REVISED MEDIA
RELEASE
Sunday 5
August 2007
Please
note the amended details below regarding Monarch Gold’s contribution to commAccom
Monarch Gold commits funds to Kalgoorlie community housing project
Monarch Gold Mining Company (ASX/DIFX:MON), an
independent Western Australian gold producer, has contributed $250 000, plus an
ongoing $100 000 per annum each financial year to a new community housing
project in Kalgoorlie.
Mr John Bowler MLA, Member for Murchison Eyre, commemorated
the contribution at a ceremony today to mark the naming and dedication of
Monarch Gold House, and officially open the commAccom housing.
“Monarch Gold’s generous support
demonstrates good corporate social responsibility at its best and provides a
positive example for others within the mining industry,” Mr Bowler said.
The commAccom project was developed in response to
the need for low cost accommodation to house people carrying out community work
in the Goldfields.
Monarch Gold Chairman Michael Kiernan said it is
important for the mining industry to support the communities in which they
operate.
“Kalgoorlie is
the mining backbone of Western
Australia and while the boom is creating great
opportunities, it is also putting stress on the infrastructure and
accommodation,” he said.
“I see it as the mining industry’s
responsibility to give back to the community in a tangible way and ensure we
have a positive impact where possible.”
The commAccom project provides housing at a nominal
rental, covering only minor maintenance items.
The project is managed by local charity group, LMS
Ministries, headed up by Graham Thomson.
According to Mr Thomson, the largest single barrier
to attracting community workers to the Goldfields is the cost of housing.
“We have developed a number of unused and
derelict properties throughout Kalgoorlie-Boulder in order to provide
accommodation for chaplains, mentors and people involved in similar community
services, and to meet emergency needs of underprivileged families,” Mr
Thomson explained.
“Monarch Gold’s contribution will go a
long way to help provide a sustainable long term solution to accommodation for
our community workers,” he said.
The commAccom project aims to have 15 properties
within the city, fully restored and serviced, and housing the team of
chaplains, mentors, councellors and community workers required to meet the
needs of the Goldfields region.
- ENDS -
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
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.
The company has laid the foundations for its growth as
a mid-tier Australian gold production company. Key assets include the Davyhurst
Gold project, the Minjar Gold project, the ground package surrounding the
historic 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
project and mining of the first ore at Monarch’s Mt Ida project expected
in late July. Refurbishment of the Davyhurst Mill is on schedule, with
supporting infrastructure already in place.
Monarch has commenced production at Davyhurst with a
head grade of 5.3g/t Au and the first gold to be poured in late July.
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
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