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MEDIA
RELEASE
14 AUGUST
2007
MONARCH APPOINTS MATTHEW GILL AS MANAGING DIRECTOR
Monarch
Gold Mining Company (ASX / DIFX: MON) is pleased to announce the appointment of
Matthew Gill, former manager at Beaconsfield Gold Mine in Tasmania, as Managing Director.
Current
Monarch Managing Director Allan Quadrio will move to Territory Resources
Limited (ASX: TTY), as Managing Director. Allan will remain on Monarch’s
Board as a non-executive Director.
The key
appointment will take effect within the next three months and continues a
momentous month for Monarch, which in the past week has poured its first gold
at Davyhurst, acquired the new Riverina Gold Project, and announced an $11
million exploration program across its Goldfields projects.
Monarch
Chairman Michael Kiernan said the appointment of Mr Gill was another major step
forward for the company.
“He
has more than 25 years of experience in mining operations, direct involvement
in the management of gold mining projects in Australia and overseas, backed by
hands-on expertise in both underground and open cut operations,” he said.
“To
move Monarch from explorer to producer on time and on budget has been an
outstanding achievement by Allan and the team, and I would like to thank him
for his commitment on behalf of all shareholders. I’m certain Allan will
stay actively involved in Monarch’s development towards a 500,000 ounce
per annum producer by 2009,” he said.
Mr Gill
will bring to Monarch a first class mining background. In his most recent role
as resident manager at Beaconsfield,
he was instrumental in building the operation from feasibility stage through to
production.
He also played a pivot role in leading the team throug
He also
has first hand experience in the WA Goldfields as mining manager at Kambalda
Nickel Mines with Western Mining Corporation, and international mine management
experience with Renison Goldfields and Placer Pacific in Papua New Guinea.
Mr
Kiernan said the growing momentum within the gold industry was evident at the
recent Diggers and Dealers Conference.
“There
was considerable interest in Monarch Gold as the latest entry to the ranks of
gold producer, backed by the largest Australian controlled land position in the
Kalgoorlie
region,” he said.
The
positive outlook on demand and price was reiterated at Diggers and Dealers last
week by Pierre Lassonde, Vice President Newmont Mining Corporation. Mr Lassonde
tipped gold prices to reach US$750 per ounce before the end of the year, and to
eclipse the US$1000 per ounce mark in the near future, fuelled by growing
demand for the precious metal from China.
HIGH RESOLUTION PHOTO OF MATTHEW GILL AVAILABLE ON PURPLE
COMMUNICATIONS WEBSITE: http://www.purplecom.com.au/gallery.asp
For
further information, please contact:
Michael
Kiernan Warrick
Hazeldine
Chairman
- 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 2.4 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.
Bellevue Gold Mine near Leinster, together with the Siberia Mining
Corporation Limited merger, which provided access to Siberia
1.2 million ounce resource base.
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 2m 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
will commence 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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