MONUMENT IS COMMITTED TO
INCREASING SHAREHOLDER VALUE
by sustainably growing into a diversified mid-tier Canadian gold and metals producer in a safe,
profitable and socially responsible manner.
“We have one of the lowest cost gold mines in the world, a large polymetallic project in development
and a prospective exploration portfolio for future growth. Our goal for the year ahead is cautious
steady growth in line with the economic envelope within which we operate”.
Robert Baldock, President and CEO
CAUTIOUS STEADY GROWTH
TABLE OF CONTENTS
1 2013 Highlights
7 Capital Structure & Market Performance
2 President’s Message to Shareholders
8 Selinsing Area Operations
4 Corporate Overview
12 Mengapur Polymetallic Project
5 Financial Performance
15 Corporate Social Responsibility
6 Operating Highlights
16 Corporate Information
All dollar amounts in US$ except where noted.
GROWTH
MONUMENT MINING LIMITED 2013 AN NUAL REPO RT
2013 HIGHLIGHTS
FINANCIAL
• Gross Revenue from gold sales of $91.3 million, of which $80.3 million directly attributed to fiscal 2013 production
• Profit margin generated from gold production of $57.5 million
• Net income attributable to shareholders of US$32.8 million or $0.14 earnings per share (basic)
• Cash balance of US$41.9 million on June 30, 2013
• Eliminated debt by retiring outstanding convertible loans
• Raised CAN$22.3 million from a brokered private placement
CAUTIOUS STEADY GROWTH
Selinsing Gold Mine
PRODUCTION
• Increased Gold Production by 19% to a record 52,982 ounces at a cash cost of $400 per ounce
• Started mining Buffalo Reef South oxide ore
• Updated Selinsing-Buffalo Reef NI 43-101 Technical Report as of August 31, 2012 providing an increased
reserve estimate
DEVELOPMENT / EXPLORATION
• Acquired remaining 30% of Mengapur resulting in 100% ownership of the Project
• Commenced exploration on FELDA lands adjacent to the Selinsing and Buffalo Reef properties
• Drilled 374 holes totalling 36,917 metres at Selinsing area properties
• Drilled 147 holes totalling 33,458 metres at Mengapur
2013 HIGHLIGHTS 1
GROWTH
MON UMEN T MINING LIMITED 2013 ANNUA L REPO RT
PRESIDENT’S MESSAGE
Fiscal 2013 was another fast paced year building toward our goal of becoming a mid-tier gold and base
metals producer. Over the course of the fiscal year we have maintained sustainable gold production,
and have continued to expand and further develop our property portfolio.
At our Selinsing and Buffalo Reef properties, as a result of expansion of the Selinsing Gold plant
capacity to 1,000,000 tonne per year from 400,000 tonne per year and commencement of mining at
the Buffalo Reef South pit, we closed fiscal 2013 with strong gold production, having produced 52,982
ounces of gold, an increase of 19% from the previous year. Revenues were US$91.3 million which was an increase of 48 per cent
over the previous year, of which $80.3 million attributed to fiscal 2013 production. Cash costs continue to be among the lowest in
the industry at US$400 per ounce for fiscal 2013. Operating cash flow from production is being reinvested in continued drilling and
exploration programs, land acquisitions for near plant exploration future potential mining and plant upgrades.
During fiscal 2013 exploration drilling progressed aggressively at Selinsing and Buffalo Reef properties with 374 holes totaling
36,917 metres drilled. A large number of samples are yet to be assayed. In May 2013 we published an updated “NI 43-101 Technical
Report, Selinsing Gold Mine and Buffalo Reef Project Expansion (August 2012)” (The “August 2012 NI 41-101 Technical Report”)
which extends the life of the mine.
A further metallurgical study was performed during fiscal 2013 in order to process refractory sulfide materials. The Phase IV
expansion was recommended in the August 2012 NI 43-101 Technical Report and includes the addition of a bio-leach circuit into
the existing Carbon in Leach (“CIL”) plant which has a capital cost of approximately $45.8 million and provides a net present
value (“NPV”) of $10.7 million and a 21% rate of return. We continue to search for alternatives with lower capital costs in order to
maximize returns.
During fiscal 2013 we acquired the remaining 30% of the Mengapur Project to give us a 100% ownership. Our development of the
Mengapur Project in fiscal 2013 was focused on site establishment and resource drilling. We have completed a number of onsite
infrastructure projects at Mengapur, including improved and expanded employee accommodation, research & development (R&D)
and assay laboratories, and a new expanded core shed. We have also drilled 33,458 metres in 147 drill holes up to the end of
June 2013 at Mengapur and Star Destiny properties. We are very pleased with assay results received to date and are pursuing an
updated NI 43-101 compliant resource report, which is targeted for completion in early 2014. This resource report will include a
Preliminary Economic Assessment (“PEA”) which will help confirm the economic viability of the project and assist further in guiding
the planning and development of the Mengapur project.
