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Swan Gold Mining Limited

Publié le 07 août 2007

LAUNCHES SIGNIFICANT EXPLORATION PROGRAM

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MEDIA RELEASE

 

7 AUGUST 2007

MONARCH LAUNCHES SIGNIFICANT EXPLORATION PROGRAM

 

 

Monarch Gold Mining Company (ASX/DIXF: MON) has almost doubled its exploration programme on its Goldfields tenements, committing more than $11 million for drilling programmes during the 2008 financial year.

 

The major exploration program follows extremely promising results from drilling over the past three months, and will focus on the company’s Davyhurst, Mt Ida, Bellevue and Minjar projects, along with a new exploration work at the recently acquired Riverina Project.

 

Monarch Executive Chairman Michael Kiernan said the drilling would expand the company’s resource base and create long term value for Monarch shareholders.

 

“We have reached the milestone of the first gold pour at Davyhurst delivering on our commitment to shareholders. Longer term, it’s imperative to continue to deliver increased value through exploration success and maximise Monarch’s dominant landholding in the Goldfields region,” Mr Kiernan said.

 

“We have in place a well funded exploration program on regions where there are identified targets to extend our resource base.”

 

Key targets will include:

 

• Regional drilling at Davyhurst with 44,000m of RC and 60,000m of RAB drilling

 

• Exploration at Riverina, with 15,000m of RC drilling to upgrade the current resource base

 

• The high grade shoots within the Timoni mining area, at Mt Ida, to upgrade and expand these resources providing continuity of production to the Davyhurst mill

 

Mr Kiernan said the Company had been highly encouraged by results from the 2007 drilling program, which had identified potential targets for more detailed testing. He added Monarch had also recently acquired a number of new projects, and had structured exploration programmes to capitalise on previous testing at these tenements.

 

Monarch provides the following update to shareholders on its exploration program:

 

Davyhurst

 

Drilling has focussed on the Round Dam trend (4km from the Davyhurst mill). Results have been excellent, showing extensions to gold resources at Federal Flag (9m @ 3.47 g/t Au, 11m @ 2.28 g/t Au, 15m @ 2.21 g/t Au) and Walhalla ( 26m @ 1.31 g/t Au, 5m @ 10.51 g/t Au, 3m @ 8.12 g/t Au), which may result in enhancing pit designs and gold production.

 

The potential for new resource discoveries at the Walhalla North prospect, (6m @ 19.21 g/t Au, 5m @ 6.11 g/t Au) and Macedon to Mt Banjo prospects (6m @ 2.85 g/t Au, 3m @ 27.86 g/t Au, 10m @ 1.89 g/t Au) has been confirmed by recent drilling.

 

At the Sand King prospect infill drilling was completed to confirm the resource model and support the optimised pit. Testing has confirmed the mineralisation and provided better than average grades. Better results include 8m @ 4.88 g/t Au, 2m @ 7.39 g/t Au and 2m @ 8.38 g/t Au.

 

The Davyhurst exploration budget consists of a commitment to an extensive drilling programme targeting a combination of resource definition and regional drilling with a programme of 44,000m of RC drilling and 60,000m of RAB drilling.

 

Riverina Project

Recently acquired by Monarch from Riverina Resources Pty Ltd, Riverina covers some 135 km2. It contains Indicated and Inferred gold resources totalling 1.64 million tonnes @ 3.8 g/t Au for 200,000 oz. Monarch will conduct an extensive exploration drilling programme of some 15,000 m of RC drilling to upgrade the current resource base, extend the open pit resources and target new discoveries within the project area.

 

Mt Ida Project

 

Monarch recently acquired the 500 sq km tenement package including the historic Timoni Gold Mine, which produced over 265,000 oz of gold.

Underground development is currently in progress from the Timoni shaft to intersect the high grade Baldock shoot. Exploration will focus on the high grade Baldock, Meteor and Whinnen shoots within the Timoni mining area, with drilling planned to upgrade and expand these resources to provide continuity of production to the Davyhurst mill. Regional exploration is currently managed by JV partner, La Mancha Resources Australia Pty Ltd.

 

Minjar

 

The Minjar project holds significant potential for base metal discoveries, including nickel and volcanogenic massive sulphide. Monarch’s aim is to re-commission the Minjar gold processing facility at an initial production rate of approximately 50,000 oz per annum.

 

A recent review over the entire project area has outlined a number of priority targets which will form the basis of ongoing gold exploration, in parallel with drill targeting numerous highly prospective prospects. Monarch’s objective is to confirm a minimum three year gold reserve inventory.

 

Monarch has also commenced a review of the base metal potential in the area with the aim of providing base metal targets, to form part of the exploration programme. A number of magnet signatures similar to Golden Grove (Gossan Hill) have been interpreted.

 

For further information, please contact:

 

John Davis                                                       Warrick Hazeldine

Exploration Director - 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 mid August. Refurbishment of the Davyhurst Mill is on schedule, with supporting infrastructure already in place.

 

Monarch is on the cusp of production at Davyhurst with the mill started-up in July, head grade of 5.3g/t Au and the first gold to be poured in early August.

 

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 four areas - the Baldock, Whinnen, Meteor and Timoni deposits. Monarch will commence mining gold in August 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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