VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its third quarter production and financial results for the three and nine months ended March 31, 2020. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commented: “Regardless of the suspension of production at Selinsing Gold Mine starting March 18, 2020 caused by the Movement Control Order issued by Malaysia government against Covid-19 pandemics, the third quarter has generated positive cash flow, contributed mainly to high gold price and improved recoveries. Subsequently, the mining ban has been lifted on April 30th and production has been moved gradually towards full capacity. Working capital is sufficient to support operations and procurement has been manageable with global dynamic changes in supply chains.”Ms. Zhai further commented: “Management is firmly moving forward with the Sulphide Project financing with actively engaged interesting parties. We stay focused on our corporate development strategies to take upside opportunities for future sustainable production, including entering into the sulphide gold concentrates market using our planned sulphide Biox® treatment plant.”Third Quarter Highlights:7,323oz of gold sold for $11.62 million (Q3 2019: 3,732oz of gold sold for $4.59 million);Average realized gold price per ounce (“oz”) of 1,602/oz (Q3 2019: $1,295/oz);Gross margin of $5.08 million (Q3 2019: $1.79 million);5,369oz of gold produced (Q3 2019: 4,225oz) with cash cost of $892/oz (Q3 2019: $751/oz);All-in sustaining cost per ounce (“AISC”) of $1,070/oz (Q3 2019: $1,108/oz);Peranggih trial mining program completed with encouraging average gold recoveries;The first phase of drilling completed at Murchison followed by the second phase starting subsequently to the end of the third quarter;Two weeks production suspension of Selinsing Gold Mine due to Covid-19 Pandemics.
Third Quarter Production and Financial Highlights
⁽¹⁾  Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment.
⁽²⁾  Monument realized US$/oz for the three and nine months ended March 31, 2020 includes gold prepaid delivery of 723oz and 2,169oz respectively at average London Fix PM gold price, for comparison purpose (Note 13).
⁽³⁾  Total cash cost includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties, and operating costs such as storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, capital costs, exploration costs and corporate administration costs.
⁽⁴⁾  All-in sustaining cost per ounce includes total cash costs, operation expenses, and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included.

Q3 2020 Production Analysis Gold production of 5,369oz, a 27% increase compared to 4,225oz in the corresponding period of the previous year, this was the result from processing mainly stockpiled super low-grade oxide ore, old tailing materials, oxide material from Peranggih trial mining, and more leachable sulphide ore from the production at Felda Block 7 and Selinsing during the third quarter, compared to more super low-grade oxide ore in last year.Average mill feed grade increased to 1.49g/t from 0.76g/t and ore processed decreased to 157,413t from 226,697 in the same period last year. The decreased mill feed was mainly due to a decrease in stockpiled super low-grade oxide ore and less oxide ore being mined.Cash cost per ounce increased by 19% to $892/oz from $751/oz in the same period last year due to an increase in leachable sulphide material being processed, increased processing costs as well as mining at an increased rate, and increasing mining costs.Q3 2020 Financial AnalysisGross margin of $5.08 million before non-cash amortization and accretion, an increase of 184% compared to $1.79 million in the same quarter last year. The increase in gross margin reflected a decrease in the amount of gold sold, but at a higher average realized gold price mainly offset by higher processing costs due to harder material being processed by the mill.Net Income for the quarter of $1.87 million, or $0.01 per share compared to Net loss of ($0.91) million or ($nil) per share in the same period last year. This positive variance was caused by higher grade leachable sulphide ore and also the oxide material from Peranggih trial mining. Gold sales generated of $11.62 million for the quarter compared to $4.60 million in the same period last year. The revenue resulted from 7,323oz of gold sold (Q3 fiscal 2019: 3,732oz) at an average realized gold price of $1,602 per ounce (Q3 fiscal 2019: $1,295 per ounce) plus an additional 723oz delivered in fulfilling gold prepaid obligations at an average London Fix PM gold price of $1,583 per ounce for the quarter.Average London Fix PM gold price was $1,609 per ounce for the quarter compared to $1,299 per ounce for the same period last year. Total production costs increased by 133% in the quarter to $6.54 million, compared to $2.80 million in the same period last year. The increase in production costs reflected more gold being sold in the third fiscal quarter 2020 compared to same period last year.Cash and cash equivalents balance as at March 31, 2020 of $10.42 million, an increase of $1.08 million from the balance held at June 30, 2019 of $9.34 million. As at March 31, 2020, the Company had positive working capital $19.49 million (June 30, 2019: $24.52 million), including restricted cash of $0.38 million. The increase in working capital during the nine months ended March 31, 2020 resulted from an