new funding arrangements, page-4

From ASX release on MON website 7/7/08 re: Mt Magnet

"All targets are based on open pit models. Monarch plan to recommence operations mid 2009 to produce 100,000oz per year with a projected cash cost below AUD$600.
"
With all due respect, this is looking very similar to the way Davyhurst was operated - ie crank the mill and let's go.

Simple back of the envelope calculations, for 100koz @ 3.2g/t means milling about 1mt of ore + moving ?t of waste. To have everything in place ready to go in 11 months may be a big ask. It goes without saying that mining a good pit or two first will set the ball rolling.

Best of luck to MK, the MON staff & shareholders - will be interesting to see how it pans out. Let's hope the lessons learned from Davyhurst will be applied to Mt Magnet :)

Lastly, a quote from a lecturer, quoting old prospectors -
"Gold is where it is"