Monument Mining Ltd. – Commercial Production Declared; Reported Revenues of $6.61 million in September 2010

Fundamental Research release a report on Monument Mining. Here are the investment highlights:

• The company announced on September 20, 2010, the commencement of commercial production at the Selinsing Gold Project in Malaysia. The facility is currently operating at a rate of 30,000 tons per month.
• As of September 30, 2010, the project had produced 22,843 ounces of gold.
• Q1-2011 (quarter ended September 2010) reported revenues were $6.61 million from gold sales of 5,150 oz. Gross profits
  from mining operations were $5.52 million (based on a cash cost of $212/oz).
• The Carbon in Leach circuit (Phase II of development) has been up and operating since July of this year.
• In August 2010, the company completed a $13 million financing comprised of $8 million in convertible notes and a $5 million
  forward sale of gold.
• Subsequent to closing the financing, the company completed an acquisition of an additional 32,000 acres of exploration land in
  Malaysia along trend and east of the Selinsing Gold Project.
• We expect the company to report $42.56 million in revenues and net income of $25.55 million ($0.13 per share) in FY2011.
• We have raised our fair value estimate from $0.50 to $0.90 per share.

Click here to read the full report.