monarch new presentation, page-2

Hi Hain

They don't own Mt Magnet- Massive capital raising to come.

Target production "was" 500,000 ounces by Dec 09. Now 250,000.

Target production "was" 10,000 ounces per month from November 2007 (See ann 7th Aug).. Actual - approx 2,500 ounces per month and it's now 6 months later. 1/4 of their stated target production.

TTY were never going to be involved in MONs. The list goes on and on...

It's all talk Hain, all talk...