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Swan Gold Mining Limited

Publié le 03 octobre 2007

CAPITALISING ON GOLD GROWTH

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MEDIA RELEASE   

 

3 October 2007

 

MONARCH CAPITALISING ON GOLD GROWTH

 

Monarch Gold Mining Company (ASX / DIFX: MON) is fast tracking the development of its high grade Kalgoorlie gold projects and ramping up production at its Davyhurst mill over the next four months.

 

The Company is currently budgeted to produce approximately 6,500 ounces per month at Davyhurst, and with new ore coming on stream is set to move to 10,000oz per month by January 2008.

 

Monarch Chairman Michael Kiernan said as production increased, the Company was also improving production efficiency, driving down unit costs and capitalising on an improving gold market.

 

“With the increasing gold price Monarch is fast tracking development at its high grade Mount Ida project. We are opening another four faces and ore is expected to flow from these early in the New Year, increasing production by a target of some 20%,” Mr Kiernan said.

 

The Mount Ida project has a resource of 143,000t at 24.0 g/t containing 110,650oz of gold.

 

“Monarch’s cash costs are currently USD$490 per oz and are expected to reduce by 10 to 15% over the next 12 months as production efficiency is maximised.”

 

To drive longer term production, Monarch has also commenced a substantial exploration program at its recently acquired Riverina project, which currently has indicated and inferred gold resources of 1.64 million tonnes at 3.8 g/t Au for 200,000oz.

 

“Monarch has committed $2.5 million for exploration at Riverina until June 2008 as we believe the area is highly prospective,” Mr Kiernan said.

 

“This is part of our strategic exploration and expansion program which is focussed on meeting our production targets and advancing Monarch towards becoming a 500,000 ounce per annum producer by end of 2009.”

 

The Riverina Gold Project is contiguous to Monarch’s Davyhurst project and 40km from the mill. It covers 135km2 of granted mining leases, prospecting licenses and exploration licenses.

 

To capitalise on these opportunities, Monarch also announced it has raised $11.7 million through a share placement of 45,000,000 fully paid shares at a price of 26 cents each, to institutional and sophisticated investors.

 

Mr Kiernan said the Company was in a strong position to capitalise on improvements in the gold market, and to deliver value for shareholders in the coming year.

 

“We are in production, own two state-of-the-art processing plants and are backed by the largest Australian controlled land position in the Kalgoorlie region and the company remains debt free and unhedged,” Mr Kiernan said.

 

 

For further information, please contact:

 

Michael Kiernan                                                          Warrick Hazeldine

Chairman - Monarch Gold                                           Purple Communications

Tel: +61 (0)8 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

 

 

 

 

 

***

The new Spam Act commenced on 10 April 2004. This Act is aimed at reducing the amount of unauthorised emails you receive.  You have been receiving e-mails containing information and news releases from us on behalf of our clients because you are an important contact of Purple Communications, a boutique stakeholder communications consultancy.   If you do not wish to receive such emails from Purple, please click mailto: purple@purplecom.com.au subject=UNSUBSCRIBE or reply to this email and put UNSUBSCRIBE in the subject line and we will not email you again.

 If you do not reply, we will continue sending you relevant news and information via email. However, all future emails will allow you to unsubscribe.

 

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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