monarch highly underestimates, page-3

Monarch has a projected production target of 60,000 ozs for the first half of full year 2008/09 with a longer term target of 125,000 ozs per annum at Davyhurst. As production increases, costs will also come down and the company expects estimated cash costs to fall below $700 per oz by December 2008.

The company expects the Davyhurst operations will be cash positive by April/May and with a gold price above $1000 per oz and Monarch's unhedged position the company believes this represents a compelling value proposition for shareholders. Monarch has no bank debt and a number of supportive major shareholders.


and you throw your shares away!!