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MEDIA RELEASE 15 January 2008
RIVERINA READY TO ROLL – PROJECT UPDATE
Monarch Gold Mining Company (ASX / DIFX:MON) is pleased to announce further positive
drilling results at its high grade Riverina deposit. With approvals received this month, the project
is nearing production.
Monarch Managing Director Matthew Gill said recent drilling has confirmed the high grade
resource at Riverina, and highlighted the potential for extensions outside of the current pit plan.
“Riverina is really shaping up, and these further positive drilling results auger well for the
Company as it moves to ramp up ac tivity at the project and capitalise on the strong gold prices,”
Mr Gill said.
Riverina currently has an indicated and inferred resource of 1.64 million tonnes @ 3.8g/t Au
for 200,000 ounces. Monarch has committed $11 million this financial year for its exploration
programme to increase resources and extend mine life across its Goldfields tenements.
Promising intersections from drilling within the optimised pit area at Riverina include:
· RMRC067; 4m @ 7.09g/t Au from 36m.
· RMRC068; 8m @ 5.68g/t Au from 24m.
Highlights outside the pit area at Riverina include:
· RMRC051; 6m @ 3.75g/t Au from 36m and 5m @ 65.8g/t Au from 72m (original 4m
composite sample assayed at 63.1g/t), east of the main Riverina Pit, and immediately
south of the Reggies South optimised pit.
· RMRC018; 7m @ 5.0g/t Au from 15m.
· RMRC079; 11m @ 5.32g/t Au from 75m.
These last two intersections are north of the current Riverina pit area and will potentially help
add strike length to the main Riverina Pit.
Mr Gill said Monarch had brought forward planned mining at Riverina, and was due to
commence mining within the first quarter of 2008. The Company has a revised mining plan in
place which will deliver a steady but substantial ramp up in production over the next 12 months.
“Monarch is unhedged and in production, with the largest Australian-controlled landholding in
the Kalgoorlie region,” Mr Gill said.
“We are steadily increasing production at Davyhurst, and as we do, our per-unit costs will
reduce which is further good news for shareholders,” Mr Kiernan said.
Monarch now has the necessary mining and environmental approvals in place to commence
operations at Riverina, with its Mining Proposal approved by the Department of Industry and
Resources this week.
For further information, please contact:
Michael Kiernan Warrick Hazeldine
Chairman - Monarch Gold Purple Communications
Tel: 08 9481 6422