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Swan Gold Mining Limited

Publié le 16 novembre 2007

ANNUAL GENERAL MEETING

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MONARCH GOLD MINING COMPANY LIMITED

 

CHAIRMAN’S ADDRESS

 

ANNUAL GENERAL MEETING

16 NOVEMBER 2007

 

 

 

Ladies and gentlemen, Monarch continues to make progress towards our long term target of becoming a 500,000 ounce gold producer.

 

Our Davyhurst mine commenced production during July 2007 and we celebrated our first gold pour in August.  This was only some six months after the formal go-ahead was made to refurbish the Davyhurst mill.

 

Our start up pit, Walhalla, has proved to be a disappointment but we have now overcome most of the initial teething problems, which should enable our target of 10,000 ounces per month to be achieved by the first quarter of 2008.  What I can say is that the Walhalla pit has now stabilised and will not be cash negative for its conclusion.

 

To look back briefly over the last year, we have:

 

Ø           successfully integrated the Siberia Mining Corporation assets that were acquired back in March 2006;

 

Ø           acquired the Minjar project from Gindalbie Metals;

 

Ø           made solid progress in our exploration efforts and re-optimisation of resources, ahead of re-commencement of mining operations at Davyhurst;

 

Ø           made the decision to re-commence production at Davyhurst, including plant refurbishment and then the commencement of mining in June 2007;

 

Ø           recruited an experienced senior management and operations work force, in what is well documented as difficult times to attract good quality people;

 

Ø           acquired the Mt Ida underground mine and the Riverina deposit, both of which are making an early contribution to our production base for Davyhurst;

 

Ø           listed Monarch’s shares on the Dubai Stock Exchange, a move which I am confident will provide international exposure and institutional support for Monarch in the future.

 

More recently, we have announced the purchase of the Mount Magnet operations from Harmony Gold Mining Company for $65 million.  The Mount Magnet package comprises a resource inventory of 2.7 million ounces, tenements covering 1,100 square kilometres, a 2.7 million tonne per annum capacity plant and the historic Hill 50, Great Fingall, St George, Star and Big Bell mines.

 

 

 

Our plans are to place the Hill 50 mine on care and maintenance for up to two years, while we focus on comprehensive drilling programmes to extend the existing resource base and to review and re-optimise the existing resources.  We expect to be back in production at Hill 50 within 18-24 months, at an initial production target of 150,000 ounces per annum.

 

This acquisition will also give Monarch the momentum to dual list on the Toronto Stock Exchange, where well-run gold producers receive much more attention globally and where valuations are much higher than on the ASX.

 

The TSX listing will include a capital raising to fund the cash component for the purchase of the Mount Magnet operations.  Ahead of the listing, we are proposing to consolidate Monarch’s capital and a shareholders meeting has been convened for mid-December to consider these proposals.

 

I would like to also make comment that we as a Board are disappointed with the current share price performance of Monarch’s shares, particularly when you consider that when Davyhurst and Hill 50 are in full production, our potential earnings at current gold prices are in the order of $75-$80 million per annum.

 

In summary, we have had a very active year but this is only the beginning.  I am confident that 2008 will prove to be a watershed year for Monarch, as we establish ourselves as a significant gold production group.

 

I thank you for your continuing support.

 

 

Michael Kiernan

Chairman

Monarch Gold Mining Company Limited

 

 

 

 

 

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    

 

Swan Gold Mining Limited

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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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