Canadian Monument busts gold thieving at its Malaysian Selinsing mine

Canadian-based gold producer Monument Mining Limited (TSX-V: MMY) informed it busted a gold stealing syndicate at the Selinsing Gold Mine in Malaysia.

The Company has called in the Malaysian Police for an immediate investigation, engaging Gold Security Group from Perth, Australia, to work with the authorities as well as to review and strengthen security measures at the gold mine.

The Vancouver-based company said local police have made several arrests to date with the alleged suspects being held in custody and emphasized that the incident will not impact the production performance for the year ended June 30, 2012.

“At this time the theft appears to be an organized crime involving mine employees,” said Monument Mining President and CEO Robert F. Baldock.

The local Malaysian Police, who are heading up this investigation, are working with the full cooperation of the Company and have asked the Company to limit information released to the market due to the sensitivity of the information to the investigation. The Company will therefore make no further comments until the matter is completed.

Baldock said his company has executed an action plan to enhance gold security at the mine and is conducting its own review of its security system and its internal controls.