Monument Mining has received encouraging gold results from its recently completed drilling program at the Peranggih prospect, which is about 10km north of the Selinsing Gold in Malaysia. Peranggih has been identified as a new gold field that has potential to host a significant mineralised hydrothermal breccia system.

A close spaced 5 x 5 metre Rotary Air Blast (RAB) drilling program together with previous exploration has delineated a zone of higher grade gold material, indicating that mineralisation occurs in the same regional shearing structure hosting the Selinsing and Buffalo Reef deposits.

The 2017 program was carried out at an historic mining site to test 150 metres strike length x 80 metres width of the mineralisation.

This allowed the accurate identification of several high grade gold zones surrounded by a main low grade halo.

Best results were: 6 metres from 2 metres @ 3.07 g/t gold; 10 metres from 0 metres @ 2.94 g/t; 10 metres from 0 metres @ 2.28 g/t; 5 metres from 5 metres @ 2.68 g/t, 9 metres from 1 metre @ 3.14 g/t; 9 metres from 1 metre @ 2.34 g/t; and 10 metres from 0 metres @ 2.49 g/t.

Peranggih was historically mined in the late 1980s and into the early 1990s by local artisanal miners. Gold was recovered by traditional sluicing and residual tailings and other evidence indicates substantial work was undertaken throughout this period.

Monument's further exploration primarily aims to carry out resource definition drilling around an area selected for bulk sample test work. Regional exploration should also identify other target areas within the same Peranggih oxide system, eventually adding oxide mill feed sources to the Company.

The company plans to mine a bulk sample of up to 50,000 tonnes, feed it to the existing Selinsing oxide gold processing plant to establish the average grade of the close spaced drilled area and test the metallurgical performance at plant scale. This work can commence as soon as the access road has been prepared, which is estimated to be in the beginning of 2018.

During the September quarter Monument produced 3384 ounces of gold, a 3% increase compared to 3291 ounces in the corresponding period of 2016.

Production included stockpiled super low grade oxide ore and old tailing materials during the quarter that contained higher head grade and oxidized ore resulting in an improved processing recovery rate of 64.3% compared to 53.9% for the same quarter last year.

Ore processed was reduced by 4% to 221,536 tonnes in the same period last year. The reduced mill feed was mainly due to plant downtime caused by blockages at belt feeder chutes from wet and sticky old tailings materials, resulting in lower crushed tonnes.

Mining production is expected to improve with the commencement of mining at Felda Block 7.

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