Fiscal 2013 was both fruitful and challenging. It ended with market volatility, reduced metals prices and soft capital markets in
the mining sector. During fiscal 2013 we raised CAD$22.3 million from a brokered private placement to develop our Mengapur
Polymetallic project in stages with a strategy towards fast tracking initial production to generate cash flow from potential
downstream products. We have also de-risked the Company by maintaining a strong balance sheet with an early retirement of
the convertible debt. By the end of fiscal 2013, we had only a forward gold sale of 5,000 ounces on our balance sheet, offset
by 5,000 ounces gold already escrowed in our metal account. As a result of our efforts we ended fiscal 2013 with net assets of
$242.6 million and 14 cents earnings per share (basic).
2 L ETT ER TO S HAR EHO LDER S
MONUMENT MINING LIMITED 2013 ANNUAL REPO RT
TO SHAREHOLDERS
We thank our supportive Board of Directors and our entire team for this past year’s efforts as we continue to build our team of
experienced technical people and engage with the community through our CSR programs.
Looking forward to fiscal 2014, we will continue to pursue our primary business objectives to increase shareholders’ value by building
up a mineral property pipeline through acquisitions, exploration, development and production while mitigating associated business
risks. Our longer-term goal is to become a sustainable dividend paying, mid-tier gold, base metals and industrial mineral producer.
At Selinsing, Buffalo Reef and FELDA land area, we look forward to improvement of our operation excellence to achieve
sustainable gold production. We will complete assay work for backlogged samples at Selinsing and Buffalo Reef. Based on
geological structure study and interpretation of those assay results we will implement further drilling programs to increase gold
inventory. We will continue our research and development work to find better alternatives of metallurgical treatment on sulfide ore
materials at lower capital costs.
At the Mengapur Project, we will undertake further research and development activities to explore the development of a number
of marketable potential downstream commodity products, and develop and prove a viable flow sheet circuit for recovery of these
products. The initial R&D work will focus on the production of market grade magnetite from fresh rock that underlies the free
digging soils to generate cash flow. We will also complete a National Instrument (NI) 43-101 compliant Preliminary Economic
Assessment (“PEA”).
As the mining industry is undergoing a significant cyclical downturn and in the opinion of many, including Monument management,
the volatility and reduced metals prices will be the new “normal” – at least for a reasonable period into the future. We would like
to turn around this difficult period as an acquisition opportunity to enhance our mineral property pipelines, targeting both low cost
advanced projects and highly prospective properties in districts with rich historical production. As a collective and experienced team
we will meet the challenges ahead. These volatile times create challenges, but they also produce opportunities that we stand ready
to pursue, if it is appropriate, with caution and discipline. Thank you from all of us in Canada and Malaysia for your support this year
and we look forward to making further progress in 2014.
Sincerely,
ROBERT F. BALDOCK
President and CEO
LETTER TO SHAREHOLDERS 3
PENINSULAR
MALAYSIA
GOLD BELTS
FROM YEAP, 1993
MON UMEN T MINING LIMITED 2013 A NNU AL REPO RT
CORPORATE OVERVIEW
Monument Mining Limited
(TSX-V:MMY, FSE:D7Q1) is an
established Canadian gold producer
that owns and operates the Selinsing
Gold Mine in Malaysia, with production
cash costs among the lowest in the world.
Its experienced management team is
committed to growth and is advancing several
exploration and development projects in
Malaysia including the development stage,
Mengapur Polymetallic Project.
Monument’s primary business objective is to
advance its mineral projects from exploration and
development to production and to increase its gold
and other mineral assets through acquisition of
prospective land or gold and other mineral projects
at an advanced development stage. The Company’s
longer-term goal is to be a sustainable, dividend paying,
mid-tier gold, base metals and industrial mineral producer.
The Company employs 336 people in Malaysia and is
committed to the highest standards of environmental
management, social responsibility, and health and safety for its
employees and neighboring communities. Monument’s Head
Office is located in Vancouver, BC, Canada. It operates through
its subsidiaries in Pahang State, Malaysia.
As of June 30, 2013, the Company controlled producing
and exploration properties covering 39,460 acres. Monument
has a large pipeline of quality projects ranging from operating
mines to grass roots exploration for future potential.
Interest
Acres
Status
Property
Selinsing
Buffalo Reef (BR)
100%
100%
776
444
Operating
Operating
EXPLORATION
ADVANCED
DEVELOPMENT
PRODUCTION
SELINSING
BR OXIDE
GOLD
BR SULPHIDE
FELDA
100%
3,920
Dev/Exploration
Famehub
100%
32,000
Exploration
SELINSING DEEP
FAMEHUB
Mengapur (CASB)
100%
457
Development
Mengapur (SDSB)
100%
1,853
Development
POLYMETALLIC
(Fe, Cu, S,
Au, Ag, Mo)
MENGAPUR
4 C OR PO RAT E OV E RVIE W
MONUMENT MINING LIMITED 2013 AN NUAL REPORT
FINANCIAL PERFORMANCE
During the fiscal year ended June 30, 2013, Monument
Mining sold 57,905 ounces of gold at an average price
of $1,576 per ounce for $91.3 million in gross revenue, of
which $80.3 million related to 2013 production. This is a 48%
increase in gross revenue over fiscal 2012 reflecting higher
volume of gold sold partly offset by a lower average realized
gold price.
Net income attributable to common shareholders for fiscal
2013 was $32.8 million or $0.14 per share (basic) compared
to $59.6 million or $0.33 per share (basic) for fiscal 2012.
