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Swan Gold Mining Limited

Publié le 07 juillet 2008

Advances with $30m Go Forward Funding

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ASX/ MEDIA RELEASE                                                                               07 JULY 2008

 

 

MONARCH ADVANCES WITH $30M GO FORWARD FUNDING

 

Monarch Gold Mining Company (ASX /DIFX:MON) is pleased to announce a clear go forward funding package has been put in place to underpin the operations of the Mount Ida and Mount Magnet gold projects.

 

As part of the funding package, the Board of Monarch will undertake a $25 million capital raising at 25 cents per share with a one-for-one attaching free 25 cent option. As part of the $25 million raising, the founding Chairman and major shareholder Michael Kiernan?s family will provide an interest free $15 million loan which subject to shareholder approval will be converted to equity on the same terms of the capital raising.  The balance of the capital raising of $10 million will be underwritten, at no cost, by the Kiernan family.

 

In addition, Monarch expects to raise $5 million from the sale of the Minjar gold asset.

 

Monarch Managing Director Michael Kiernan thanked all shareholders for their ongoing commitment to the Company.

 

?Recent times have proved to be difficult for Monarch, and on behalf of the Board, I?d like to express our thanks and gratitude for the people who have supported our company. Securing a significant funding package is a serious achievement for shareholders and we look forward to operating our two gold projects ? Mt Ida and Mt Magnet ? in the robust gold market of the future,? Mr Kiernan said.

 

?Following an equity placement, Harmony Gold Mining Company ? from which Monarch acquired the Mt Magnet Gold Project - will retain a 23 % interest in Monarch. It is testament to the quality of Monarch?s management, gold assets and strength of the gold market that a company the size of Harmony will retain a large shareholding in Monarch.?

 

Mt Ida Gold Project

Going forward, Monarch expects Mt Ida to produce 50,000 oz per year, at an average grade of 16g/t, with projected cash costs below AUD$500.  

 

Over the next 12 months, it is proposed to sink another shaft (at an approximate cost of $5 million) to increase the annual production to a projected 75,000 ounces per year. Monarch plans to treat the Mt Ida ore at a third party?s plant.

 

Mt Magnet Gold Project

Since taking over the Project, Monarch has identified 30 prime targets, optimised 23 and prioritised seven for a closer geological analysis. All targets are based on open pit models.

 

Monarch plan to recommence operations mid 2009 to produce 100,000oz per year with a projected cash cost below AUD$600..

 

A break down of the revised transaction terms as agreed with Harmony are set out below:

 

Cash deposit (paid)                                                                   $5 million

Settlement payment (following shareholder approval)                  $10 million

Deferred payment (three years)                                                  $10 million

Monarch equity (100 m shares at 25 cents)                                 $25 million

3 year 5% convertible note (convertible at 25 cents)                    $15 million

 

                                                                                                $65 million

 

 

 

 

A shareholder?s meeting is proposed to be held at the end of August to ratify the share issue and capital raising. In addition, shareholders will be asked to approve the acquisition of the Mount Magnet Project, the issue of shares to Harmony and the Kiernan family.

 

Monarch?s securities will remain suspended until after the meeting of shareholders.

 

 

 

For further information, please contact:

 

Michael Kiernan                                                                                               Warrick Hazeldine

Managing Director - Monarch Gold                                           Purple Communications

Tel: +61 8 9324 7002                                                                 Tel: +61 (0)8 9485 1254

Mob: 0417 944 616       

 

 

 

 

 

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.

 

 

 ***

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 


 

 


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Swan Gold Mining Limited

PRODUCTEUR
CODE : SWA.AX
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Swan Gold Mining est une société de production minière d'or basée en Australie.

Swan Gold Mining détient divers projets d'exploration en Australie.

Ses principaux projets en production sont LA CAMORRA MILL au Venezuela et MINJAR et MOUNT MAGNET en Australie et ses principaux projets en exploration sont BELLEVUE PROJECT, LONDONDERRY, YERILLA et REPUBLICAN en Australie.

Swan Gold Mining est cotée en Australie. Sa capitalisation boursière aujourd'hui est 27,1 millions AU$ (25,1 millions US$, 16,3 millions €).

La valeur de son action a atteint son plus bas niveau récent le 05 novembre 2009 à 0,29 AU$, et son plus haut niveau récent le 04 juillet 2014 à 2,95 AU$.

Swan Gold Mining possède 91 850 000 actions en circulation.

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Rapports annuels de Swan Gold Mining Limited
2007 Annual Report
2005 Annual Report
2003 Annual Report
Nominations de Swan Gold Mining Limited
14/08/2007APPOINTS MATTHEW GILL AS MANAGING DIRECTOR
Projets de Swan Gold Mining Limited
05/06/2008(Mount Magnet)(ASX:MON) Advancing at Mount Magnet
15/04/2008(Mount Ida)High Grade Expansion at Mount Ida
19/03/2008(Mount Magnet)MOVING FORWARD WITH MOUNT MAGNET
06/11/2007HITS MORE HIGH GRADE GOLD
04/09/2007INTERSECTS HIGH GRADE GOLD
07/08/2007(Davyhurst)POURS FIRST GOLD
17/04/2007(Davyhurst)$6 Million Exploration Program
Communiqués de Presse de Swan Gold Mining Limited
03/07/2009Creditors Accept Stirling Proposal
07/07/2008Advances with $30m Go Forward Funding
08/04/2008Sells Minjar Gold Project
04/02/2008finalizes Mt Magnet purchase agreement
15/01/2008RIVERINA READY TO ROLL - PROJECT UPDATE
16/11/2007ANNUAL GENERAL MEETING
08/11/2007 ACQUIRES HILL 50 GOLD
23/10/2007TARGETS RE-RATING THROUGH TSX LISTING
03/10/2007CAPITALISING ON GOLD GROWTH
07/08/2007LAUNCHES SIGNIFICANT EXPLORATION PROGRAM
06/08/2007CONTINUES EXPANSION
06/08/2007commits funds to Kalgoorlie community housing project
05/08/2007UPDATE: commits funds to Kalgoorlie community housing proje...
08/06/2007EXTENDS RICH MT IDA ACQUISITION
17/05/2007Gears Board for Production
14/05/2007Explores Listing on Dubai Exchang
11/05/2007Placement and entitlements Issue
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AUSTRALIA (SWA.AX)
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