Mr. Robert Baldock reports

MONUMENT REPORTS FIRST QUARTER FISCAL 2016 RESULTS; GOLD PRODUCTION OF 5,063 OUNCES WITH CASH COST OF $468/OZ

Monument Mining Ltd. today released its first quarter financial results for the three months ended Sept. 30, 2015. All amounts are in thousands of U.S. dollars unless otherwise indicated (refer to SEDAR for full financial results).

President and chief executive officer Robert Baldock commented on the first quarter fiscal 2016 financial results: "Monument continues to maintain its low cash cost gold production at the Selinsing gold mine. Cash flow from Selinsing production has been invested in the acquisition, exploration and development of the expanding project portfolio. The business strategy continues to be the strategic acquisition of mineral resources to take advantage of undervalued mineral properties to development a diversified project portfolio with a clear focus on gold. Despite the decline in commodity prices, Monument believes that acquiring high-quality undervalued resources and developing cash flow from multiple production sites and jurisdictions is the key for the company's growth and success."

First quarter highlights:

• Gold production of 5,063 ounces (fiscal Q1 2015: 9,745 ounces);
• Cash cost per ounce decreased by 33 per cent to $468 (U.S.) per ounce (fiscal Q1 2015: $699 (U.S.) per ounce);
• Gross revenue from gold sales of $8.33-million on 10,000 ounces sold (fiscal Q1 2015: $8.18-million on 6,300 ounces sold);
• Profit margin generated from gold production of $2.33-million (fiscal Q1 2015: $2.1-million);
• Ore mined increased by 42 per cent to 110,000 tonnes (fiscal Q1 2015: 70,000 tonnes);
• Ore processed decreased by 8 per cent to 230,000 tonnes (fiscal Q1 2015: 250,000 tonnes);
• Commenced heap leaching production initiatives and engineering work at Burnakura;
• Completed construction and commenced commissioning the Intec pilot plant at Selinsing;
• Continued exploration programs in Malaysia and Western Australia focused on increasing gold inventory;
• Settled gold forward sale contract.

           FIRST QUARTER PRODUCTION AND FINANCIAL HIGHLIGHTS 
  
                                              Three months ended Sept. 30,     
                                                            2015     2014
Production   
Ore mined (tonnes)                                       105,327   74,384
Ore processed (tonnes)                                   232,118  253,514
Gold production (1) (ounces)                               5,063    9,745
Gold sold (ounces)                                        10,000    6,300   
Financial                                                  $'000    $'000
Revenue                                                    8,329    8,179
Net income before other items                              1,569    1,201
Net and comprehensive income                                 116    1,525
Cash flow (used)/from operations                            (734)   1,387
Working capital including restricted cash                 39,307   39,778   
EPS before other items -- basic                            $0.00    $0.01
EPS -- basic                                               $0.00    $0.01   
Other                                                    $/ounce  $/ounce
Average realized gold price per ounce sold (2)             1,147    1,298
Cash cost per ounce (3)   
Mining                                                        90      267
Processing                                                   346      368
Royalties                                                     31       63
Operations, net of silver recovery                             1        1
Total cash cost per ounce                                    468      699

(1) Defined as good delivery gold bullion according to London Bullion
Market Association, net of gold dore in transit and refinery adjustment.
(2) Monument realized U.S. dollar per ounce for the three months ended
Sept. 30, 2015, excludes gold forward sales.                            
(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 byproduct credits.
Cash cost excludes amortization, depletion, accretion expenses, capital
costs, exploration costs and corporate administration costs.

Production results

Gold production, net of gold dore in transit and refinery adjustment, was 5,063 ounces (defined as good delivery gold bullion according to the London Bullion Market Association), a 48-per-cent reduction compared to 9,745 ounces in the corresponding period last year due to the continued processing of super low-grade material blended with low-grade ore reclaimed from the old tailing ponds. This trend is expected to continue until the commencement of mining oxide ore at FELDA (Federal Land Development Authority) land. Plant throughput from the Selinsing gold processing plant decreased by 8 per cent to 232,118 tonnes for the quarter (fiscal Q1 2015: 253,514 tonnes) due to power supply interruptions and the clay consistency of the ore with periods of heavy rain that caused a slowdown in the crushing circuit. Average ore head grade decreased by 42 per cent to 0.96 gram per tonne (fiscal Q1 2015: 1.65 g/t) compared with the corresponding quarter last year. Gold recovery rate decreased by 51 per cent for the quarter to 5,532 ounces (fiscal Q1 2015: 11,324 ounces) and process recovery rate decreased 9 per cent to 77 per cent (fiscal Q1 2015: 84.4 per cent) compared with the corresponding period last year.

Financial results and discussion

Gold sales of 10,000 ounces generated $8.33-million for the quarter, compared with 6,300 ounces that generated $8.18-million in the corresponding period last year. During the quarter, mining operations at Selinsing generated a profit margin of $2.33-million (fiscal Q1 2015: $2.1-million). Included in the profit margin is a net loss in the amount of $230,000, the result from a gold forward sale settlement. Gold sold for the quarter before gold forward sales was 5,000 ounces (fiscal Q1 2015: 6,300 ounces) for profit margin of $2.56-million (fiscal Q1 2015: $2.1-million) at a realized average gold price of $1,147 per ounce (fiscal Q1 2015: $1,298 per ounce). The average London Fix PM gold price for the quarter was $1,124 per ounce (fiscal Q1 2015: $1,282 per ounce).

