Monument Mining has increased its gold sales by 71% compared to the same quarter last year, with 12,500 ounces sold at an average price of US$1626 per ounce.
The company has announced its third quarter results for the period ending March 31, 2013, with its production rate increasing 101% on the same quarter in 2012 to 281,827 tonnes of ore mined. Ore processed in the quarter was 236,184 tonnes, a 183% increase compared to the same fiscal period in 2012.
Monument says these significant increases are due to the ramp-up in mill capacity as a result of the 2012 plant expansion. Gold production for the quarter was also higher, with 13,255 ounces or an increase of 24% on gold poured during the quarter.
Calculated gold recovery for the third quarter was 11,354 ounces, a 35% increase compared to 8435 ounces for the same period of fiscal 2012. Actual gold poured (recovered) for the quarter was 12,162 ounces, a 29% increase compared to 9406 ounces for the same period of the 2012 fiscal year.
“The increases are a direct result of the significant increase in tonnes processed, offset by lower feed grade and processing recovery rate which are expected in the mine plan and driven by the transition from oxide to sulphide ore,” says Monument’s president Robert Baldock.
During the quarter mining also began at Buffalo Reef South with oxide materials being trucked to the Selinsing plant and ore processing from this site beginning in March.
The Canadian-listed gold producer operates the Selinsing gold mine in Malaysia’s Pahang State which boasts one of the lowest production costs in the world. Last month the company updated its reserve at the site, with a newly measured and indicated 289,400 ounces of gold which is an increase of 48,000 ounces on the previous estimate.
Monument’s vice president of exploration Todd W Johnson says, “The new NI 43-101 reserve allows the operations to continue until the end of 2017 at the current mining rate and 1 million tonne/annum processing rate. Monument has been conducting aggressive drilling campaigns in the district since late 2011 using two to three drills. All of the Monument mine staff have been working hard to help achieve gold production targets and help define additional resources for possible future development and are responsible for the successful mine performance.”