced its quarterly results for the three months ended 31 December 2016. Ore mined declined to 18,000t from 62,000t in the September quarter as the company processed stockpiled oxide and sulphide ore. Mill feed grade and recovery rates were 1.12 g/t and 62.3%, respectively, which were above those for the low-grade oxide ore processed in the September quarter (0.56 g/t and 54%). This difference is attributable to the higher-grade stockpiled sulphide ore processed in the quarter after converting Leach Tank #1 into a CIL tank. Gold recovered was largely consistent with the September quarter at 4,600oz, while gold produced declined 12% to 2,900oz and gold sold increased 63% to 3,800oz, reflecting the variable nature of deliveries and sales.

Cashflow from operations totalled US$1.5m vs. US$-2.1m in the prior quarter. The overall decline in cash was US$0.6m compared with US$4.9m in the prior quarter. Cash at the end of the period saw restricted cash of US$9.6m and unrestricted cash of US$5.7m. The company remained debt-free, although the financing plans for both Selinsing and Murchison have yet to be announced.

COMMENT: The company remains focused on developing a biox plant at Selinsing in Malaysia to process sulphide ore and extend the mine life, as well as bringing Murchison in Western Australia into production. Plans for both projects are expected to be released in 2Q17.

These are expected to include the release of financing plans for both projects, and details on the Murchison mine plan once the independent review is finished. We also note that the company expects drill results from the Matala Gold Exploration Project to be released prior to the expiration of its option in July 2017.

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RFC Ambrian is a member of the London Stock Exchange and is regulated and authorised by the Financial Conduct Authority. RFC Ambrian is registered in England and Wales no. 4236075. Its registered office is at Level 5, Condor House, 10 St Paul’s Churchyard, London EC4M 8AL.

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