Total production cost of $6-million in the first quarter was in line with $6.08-million from the corresponding period last year. The cash cost per ounce of gold sold for the quarter decreased by 33 per cent to $468 per ounce, compared with $699 per ounce was mainly attributed to reclassification of super low material to ore from waste, which in turn reduced cost per tonne mined, partially offset by increase in processing cost due to lower average mill feed grade and recovery rate. The production team at the Selinsing mine has continued improvements to boost productivity and the bottom line during the quarter through reduction of mill down time and process efficiency.

Net income for the quarter was $120,000 or nil per share (basic), a decrease from the corresponding period last year of $1.53-million or one cent per share (basic). The decrease in earnings quarter over quarter is mainly due to loss from other items of $1.5-million. Cash used from operating activities for the quarter was $730,000, compared with cash provided $1.39-million for the corresponding period last year. Working capital as at Sept. 30, 2015, was $39.31-million (Sept. 30, 2014: $37.19-million).

Development

Intec technology and commercialization test work

Following completion of the Intec laboratory test work in fiscal 2015 at the Selinsing gold mine, which successfully demonstrated the technical ability of Intec to recover gold from the sulphide material on a bench scale, the pilot trial testing program was initiated in the first quarter of fiscal 2016 with the completion of the pilot plant construction and commencement of commissioning. Subsequent to the first quarter, commissioning of the pilot plant continued and was completed in preparation for the operations test work. The aim of test work through the pilot plant is to operate the proposed Intec process unit on a continuous basis, demonstrating the liberation of gold for subsequent extraction and recovery through cyanidation and generate key data for the design of subsequent project stages.

The pilot plant test work is anticipated to be complete in the second quarter of fiscal 2016 and result in a continuous flow process, to further demonstrate scale-up capability. Orway Metallurgical Consultants Pty. Ltd. of Perth, Western Australia, was engaged as a qualified person to oversee and observe the pilot plant operation and conduct a critical review on technical and financial operating and capital expenditure results. The economic analysis of the Intec process will be complete by December, 2015, and will be included into an updated National Instrument 43-101 report targeted for end of the third quarter of 2016.

Burnakura gold project

The Burnakura gold project continues to progress aggressively, following confirmation drilling success over Alliance/New Alliance (ANA) deposits, open-pit mine optimization and metallurgical test work for heap leach processing from fiscal 2015. During the first quarter of fiscal 2016, progress included crushing plant engineering design, tailing storage facilities study and environmental studies. The project is advancing in parallel with exploration to demonstrate the economics of early production.

Como Engineers, a Perth-based engineering company, was engaged to assess and assist with the first phase of heap leach production development including capital and operating cost estimates, and construction and commissioning a heap leach plant and a heap leach pad. The company's engineers have being working with Como and are targeting commissioning and startup of the heap leach facilities at the Burnakura site before the end June, 2016.

During the quarter, several milestones were met toward completing the front end engineering design (FEED) scope of work. The work progress includes: the current mining schedule and metallurgical/data review for ANA and Federal City (FC) deposits, modelling for the crusher specifications, the final crushing circuit configuration, finalize heap leach pad and absorption tank locations, equipment refurbishment pricing, and pad fill material identified.

In the second quarter of fiscal 2016, the FEED final report will be completed, and work will commence on the detailed engineering design (DED), refurbishment of the heap leach plant and procurement of long lead items. In addition, project development will continue in the areas of infrastructure, communications, administration, governmental approvals and technical support.

Exploration

Malaysia

In Malaysia, 2016 exploration programs include resource definition drilling at Buffalo Reef Central (BRC) and FELDA lands, and further exploration drilling at the area between Buffalo Reef North and Central (Buffalo Reef Gap) and the Bukit Ribu prospect, located west of Buffalo Reef. The exploration programs are designed to focus on replacement of gold inventory to sustain and extend mine life. The geological and economic studies will be carried in parallel and an updated NI 43-101 technical report is anticipated to complete in the third quarter of fiscal 2016.

During the quarter, a total of 18 diamond drill holes were drilled for 2,302 metres, consisting of 17 exploration holes for 2,147 metres at Buffalo Reef Central and one exploration hole for 155 metres at FELDA block 7 areas. A total of 2,437 of PQ-core samples were submitted to SGS Mengapur for chemical assays. Regional exploration also collected 724 trenching and channel samples in the quarter from the Bukit Ribu ridge-cut prospect and the Buffalo Reef Gap areas.

Western Australia

At the Murchison gold project, 2016 exploration programs are planned at East of ANA and South Banderol, comprising 15,500 metres of reverse circulation drilling, 30,000 metres of air core drilling and 700 metres of diamond drilling. These programs are designed to validate the historical resource, study geological continuity of the mineralization at the Burnakura area and increase gold inventory to extend life of mine, supporting sustainable early stage of production at Burnakura.

In the first quarter, the company selected drilling contractors through a tender process, conducted drill hole rehabilitation work and prepared drill pads to commence drilling. Subsequent to the quarter, diamond drilling commenced at NOA. In addition, sterilization drilling was carried out at the NOA waste dump area to characterize materials for use as a potential base to the proposed heap leach pad.

During the quarter, historical data and new drilling data for Gabanintha and Burnakura was transitioned to an in-house database and standard operating procedures and workflow were developed for database management. The company is compiling Tuckanarra historical data to be uploaded and validated in the database.

We seek Safe Harbor.