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MEDIA
RELEASE 17
May 2007
MONARCH GEARS BOARD FOR PRODUCTION
Monarch Gold Mining (ASX:
MON) has announced changes to its Board, as the company makes the significant transition
from explorer to producer with mining commencing this month.
As part of the Board
evolution, non-executive directors, David Macoboy and John McKee, will step
down in coming months. Two new Directors, Ian Huitson as Operations Director and Keith Vuleta as Finance Director, will be
added to the Board bringing mining and finance experience.
Monarch Chairman, Michael Kiernan, said the resigning directors had
played a key role in getting Monarch to the cusp of production.
“Having worked
together with David for many years to help build Consolidated Minerals and now
Monarch, I will miss his input and counsel at Board level and I would also like
to thank John for his important contribution to the company,” Mr Kiernan
said.
Mr Macoboy will step down
on July 1, and Mr McKee at Monarch’s August Board meeting.
“Both Directors have
decided to step down having helped steer Monarch to a point of imminent production,
and we now welcome two new members to the Board who bring the experience and
capacity to help drive Monarch towards its production goal of 500,000 ounces
per annum,” Mr Kiernan said.
“Ian, currently
Monarch’s Chief Operating Officer, played an integral role in the development
of Consolidated Minerals, and has key strategic and operational experience in growing
mining organisations,” Mr Kiernan said.
“Monarch’s
Chief Financial Officer Keith Vuleta has been appointed to the position of Finance
Director. Keith has provided administration, finance and accountancy advice and
it is appropriate he be appointed as a Director,” Mr Kiernan said.
“We are at an
exciting point in our development, and we have the team in place to steer
Monarch to be a significant gold producer,” Mr Kiernan said.
Photos
available on request.
For further
information, please contact:
Michael Kiernan Warrick
Hazeldine
Executive Chairman
- Monarch Gold Purple Communications
Tel: 08 9481 6422 Tel:
+61 (0)8 9485 1254 Mob:
0417 944 616
Background
Monarch Gold Mining
Company was formed and listed on the ASX in 2002 by a group of experienced
Australian mining executives.
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.
Since November 2005,
Monarch has laid the foundations for its growth as a mid-tier Australian gold
production company. It acquired the Davyhurst Gold Project in November 2005,
and in 2006 reached agreement with Gindalbie Metals to acquire the Minjar gold
projects 500km north-east of Perth. Monarch also completed a merger with Siberia
Mining Corporation Limited in 2006, which provided access to Siberia 1.2
million ounce resource base, and the largest Australian-controlled ground
position in the Kalgoorlie
region. Monarch also has the ground package surrounding the historic Bellevue
Gold Mine near Leinster. In March 2007,
Monarch acquired the rich Mt Ida project, located within the 120 kilometres of
Monarch’s Davyhurst Mill, from International Goldfields Limited.
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)
Mt Ida - resources are stated as
143,000t at 24.0 g/t containing 110,650 ounces of gold within three areas - the
Baldock, Whinnen and Meteor deposits, adjacent to the historic Timoni
underground gold mine which produced 265,000oz of gold. 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’
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.
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