0.4
0.3
0.2
0.1
0
The decrease in comparison to 2012 was caused by one-off
-0.1
other losses, including the early retirement of convertible
notes, buyout of the gold inducement options in connection
with the convertible notes, impairment losses and a legal
settlement.
Cash provided from operating activities was $54.8 million
compared to $43.3 million for the previous year. The
difference was mainly due to higher production in 2013 and
the timing of gold sales. The increase of working capital
excluding derivative liabilities, to $62.4 million, was mainly
attributable to cash proceeds generated from operations and
the private placements completed during the year.
REVENUE (US$ M)
100
90
80
70
60
50
40
30
20
10
0
2010
2011
2012
2013
Gross Revenue for Fiscal 2013 increased
by 48% to US$91.3 million, of which
$80.3 million related to 2013 production
EARNINGS/SHARE (US$)
2010
2011
2012
2013
Fiscal 2013 Earnings/Share is $0.14
NET INCOME (US$ M)
80
60
40
20
0
-20
55
50
40
30
20
10
0
-10
2010
2011
2012
2013
Fiscal 2013 Net Income is $32.8 million
OPERATING CASH FLOW (US$ M)
2010
2011
2012
2013
Cash from Operating Activities for Fiscal
2013 increased by 27% to $54.8 million
FINANCIAL PERFORMANCE 5
MON UMEN T MINING LIMITED 2013 ANNUA L REPO RT
OPERATING HIGHLIGHTS
(expressed in US$)
Fiscal 2012 Fiscal 2013
Q1
$
Q2
$
Q3
$
Q4
$
Q1
$
Q2
$
Q3
$
Q4
$
Revenues (000’s)
14,430
21,084
12,394
13,801
20,805
19,640
20,325
30,506
Average realized gold price
(per ounce)
1,724
1,652
1,698
1,624
1,658
1,730
1,626
1,419
Average London spot gold price
(per ounce)
1,702
1,688
1,691
1,609
1,652
1,723
1,632
1,414
Net earnings before other income
attributable to common
shareholders (000’s)
Earnings per share before
other income:
– Basic
– Diluted
Net earnings after other income
and tax Attributable to
common shareholders (000’s)
Earnings Per Share:
– Basic
– Diluted
9,925
14,780
8,431
7,394
13,229
10,268
9,951
14,937
0.06
0.05
0.08
0.07
0.04
0.04
0.04
0.04
0.06
0.06
0.05
0.05
0.04
0.04
0.05
0.05
11,176
26,709
8,116
13,560
10,834
12,457
(5,513)
15,060
0.06
0.05
0.15
0.11
0.04
0.04
0.08
0.07
0.05
0.05
0.06
0.06
(0.02)
(0.02)
0.05
0.05
Selected Financial Information (expressed in thousands of US$)
BALANCE SHEET
Current assets
Other assets
Total assets
Current liabilities
Other liabilities
Non-controlling interests
Equity attributable to shareholders
Total liabilities and shareholders’ equity
June 30,
2013
$ 74,356
168,197
242,553
11,990
10,969
–
219,594
242,553
June 30,
2012
$ 50,180
161,769
211,949
19,053
22,389
June 30,
2011
$ 68,327
56,416
124,743
4,919
38,808
24,186
–
146,321
211,949
81,016
124,743
Working capital excluding derivative liabilities
$ 62,366
$ 31,131
$ 63,407
6 O PE R AT ING H IGH LIGHTS
MONUMENT MINING LIMITED 2013 ANNUAL REPO RT
CAPITAL STRUCTURE &
MARKET PERFORMANCE
During fiscal 2013 three transactions increased the number of
outstanding and fully diluted shares:
• In the first quarter of fiscal 2013 Monument received
CAD$12.5 million from the exercise of 24,122,500 stock
Shares Outstanding
purchase warrants at CAD$0.50 per share.
• In the third quarter of fiscal 2013 the Company closed a
brokered private placement in two tranches and issued
44,500,000 common shares at CAD$0.50 per share for gross
proceeds of CAD$22.3 million, and issued 3,115,000 agent
options.
Warrants
Options
Agent Options
Fully Diluted
• In February 2013 the Company issued 20,000,000 common
Share Price
shares at an issue price of CAD $0.40 per common share and
20,000,000 common share purchase warrants exercisable at
CAD$0.50 per common share to fully convert the CAD$8.0
million convertible notes, thus eliminating debt and de-
52 Week High/Low
Market Capitalization
risking the Company.
CAPITAL STRUCTURE
As of June 30, 2013
275,058,030
25,000,000
21,175,501
3,115,000
324,348,531
$0.31
$0.54/$0.28
$85.3 M
FISCAL 2013 STOCK CLOSING PRICE (CDN)
0.60
0.50
0.40
0.30
0.20
0.10
0.00
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JUL 12
AUG 12
SEP 12
OCT 12
NOV 12
DEC 12
JAN 13
FEB 13
MAR 13
APR 13
MAY 13
JUN 13
TSX CLOSE
FSE CLOSE
FISCAL 2013 TRADING VOLUMES
JUL 12
AUG 12
SEP 12
OCT 12
NOV 12
DEC 12
JAN 13
FEB 13
MAR 13
APR 13
MAY 13
JUN 13
TSX VOLUME
FSE VOLUME
STRUCTURE & PERFORMAN CE 7
MON UMEN T MINING LIMITED 2013 ANNUA L REPO RT
SELINSING AREA OPERATIONS
Property Overview
Monument Mining acquired 100% of its primary Selinsing property located at Bukit Selinsing Koyan, approximately 65 kms north
of Raub and 30 kms west of Kuala Lipis in 2007. Concurrently it acquired the contiguous Buffalo Reef properties to the north.
