UPDATE: Monument Reports Record Second Quarter Gold Production of 15,902 Ounces; Shares Dip 3.5% in Early Trade
Monument Mining Limited (MMY.V) today announced its second quarter operating results for the three months ended December 31, 2012.
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 fiscal 2012.
Gross revenue was US$19.6 million from the sale of 11,353 ounces of gold.
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 line."
Shares are down 1.5 cents to 40.5 cents in early trade.
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