increase in cash, reduction in accounts receivable, offset by increases in inventories and a reduction to accounts payable and accrued liabilities.Cash investment in exploration and evaluation activities totalled $0.23 million compared to $0.40 million in the corresponding period last year, cash of $0.05 million was used at the Selinsing Gold Portfolio in Malaysia mainly related to Sulphide Project Development, Peranggih road construction completion, $0.16 million was used at the Murchison Gold Portfolio in Australia mainly for care and maintenance and drill program planning; and $0.02 million on the Mengapur Copper and Iron Project in Malaysia for care and maintenance.Cash expenditure on property, plant and equipment (“PPE”) of $1.07 million, compared to $1.31 million in the same period last year. The main PPE expenditures were at Selinsing including $0.98 million for the cutback of Selinsing Pit 4 and Felda Block 7 and capitalized mining waste, various plant equipment and tailing storage facility upgrades of $0.03 million and $0.05 million on the Selinsing Sulphide Project.DevelopmentSelinsing Gold MinePeranggih Trial Mining:At the Selinsing Gold Mine, Peranggih trial mining was carried out from February 22 to March 3, 2020, under which the bulk sample was extracted from the higher mineralized area. The bulk sample material was fed into the existing Selinsing oxide gold processing plant to confirm the average grade of the close-spaced drilled area, to quantify the presence of coarse gold and to test the metallurgical performance at plant scale. 13,047 tonnes of material was processed at a reconciled head grade of 1.17g/t with actual recovery of 89.8% as compared to average assayed grade gold of 1.22g/t with recovery of 90.2%.Trial Mining Results:The trial mining generated a positive cash flow and was reported under the Statements of Comprehensive Income. A new grade control program is currently in the planning stage to define the extensions of the known mineralization along strike to the Northeast and Southwest of the Peranggih trial mining area. Mining activities continued at Peranggih for the remaining mining blocks that were excluded during the trial period, to continue supplying materials to the processing plant. After the trial mining was completed, the mining activities continued at Peranggih for the remaining mining blocks that were excluded during the trial period, to continue supplying ore to the processing plant. The trial mining results should not be used as indicator for future Peranggih operations. There are no resources being defined at the Peranggih. ExplorationMalaysiaDuring the third quarter, the discovery of the Mentique Prospect, 1km west of the Peranggih Gold Prospect was announced. A soil sampling campaign that was conducted in the Peranggih area between December 2018 and March 2019 had delineated 1.8km by 0.8km gold soil anomaly located 1 km west of the Peranggih deposit on a parallel north west- south east trending structure, with a peak value of 103ppb. This discovery has been named the Mentique Prospect. Infill soil sampling, trenching, and geological mapping are planned to be carried at Mentique to assist in creating a drill target and to determine the nature of mineralization in this area.AustraliaDuring the third quarter, the exploration focus was at the Burnakura and Gabanintha areas to test near mine down-plunge targets where there are high quality near mine targets that have good potential to be mined underground. Mineralization down dip from the historically mined Alliance, New Alliance and Yagahong open pits were drill tested. In addition, the NOA 9 regional target was tested with Air-Core Drilling (“AC”), as part of Monument’s regional strategy.Drilling Program Phase 1: The drill program commenced on February 26, 2020 and the first phase of this drill program was completed on March 12, 2020. A total of 4 holes for 839m of Reverse Circulation (“RC”) were drilled at Burnakura and 6 holes for 1,265m was drilled at Gabanintha. In addition, 23 holes for 603m of AC were drilled at the NOA 9 regional target. Geological structures and mineralization were generally intersected where expected for the RC drilling. A total of 611 samples from Burnakura and 975 samples from Gabanintha including QAQC samples were analysed. Assay results for the first phase of the drill program were received at the beginning of April and will be released once the second phase drill sample testing is completed.Drilling Program Phase 2: The second phase of drilling will include 2 holes at Alliance, several holes at NOA, and a follow up drill hole at Yagahong which will be completed in Q4.About MonumentMonument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that operates the 100% owned Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Copper and Iron Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 202 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Forward-Looking StatementThis news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release.  Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements.  These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com.  Material factors and assumptions used to develop forward-looking statements in this news release include:  expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com.  Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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