The Famehub exploration properties, consisting of 32,000 acres in nine project areas, were acquired in 2010 and are located
2 kms to 50 kms northeast of Selinsing. In April 2013 Monument obtained consent from the Federal Land Development Authority
(FELDA) of Malaysia to explore and develop 14 blocks totaling 3,920 acres, located adjacent to the east and south of Selinsing and
owned by settlers.
Geology
Gold mineralization at Selinsing and Buffalo Reef is controlled within a steeply east dipping, 200 m thick shear zone that parallels
the north-south trending Raub-Bentong Suture – a major tectonic feature that runs through Peninsular Malaysia and hosts the
Central Gold Belt of Malaysia. Four resource zones have been
identified to date over a 4.2 km strike length. Mineralization occurs
in a series of auriferous quartz veins and stockworks of quartz
veinlets and as finely disseminated gold within sheared
calcareous epiclastic sedimentary rocks of Permian age.
SELINSING AREA TENEMENTS
MONUMENT TENEMENTS
FELDA LANDS
EXPLORATION & MINING RIGHTS
BUFFALO REEF ORE BODY
The mineralized orebody at Selinsing generally strikes
3500 and dips 60-700 to the east. The high grade ore
shoots within the main mineralization plunge to the
south east and are normally associated with quartz
stockwork and quartz carbonate veins within
highly deformed sedimentary rock.
Gold mineralization at Buffalo Reef is also
structurally controlled and occurs within
moderately to steeply east-dipping veins
and fracture zones, which range in thickness
from 1 m up to 15 m in thickness, although
local flexures in the veins can host
mineralization up to 25 m in thickness.
Resource
In May, 2013 Monument announced an
updated resource estimate in its August 2012
NI 43-101 Technical Report for its Selinsing
and Buffalo Reef properties. Estimated at
August 31, 2012, the proven and probable
reserves are 222.9 kilo-ounces (koz) of gold
from 4,890 kilo-tonnes (kt) of material at
a grade of 1.4 grams of gold per tonne
(g/t). These reserves are within a newly
estimated measured and indicated
resource of 289.4 koz of gold from
6,307 kt of material at a grade of 1.4 g/t.
8 SE LINS IN G ARE A O PE RAT ION S
EXPLORATION ACCESS
POWER LINES
ROAD / TRACK
MEDANG
RIDGE TREND
BUFFALO REEF
NORTH
BLOCK 10
BLOCK 1
TAILINGS
STORAGE
BLOCK 7
BUFFALO
REEF
SOUTH
ADMIN
MC 7/2011
DRY DUMP
AREA
PROCESS
PLANT
SELINSING
MINE
NORTH
BLOCK 11
RUBBER
HILL
BLOCK
5
SELINSING
PIT
BLOCK 9
CENTRE
BLOCK 2
BLOCK 14
BLOCK 12
SOUTH
0
250
500 Metres
N
420000
421000
422000
424000
0
0
0
3
7
4
0
0
0
2
7
4
0
0
0
1
7
4
0
0
0
0
7
4
0
0
0
9
6
4
MONUMENT MINING LIMITED 2013 ANNUAL REPO RT
SELINSING AREA OPERATIONS
The inferred resource at Selinsing and Buffalo Reef is an
additional 48.0 koz of gold from 1,070 kt of material at a grade
of 1.4 g/t. (“Selinsing Gold Mine and Buffalo Reef Project
Expansion”, Mark Odell, P.E., Practical Mining LLC, May 2013).
The updated mineral resource estimate incorporates a new
property-wide geological model which includes a total of 28 new
KEY PERFORMANCE INDICATORS
Since
For Periods Ended June 30, 2013
Fiscal 2013
October 2009
Ore Mined (tonnes)
882,159
2,787,279
Ore Processed (tonnes)
938,498
1,927,297
surface diamond drilling results completed by Monument since
Avg head grade (g/t)
2.07
SELINSING AREA TENEMENTS
processing rate.
the last resource estimate was completed in 2007. Drill hole
assays received as of June 8, 2012 were used in this resource
and reserve update along with the August 31, 2012 mine face
positions as surveyed by Monument staff. The updated reserve
estimate allows the operations to continue until the end of
2017 at the current mining rate and 1,000,000 tonne per annum
Calculated Gold Content (oz)
54,368
Gold Poured (ounces)
Gold Production (ounces)
Gold Sold (ounces)
Revenue (US$ 000s)
Total Cash Cost $/oz
54,434
52,982
57,905
91,277
400*
3.03
161,990
158,379
155,798
149,074
225,929
318*
FISCAL 2013 ACCOMPLISHMENTS
Mining
During fiscal 2013, 882,159 tonnes of ore were mined at the
Selinsing operation. This is a 76% increase compared to
fiscal 2012. The large increase in ore mined is due to increased
equipment availability, drier weather in Q4 fiscal 2013 and
substantial contributions of oxide ore from the Buffalo Reef pit.
