monarch very good news, page-15

Media Monitoring
16 April 2008
Mining News Premium
http://www.miningnewspremium.net/StoryView.asp?StoryID=195016
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Monarch says Mount Ida on track
Wednesday, 16 April 2008
Colin Jacoby
MONARCH Gold Mining says production ramp up at its Mount Ida underground gold
mining project north of Kalgoorlie is almost complete, with the project on track to
deliver 4000 ounces in April.
Monarch chairman Michael Kiernan said planned production at Mount Ida was expected to reach a
steady rate of 4000oz per month by July, at an average grade of 19.42 grams per tonne.
“[Mount Ida] will be a key contributor to Monarch’s 60,000 ounce target by the first half of FY
2008/09,” he added.
Monarch is developing 12 headings on ore which will allow for the expansion of stoping operations
and increase in mine output in coming months.
Stoping is expected to begin this month as the company has received approval from the
Department of Consumer and Employment Protection for its Mount Ida project management plan,
which was required prior to the start of stoping.
The company also said refurbishment of the Timoni shaft to access and develop Level 8 was also
well advanced, with Monarch purchasing two new underground locos for the development.
The mining camp has been expanded to meet the growing workforce, while mining operations have
begun on a fly-in/fly-out basis with charter flights directly to site.
The Mount Ida project includes 111,000oz of resources within four areas – the Baldock, Whinnen,
Meteor and Timoni deposits.
Monarch has recently undertaken an initial small drilling program to the south of the Baldock lode,
down plunge, which has confirmed the continuation of the high-grade mineralised system for at
least a further 100 metres.
Intercepts include 3.67m at 14.9gpt gold and 1.07m at 14.8gpt gold.
The company also believes there is potential for further significant discoveries within the Timoni
mining centre, which contains at least four sub parallel lode systems, including the historical Timoni
mine.
The mine has produced 265,000oz at 16.3gpt gold and past drilling within the mining centre is quite
limited.
Last week, Monarch announced that it had offloaded its Minjar project in Western Australia for $A11
million as the company seeks to fund its work at the Mount Magnet project.