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Swan Gold Mining Limited

Publié le 08 avril 2008

Sells Minjar Gold Project

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MEDIA RELEASE                                                                 08 April 2008                                                             

 

MONARCH SELLS MINJAR GOLD PROJECT

 

 

Monarch Gold Mining Company (ASX /DIFX:MON) is pleased to advise it has agreed to terms for the sale of its Minjar project, located 500km north of Perth and south-west of Mount Magnet.

 

The successful bidder for the project was Aard Metals and Energy Limited, with the agreement involving a cash and equity arrangement worth $11 million.

 

In December 2007, Monarch engaged Prime Corporate Finance to market the Minjar Gold Project. Final bids for the sale were submitted by 14 March 2008, with the finalisation of the sale agreement to be completed by 11 April 2008.

 

Monarch Chairman Michael Kiernan said the Minjar assets were no longer a core part of the Company’s strategic direction, with Monarch focussing its efforts in the region on its recently acquired Mount Magnet.

 

The Minjar package includes gold resources of more than 400,000oz within a 1,722 sq km tenement package and a 600,000tpa gold processing facility.

 

Mr Kiernan said there had been a high level of interest in the Minjar asset, with 31 parties expressing interest in the project.

 

Aard Metals is an unlisted exploration public company scheduled to list on the ASX in mid 2008. It will take possession of the Minjar assets in June 2008.

 

The offer includes:

·         $1m cash upon signing as a non-refundable deposit,

·         $4m cash by 30 June 2008,

·         $2.5m cash by 31 December 2008 and

·         $3.5m of equity by 31 December 2008.

 

Aard has the option to nominate another approved entity to make the acquisition. The management team behind Aard have many years mining, exploration and project development experience, including at Kambalda, Norseman, Kalgoorlie, Southern Cross and successful project acquisitions, like Central Norseman Gold Corporation from Croesus Mining NL. Aard has developed a strategy to rapidly consolidate smaller gold mining operations which are now becoming viable. Minjar represents the cornerstone for Aard's vision.

 

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: +61 (0)417 944 616                                                       

 

Background

 

The Company has a resource base of more than 4.6 million ounces, two state-of-the-art gold treatment plants (Davyhurst and Mt Magnet), 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 and an expanded footprint in the Mount Magnet region.

 

Monarch remains firmly on track with its production targets, with mining commenced at the Davyhurst and Mt Ida projects.

 

Growth Strategy

Monarch’s growth strategy is focused on four potential production centres in Western Australia:

Davyhurst - gold resources of over 1.5 million ounces within a 2,000 sq km tenement package and 1.2mtpa gold processing facility (+1.2Moz historic production). First bullion was poured in August 2007.

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 commenced mining gold in July 2007.

Bellevue - gold resources of 120,000oz associated with the historic Bellevue Gold Mine, one of WA’s premier gold operations (750,000oz historic production)

Mt Magnet – gold resource of 2.7 million ounces, a ground package of 330 tenements covering approximately 1,100 square kilometres and a 2.7mtpa capacity gold processing facility (+10 million ounces of current resources and past 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.

 

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

 

 

***

 

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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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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