600
400
200
0
SELINSING COST OF PRODUCTION
OPS
ROYALTY
PROCESS
MINING
Mining began on the Buffalo Reef South Zone in November
2010
2011
2012
2013
2012 and since then ore has been mined from both the Buffalo
Reef South pit and from the main Selinsing pit.
Selinsing Processing Plant
Mill construction began in October 2008 and Selinsing gold pro-
cessing plant began full, commercial operation in September
2010. In fiscal 2013 the gravity and carbon in leach treatment
The Average Total Cash Cost*
for Fiscal 2013 was $400 per ounce
* 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 develop-
ment cost and property fees, net of by-product credits. Cash cost excludes
amortization, depletion, accretion expenses, capital costs, exploration costs
and corporate administration costs.
SELINSING GOLD PRODUCTION
plant at Selinsing increased its mill
capacity to one million tonnes
per annum (“tpa”) from original
400,000 tps as a result of
completion of the Phase III
expansion in August, 2012. In
addition, the tailings facility has
been upgraded to accommodate
10 years production from the one
million tpa gold treatment plant.
15,000
10,000
5,000
0
Q2 Q3
2010
Q4
Q1 Q2 Q3 Q4
2011
Q1 Q2 Q3 Q4
2012
Q1 Q2 Q3 Q4
2013
SELINSING AREA OPERATIO NS 9
MON UMEN T MINING LIMITED 2013 A NNU AL REPO RT
SELINSING AREA OPERATIONS
For the fiscal year ended June 30, 2013, 938,498 tonnes of ore were processed, a 157% increase due to the increase in mill capacity
as a result of the 2012 plant expansion. The average mill feed grade was 2.07 g/t gold and recovery was 87.0% for a calculated gold
content of 54,368 ounces. 54,439 ounces of gold were poured and 52,982 ounces were produced (Defined as good delivery gold
bullion according to London Bullion Market Association (“LBMA”), net of gold Dore in transit and refinery adjustment).
Phase IV Expansion
The Phase IV plant expansion will be needed to process refractory sulfide materials from deeper in the Selinsing and Buffalo
Reef deposits. Considerable laboratory scale test work has been completed in fiscal 2013 that indicates metallurgical
recoveries of gold in the 90% range from sulfide ores by using a flotation/ bio-oxidation (“Bi-ox”) process. The Phase IV
expansion as recommended in the August 2012 NI 43-101 Technical Report includes adding a flotation circuit and a regrind mill
circuit, bi-ox tanks, and converting some existing CIL leach tanks to neutralization tanks within the existing plant. The full scale pilot
plant is also recommended to be designed to prove scale-up and allow the conversion to a full size bi-ox plant utilizing the pilot
plant equipment. The recommended Phase IV has a capital cost of approximately $45.8 million and provides a net present value
(“NPV”) of $10.7 million and a 21% rate of return. Subsequent to fiscal 2013, work continues with in-house laboratory research and
development to reduce the CAPEX of the Phase IV project.
OXIDE SULFIDE OXIDE + SULFIDE
Category
g/t Au (kOz)
g/t Au (kOz)
kTonnes
kTonnes
kTonnes
g/t Au (kOz)
Reserves (based on a US$1550/oz gold price)
Proven
2,360
0.7
Probable
P+P
496
2,857
1.7
0.9
54.6
26.7
81.3
266
1,768
2,034
Resources including Reserves (based on a US$1700/oz gold price)
Measured
2,361
54.6
0.7
322
Indicated
M+I
Inferred
588
2,949
268
1.6
0.9
1.2
29.5
84.1
10
3,036
3,358
801
Selinsing-Buffalo Reef Reserve/Resource as of August 31, 2012 (Practical Mining, May 23, 2013)
10 S ELIN S ING ARE A OP E RAT IO NS
2.5
2.1
2.2
2.1
1.9
1.9
1.5
21.4
120.2
141.7
21.7
183.6
205.3
38.0
2,626
2,264
4,890
2,682
3,624
6,307
1,070
0.9
2.0
1.4
0.9
1.8
1.4
1.4
76.0
146.9
222.9
76.3
213.0
289.4
48.0
MONUMENT MINING LIMITED 2013 AN NUAL REPORT
SELINSING AREA OPERATIONS
Exploration
During fiscal 2013 a total of 374 holes totalling 36,917 metres
of drilling was completed at the Selinsing area properties:
• 141 holes totalling 18,742 metres at Selinsing
• 217 holes totalling 16,721 metres at Buffalo Reef, and
• 16 holes totalling 1,455 metres at FELDA
Drilling was completed north, south and beneath the Selinsing pit
and on Buffalo Reef resource areas and focused on defining mineral-
ization at depth below the existing pits, within gap zones in between
the known resources that contain little drill hole information, and to
convert inferred materials to indicated and/or measured materials.
