Monument Announces Update at the Selinsing Gold Mine in Malaysia

VANCOUVER, British Columbia, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce an update at Selinsing Gold Mine where the Company recently achieved commercial production of its newly constructed flotation processing plant.

President and CEO Cathy Zhai commented, "We are very pleased with the continued progress and optimization of the Selinsing Sulphide gold flotation plant. The production is expected to be stabilized in the 2024 calendar year and cash flow sustained. Longer term off take contracts are in progress. Export permits continue to be renewed every six months with government support. Gold prices are above the $2,000 per ounce level in the new year which is in our favor.”

Ms. Zhai emphasizes: “In 2024 we will provide further training to our senior management with a value-added approach to lead to excellent performance. Our corporate focus in 2024 is business development in Malaysia, Western Australia and elsewhere. We are positioning Monument to be a fully funded producing company with upside growth potential to realize shareholder value in the marketplace.”

Figure 1: Selinsing Flotation Plant

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b5c6533-c589-421c ...

At the opening of this new year, the production objective of Selinsing Gold Mine is to streamline and optimize the flotation plant and operations to achieve the best financial performance. The Company continues to improve operational efficiencies through consolidating Selinsing operating activities and resources, and removal of bottlenecks including: plant performance improvements, mining cycle harmonization, tailing storage facilities (TSF) upgrade, refining the gold concentrate warehousing, shipping and sales process, and security enhancements.

Plant Process Improvements

The flotation plant achieved the design capacity of 119 tph in early December 2023, however mill feed rate continues to be hampered by the bottleneck at the McLanahan filter press. Recent improvements to the filter press operation have included the installation of pressure regulators to reduce the compressed air pressure for the core blow and cake dry cycles; the pressure reduction has certainly reduced the frequency of filter cloth failure. Torn filter cloths have been replaced as required by local and internationally sourced cloths. Worn filter plates are being repaired locally and new units have been ordered from the manufacturer and are expected to arrive at site in March 2024.