MEDIA RELEASE                                                                          

6 NOVEMBER 2007

MONARCH HITS MORE HIGH GRADE GOLD

Monarch Gold Mining Company (ASX/DIFX: MON), the largest independent landholder in the Kalgoorlie region, has continued its exploration success at the Davyhurst Gold Project with outstanding drill results.

Best results for the RC drilling program at Davyhurst’s Iguana Gold Deposit include 6 metres at 48.51 g/t Au from 33 metres.

Monarch has a targeted RC drilling programme underway across its landholdings as part of an aggressive $11 million exploration program, and at the same time is ramping up production at the Davyhurst Mill.

Monarch Executive Chairman Michael Kiernan said fuelled by promising drilling results, Monarch was working toward expanding the company’s resource base and creating long term value for Monarch shareholders.

“Our exploration is focussing on areas where we have identified targets to expand our resource base, and this approach continues to be vindicated by the promising results,” he said.

“The latest results bolster our earlier drilling success across the Davyhurst tenements, and keep us firmly on track toward our goal of becoming a 500,000 ounce per annum gold producer by 2009,” Mr Kiernan said.

Exploration targets include the recently acquired Riverina Gold Project (contiguous to the Davyhurst project) which has already revealed positive results (detailed below).

Monarch last month announced it was fast tracking the development of its high grade Kalgoorlie gold projects, ramping up production at its Davyhurst mill by more than 50% over the next four months.

With new ore coming on stream over coming months, Monarch is aiming to move production to 10,000oz per month by January 2008.

Iguana Gold Deposit

Following a geological review and re-interpretation of the deposit, a RC drilling programme was developed at Iguana to further define and upgrade the resource model as part of the Davyhurst development programme.

Current resources total 2.7 million tonnes at 2.1 g/t Au for 181,500 ounces.

Outstanding high grade results were achieved including in hole IGRC004, 6 metres at 48.51 g/t Au from 33 metres and in hole IGRC003, 2 metres at 10.24 g/t Au from 42 metres and 3 metres at 19.86 g/t Au from 52 metres

These results along with the balance of the programme completed are currently being reviewed along with the current model to provide an upgraded resource. 

Riverina Gold Deposit

An extensive RC drilling programme is underway, involving 11,000 metres in two stages. The programme is designed to confirm and extend the current resources which total 1.6 million tonnes at 3.8 g/t Au for 198,000 ounces. Mineralisation extends over at least 1.2 km in strike and more than 600m laterally in at least 6 sub-parallel lode systems, which have been poorly explored in the past.

The optimised pit has primarily been outlined between the Riverina South and Central shafts, covering a strike extent of 350 metres. The planned drilling covers a further 600 metres strike extent of historically worked mineralisation, with the lodes remaining open to the north.

Drilling will delineate mineralisation over a 950 metres strike length to an average vertical depth of 100 metres. The majority of this work will be completed by December 2007.

Early results, including in hole RMRC001, 4 metres at 11.6g/t Au have been reported, located some 600 metres north of the preliminary optimised pit. Further results over the 600 metres of strike are due in the near future.

Mt Banjo – Macedon Prospects

The Mt Banjo and Macedon prospects are located on the Round Dam trend just 1km south of the Walhalla open pit. RC drilling was completed to follow-up earlier reconnaissance results and has reported the following very encouraging results over 700 m of strike. Results are currently being reviewed prior to further drilling.

Intersections >1.0g/t Au, > 2.0m, 2.0m maximum internal waste.

For further information, please contact:

John Davis                                                                   Warrick Hazeldine

Technical Director - Monarch Gold                              Purple Communications

Tel: 08 9481 6422                                                         Tel: +61 (0)8 9485 1254           

Mob: 0417 944 616      

Background

The Company has a resource base of more than 2.3 million ounces, two state-of-the-art gold treatment plants, and has dominant ground positions in the prolific gold mining region to the north-west of Kalgoorlie.

Monarch now has the largest Australian-controlled ground position in the Kalgoorlie region.

Monarch remains firmly on track with its production targets, with mining commenced at the Davyhurst and Mt Ida projects. Refurbishment of the Davyhurst Mill is complete, with supporting infrastructure already in place. Monarch’s production at Davyhurst has an average head grade of 5.3g/t Au.

Growth Strategy

Monarch’s growth strategy is focused on four potential production centres in Western Australia:

Davyhurst - gold resources of over 1.5m oz within a 2,000 sq km tenement package and 1.2mtpa gold processing facility (+1.2Moz historic production)

Riverina Project - indicated and inferred gold resources totalling 1.64 million tonnes @ 3.8 g/t Au for 200,000oz.

Mt Ida - resources are stated as 143,000t at 24.0 g/t containing 110,650oz of gold within four areas - the Baldock, Whinnen, Meteor and Timoni deposits. Monarch commenced mining gold in July 2007.

Minjar - gold resources of over 400,000oz within a 1,722 sq km tenement package and 600,000tpa gold processing facility (+120,000oz historic production)

Bellevue - gold resources of 120,000oz associated with the historic Bellevue Gold Mine, one of WA’s premier gold operations (750,000oz historic production)

Monarch’s strategy has been to capture opportunities for the consolidation of gold development assets which have not in the past realised their full potential, either due to a lack of capital or to limited exploration.

Monarch is focussed on gold production, with a target to be producing 500,000oz per annum by December 2009.

For further information visit: www.monarchgold.com.au

So far as it relates to ore and mineralisation, this report is based on information compiled by John Davis, who is a Member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientist. Mr Davis has sufficient experience which is relevant to the style of the mineralisation and type of deposit under consideration and to the activity which he is undertaking, to quality as a Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting for Exploration Results, Minerals Resources and Ore Reserves. Mr Davis is a full time employee of the Company. This report accurately reflects the information complied by Mr Davis. Mr Davis has consented to the inclusion of this information in the form and context in which is appears in this report.

Monarch Gold Mining Company

Projects

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