Core logging, sample processing and assay analysis are in progress
on these completed drill holes. None of these drill results were
included in the August 31, 2012 NI 43-101 Technical Report.
Many of these drill hole assays will be incorporated into the next
resource update. Exploration and drilling will continue at the
Selinsing area properties in fiscal 2014 after completion of assaying
and interpretation of backlogged drill samples.
FELDA Lands
On April 2, 2013 Monument obtained a consent letter from the
Federal Land Development Authority (FELDA) of Malaysia to
explore 14 blocks totaling 3,920 acres owned by local settlers
(“FELDA lands”). These FELDA lands are generally located east and
south of the existing resources and Monument tenements and will
allow additional exploration, infill drilling and development of the
Buffalo Reef Central, Buffalo Reef South, and Selinsing resources.
The exploration over the FELDA lands allows Monument a chance
to grow the resources at the site utilizing the existing facilities to
sustain the mining and processing operations well into the future.
Exploration drilling began on the FELDA lands during the fourth
quarter of fiscal 2013.
Grassroots/Future Exploration
In addition to potential for extensions of Selinsing and Buffalo Reef
mineralization to the east and south on FELDA lands significant
exploration potential exists further east along Medang Ridge, a
zone parallel to the Selinsing-Buffalo Reef zone. Exploration in the
early 1990s identified 3 surface zones of gold mineralization which
will be explored by Monument at some future date.
On the Famehub properties approximately $40 million of explora-
tion data was acquired with the properties resulting in rapid target
determination. These targets which include Selinsing-like shear
zone targets and intrusive contact targets will also be explored at a
future date.
FAMEHUB
Temau Gajah
14.05 km2
500000 mN
PROPERTY
LOCATIONS
Harimau
6.25 km2
Satak Serau
36.00 km2
Tekai
20.50 km2
Leboh
12.25 km2
Meraga
12.00 km2
Tui Headwater
5.75 km2
Daling
2.50 km2
475000 mN
Rubber Hill
3.75 km2
Selinsing &
Buffalo Reef
Gold Mine
Major Roads
Rail Line
0
5
10 Kilometres
E
m
0
0
0
5
2
4
E
m
0
0
0
0
5
4
Kuala Lipis
520 L
500 L
480 L
460 L
440 L
420 L
400 L
380 L
550 L
500 L
450 L
400 L
350 L
300 L
250 L
TITLE OF DIAGRAM
500 E
600 E
700 E
Buffalo Reef South Section 3380N (above)
and Selinsing 1960N Section (below)
outlining the 0.05 ppm grade shells
600 E
700 E
800 E
900 E
1000 E
SELINSING AREA OPERAT ION S 11
MON UMEN T MINING LIMITED 2013 ANNUA L REPO RT
MENGAPUR POLYMETALLIC PROJECT
Property Overview
Mengapur is located in Pahang State, Central Malaysia, approximately 130 kms southeast of Monument’s wholly owned Selinsing
Gold Mine and 75 kms northwest of the Malaysian port city of Kuantan. It was historically owned by Malaysian Mining Corpora-
tion which defined the historical polymetallic resources in a full bankable feasibility study. The title of Mengapur was subsequently
divided and distributed to different owners. Monument acquired 70% of Mengapur from those owners in fiscal 2012, and acquired
the remaining 30% interest in fiscal 2013.
Geology
Mengapur contains a large polymetallic skarn deposit with significant copper, sulphur, iron, gold and silver mineralization
hosted in pyroxene and garnet skarn surrounding the Bukit Botak intrusive complex. Oxide and supergene zones overly the main
sulfide zone.
7500
7000
6500
6000
5500
A
C ZONE
BUKIT
BOTAK A ZONE
B ZONE
A’
N
0
500 m
64
65
GARNET + PYROXENE SKARN
ADAMELITE INTRUSIVE ROCK
CARBONACEOUS LIMESTONE
SHALE AND SLATE
FAULT
A
A’
CROSS-SECTION A-A’
A ZONE
RESOURCE/RESERVE ZONE
65
STRIKE AND DIP OF BEDDING
41500
42000
42500
43000
43500
12 MEN GAPUR POLYME TA LLIC P R O J EC T
MONUMENT MINING LIMITED 2013 ANNUAL REPO RT
MENGAPUR POLYMETALLIC PROJECT
Historical Resource
Project Development Plan
The deposit was first discovered with anomalous stream sediment
samples in 1979. A historic resource estimate based on 58,000
metres of diamond drilling was published as a “Definitive Feasi-
bility Study” (the “Historical Study”) in October 1990 by Normet
Engineering Pty Ltd with James Askew Associates completing the
ore reserve and resource estimates, both of Perth, Western
Australia. This Historical Study is not NI 43-101 compliant and
should not be solely depended on. It is relevant as it provides
an indication of the mineral potential of the project. The Histori-
cal Study outlined 224.409 million tonnes averaging 6.54% sulfur,
0.25% copper, 0.16 g/t gold, and 8.86 g/t silver. This historical
estimate is summarized in the “NI 43-101 Technical Report,
Mengapur Project (Amended) (January 2012)” prepared by
Snowden Mining Industry Consultants.
