monarch moving forward with mount magnet, page-4

The Mt Magnet asset package comprises of a resource inventory of 2.7M ounces of gold, tenements covering
approximately 1,100 square kilometres, along with a 2.7mtpa capacity plant.
It is intended to put the Hill 50 mine on care-and-maintenance for up to two years, while the focus is on
exploration activities.
“We have budgeted for a full year exploration program of $10 million,” he said. “Drilling is due to commence in
May on the most prospective advanced projects including the Galaxy ‘Big Pit’ concept.” The higher gold prices
will have a significant impact on resource modelling.

""""Monarch also intends to investigate the economic iron ore potential in the Mount Magnet area. A high level
review including detailed magnetics and ground knowledge indicates potential for significant tonnages of iron
formation. Further work is required to determine the economic potential.""""

“The Monarch Board is confident 2008 will be a strong year for an unhedged gold and bank debt free producer
with exposure to the robust gold price.”