Monument Announces Update at the Selinsing Gold Mine in Malaysia - Seite 3

A new three-year mining contract was negotiated with the long-term mining contractor Minetech, starting January 1st, 2024. Ten grade control drilling rigs are currently operational and performing well; the Minetech fleet of eight excavators and around forty dump trucks have shown good availability.

To smooth mining cycle, capacity of the preparation lab has been reviewed and improved with two new pulverisers installed at the new sample preparation laboratory. The ventilation system has been installed and is under commissioning to improve the working environment and avoid contamination.

Routine deliveries of ammonium nitrate emulsion to the Austin Powders explosives depot continued. The site-based 13 tonne capacity emulsion tanker was replaced by a 16-tonne capacity unit and blasting was carried out on up to five days per week as required.

Construction of the TSF upgrade resumed in August 2023. Zone A and Zone C fill to 540 mRL was completed at the main embankment and the upstream slope was lined with riprap to protect against erosion. Construction of the TSF south embankments was completed and riprap placed on the upstream slopes. The new spillway will be constructed in January 2024 followed by the installation of the seepage sumps and related pipework at the toe of the main embankment. The overall TSF upgrade is expected to be completed by February 2024.

Gold Concentrate Shipments and Sales

To date the flotation plant has produced over 16,000 tonnes of concentrates at a grade of 37 g/t Au. Shipments have been made to three separate buyers and negotiations continue with several potential new customers. To date over 12,500 tonnes of concentrate have been delivered to Johor and Port Klang Free Zones. Export permits have been renewed with the relevant state authorities as required. Transport of the latest delivery of 3,500 wet metric tonnes to Port Klang Free Zone has been completed with vessel to depart in mid-January 2024. Sale of a further 3,000 tonnes of concentrate currently available has been finalized and shipment preparation of the concentrate to the port is in progress.

Warehouse review and improvements are ongoing including tightened up of security features.

Stock Compensation

To reward the success of placing the Sulphide Gold Project into commercial production, the Company also announces that the board has granted under its equity compensation plans a total 3.4 million restricted share units and 3.8 million incentive stock options to its directors, officers and employees. Each stock option is exercisable at a price of $0.145 for a term of five years from the date of grant with a three years vesting period.