Monument
is undertaking a phased development plan to
advance the Mengapur project, following the same successful
approach it used to bring its Selinsing gold mine into low-cost
production. The Mengapur mine is envisioned to be developed
as a large multi-commodity open pit mine. R&D programs under
-way will explore the development of a number of marketable
potential commodity products subsequent to the targeted
recovery of magnetite and copper concentrate, and develop and
prove a viable flow sheet circuit for recovery of these products.
Opportunities exist to produce down-stream, value added,
Malaysian made products from a roaster operation, including
copper metal, calcine material for the cement and plaster
industries, electrical power generation for project power supply and
sulfuric acid for sale or as an input component to produce fertilizer.
GEOLOGY CROSS-SECTION A-A’ SHOWING THE SP6 DESIGN PIT
A NORTHWEST
SOUTHEAST A’
0.10% COPPER
GRADE SHELL
C ZONE
BUKIT
BOTAK
SOIL
400
200
A ZONE
0.10% COPPER
GRADE SHELL
SOIL
S
E
R
T
E
M
N
I
I
N
O
T
A
V
E
L
E
0
LIMESTONE
-200
S
H
A
L
E
S
K
A
R
N
INTRUSIVE
LIMESTONE
SKARN
200
600
1,000
1,400
DISTANCE IN METRES
MENGAPUR POLYMETALLIC PROJECT 13
MON UMEN T MINING LIMITED 2013 ANNUA L REPO RT
MENGAPUR POLYMETALLIC PROJECT
Fiscal 2013 Accomplishments
In fiscal 2013, the Mengapur Project work included camp development, setup of an SGS on site laboratory, initial refurbishment
of the existing 1,000 tpd copper flotation plant and exploration work to define resource in a NI43-101 Preliminary Economic
Assessment Technical Report.
Construction of additional housing accommodations, including seven separate houses, was initiated in late March by a local
contractor and is expected to be completed in early 2014. The camp will house 104 people when completed. Additional power
generating sets have been acquired and are being installed at the project to help support the ongoing project work. Diesel storage
at the site is being upgraded as is the septic system.
An on-site assay laboratory was built to help support the ongoing exploration work. An agreement between the Company and SGS
Malaysia, an accredited lab that meets the requirements of MS ISO/IEC 17025, was finalized in January 2013. Under the agreement,
SGS will manage and operate the on-site assay lab that will have capacity to process 2,000 samples per month. The assay lab is
being constructed in 3 stages. The first stage, sample preparation (crushing and grinding) was completed in June 2013. The second
stage will include fire assay, Leco sulfur, and AAS analysis. The third stage will include full use of the ICP equipment.
Refurbishment of the existing Mengapur processing plant to process 1,000 tonnes of sulfide ore per day started in March 2013 and
was intended to produce a copper concentrate and a magnetite product to generate quick cash flow. The refurbishment is pending
further metallurgical test work being conducted in the fiscal 2014 R&D program. This R&D program is initially focused on the
production of market grade magnetite from fresh rock that underlies the free digging soils to generate cash flow. It will also pursue
metallurgical testing for other potential downstream commodity products and source data to help optimize the process flowsheet
and validate the designs for the future processing facilities.
Exploration and NI 43 101 Confirmation Drilling
During fiscal 2013 Monument drilled 33,458 metres in 147 holes at the Mengapur project. Most of the “Priority 1” drill holes were
designed at a 60 to 80m drill hole spacing necessary for possible inclusion in the upcoming NI 43-101 report, and were completed
by April 2013. The completed drill holes tested most of the sulfide mineralized zone included in the historical resource and the
overlying oxide and transitional (enrichment) zones. Two condemnation drill holes totaling 356 metres were also completed in the
area of the proposed Phase 2 plant.
The Mengapur drilling program was completed to support an updated NI 43-101 Preliminary Economic Assessment
compliant resource report, targeted for completion in early 2014. The drilling was also carried out to assist with the design of
the sulfide mining plan and for collection of representative samples for metallurgical testing that will be utilized to assess the
requirements of the proposed processing facilities.
14 MEN GAPUR POLYME TA LLIC P R O J EC T
MONUMENT MINING LIMITED 2013 ANNUAL REPO RT
CORPORATE & SOCIAL RESPONSIBILITY
Monument Mining is committed to the highest standards of environmental management, social responsibility, and health and safety
for its employees and neighboring communities.
People
As of June 30, 2013, the Company employed 336 people at its Malaysian operations, an increase of 31% over last year. Of those,
329 are Malaysian. Most are hired locally and live in the surrounding communities with their families.
Health & Safety
The Company places a strong emphasis on safety procedures and training. The objective is a perfect health and safety workplace
for Monument people. During the year there were no fatal injuries with only minor work related accidents. The mine enforces a
comprehensive safety program and continues to improve procedures for accident prevention.
Environment
While pursuing the company’s growth, Monument develops and operates all of its projects in an environmentally responsible and
sustainable manner, ensuring a safe and healthy environment. It strives to disrupt as little of the area it works in as possible.
