Monument Mining Limited (MMY.V) today announced its second
quarter operating results for the three months ended December 31,
Gold recovery from the Selinsing gold processing plant for the
second quarter ended December 31, 2012 was 17,289 ounces, a 28%
increase compared to 13,544 ounces for the same period of fiscal
2012, mainly due to the increase in processing capacity as a result
of the recent plant expansion. The benefit realized through the
increase in tonnes processed was offset by a drop in feed grade and
processing recovery rate. Gold production, net of gold dore in
transit and refinery adjustment, was 15,902 ounces of gold, an
increase of 35.5% compared to 11,736 ounces for the same period of
Gross revenue was US$19.6 million from the sale of 11,353 ounces
For the six months ended December 31, 2012 gold recovery
increased by 16% to 29,530 ounces and gold produced increased by
14% to 26,808 ounces, compared to the same fiscal 2012 period.
These increases are also a result of the increased mill throughput
offset by lower feed grade and recovery rate.
Robert Baldock, President and CEO of Monument, commented: "The
increase in gold production is a direct result of the plant
expansion and our team's dedicated efforts to commission and fine
tune the expanded process plant. The expansion was financed from
cash flow and now we are seeing the payback in the bottom
Shares are down 1.5 cents to 40.5 cents in early trade.