It applies the best environmental practice and ensures the highest commitment to environmental protection in managing natural
resource utilization to sustain the resource base and prevent degradation of the environment. It adheres to established
environmental monitoring and control procedures in compliance with the Environmental Impact Assessment (EIA) plan approved by
the Malaysian Government Department on the Environment (DOE) and the Mining Scheme adopted by the Department of Minerals
and Geosciences (JMG). During the year ambient air and noise sampling was conducted as per schedule including environmental
sampling for water quality in local streams and all results were satisfactory.
Community Support Programs
Monument strives to support and work with the local communities in which it operates. It participates in community events
organized by various NGOs such as volunteer organizations, mosque council, Red Crescent and the native community.
CORPORATE & SOCIAL RESPONSIBILITY 15
MON UMEN T MINING LIMITED 2013 A NNU AL REPO RT
CORPORATE & SOCIAL RESPONSIBILITY
During fiscal 2013, the company advanced the newly acquired Mengapur project as a sustainable mining project which
substantially benefited economic development within the Eastern Coridor Economic Region (ECER) where the project is located.
As of June 30, 2013 Monument had invested approximately USD 100 million in acquisition costs and for exploration, research
and development expenditures. The benefits of the new project can be seen through direct and indirect employment of more
than 150 people involved in project exploration and construction of new staff accomodation, lab and core cutting facilities.
Employment is expected to increase substantially to over 1,000 people during the major plant construction phases and full
operation of the proposed mine. The construction and operating expenditures, as well as various taxes and royalties paid by the
company will provide major economic stimulus both locally and nationally.
Monument established a new business and community office at the local Maran Town that will spearhead the community
development programs that are planned to be implemented in the near future. It will allow the communities to provide and receive
feedback for the Mengapur project developments. Working closely with the local and Pahang state governments, and other part-
ners, the planned sustainable projects and community programs will help to improve education, health and local living conditions.
At Selinsing, the mine operation continues to provide an economic catalyst, through extensive use of local suppliers, which enables
the local communities to build better lives. It continues to collaborate with local health clinics and youth organizations to conduct
free medical screening and promote healthy living
Monument funds local schools for additional academic and co-curriculum activities. The Company is becoming more involved
in promoting skills development in Malaysia with the goal of increasing local employment at its operations. Monument provides
funding through internship programs with various intitutions of higher learning in the country, thus preparing a skilled workforce
for the future. In addition, promising local students are given scholarships to pursue coursework and degrees related to the mining
industry and are encouraged to pursue a career with Monument’s operations in the future.
Read in conjunction with Monument Mining’s 2013 audited Financial Statements and Management Discussion & Analysis, available
at www.sedar.ca and www.monumentmining.com. All dollar amounts in US$ except where noted.
16 COR P ORATE & SOC IA L R E SP ON SI BILIT Y
CORPORATE INFORMATION
OFFICERS & MANAGEMENT
DIRECTORS
CORPORATE HEADQUARTERS
Robert Baldock
Sion, Switzerland
Cathy Zhai
Vancouver, British Columbia
George Brazier
Vancouver, British Columbia
Suite 910, 688 West Hastings Street
Vancouver, BC, V6B 1P1 Canada
Telephone 604.638.1661
Fax
info@monumentmining.com
604.638.1663
www.monumentmining.com
INVESTOR RELATIONS
Graham Dickson
Vancouver, British Columbia
Vancouver
Robert Baldock,
CA (M), FCPA, FIMC
President & CEO
Cathy Zhai, B.Sc., CGA
CFO & Corporate Secretary
Vice President,
Corporate Finance
Zaidi Harun, B.Sc.
Vice President,
Business Development
Kevin J. Wright, ACSM
Project Manager,
Mengapur Project
Chee Yau Tan, MCSM, M.Sc., MBA
General Manager,
Selinsing Gold Mine
Todd W. Johnson
M.Sc Geo, M.Sc Geo Eng, P.E.
Vice President, Exploration
Zaidi Harun
Kuala Lipis, Malaysia
Jean-Edgar de Trentinian
Geneva, Switzerland
Gerald Ruth
Toronto, Ontario
Frank Wright
Vancouver, British Columbia
STOCK LISTING
AUDITORS
TSX Venture Exchange
Symbol: MMY
Frankfurt Stock Exchange
Symbol: D7Q1
REGISTRAR AND
TRANSFER AGENT
Computershare Trust Company
of Canada
Vancouver, British Columbia
Grant Thornton LLP
Vancouver, British Columbia
BANKERS
Bank of Montreal
Vancouver, British Columbia
LEGAL COUNSEL
DuMoulin Black LLP
Vancouver, British Columbia
Richard Cushing B.A. (Econ.), CSC
Investor Relations
Suite 910, 688 West Hastings Street
Vancouver, BC, V6B 1P1 Canada
Telephone 604.638.1661
Fax
info@monumentmining.com
604.638.1663
Toronto
Nickolas Kohlmann M. Sc. Geology
Senior Manager, Investor Relations
Suite 500, 90 Adelaide Street West
Toronto, ON, M5H 3V9 Canada
Telephone 647.478.3594
nkohlmann@monumentmining.com
Europe
Wolfgang Seybold
Chairman, Axino, AG
Königstraße 26,
70173 Stuttgart, Germany
Telephone +49.711.25 35 92.40
Fax
+49.711.25 35 92.55
wolfgang.seybold@axino.de
www.axino.de