MEDIA
RELEASE
23
OCTOBER 2007
MONARCH TARGETS RE-RATING THROUGH TSX LISTING
Monarch Gold Mining Company (ASX / Dubai Exchange:
MON) is proposing to list on Canada’s
Toronto Stock Exchange (TSX) in the first quarter of CY2008 to increase the
international exposure and analyst coverage of the company.
The move would continue the expansion of Monarch,
which earlier in the year also listed on the Dubai Exchange (DIFX).
Monarch is the largest Australian-owned landowner in
the mineral rich area of Western
Australia’s Kalgoorlie Goldfields, and
commenced gold production at its Davyhurst mill in August.
Monarch Chairman Michael Kiernan said listing on the
TSX would provide increased investment exposure for the company, and see it
join the growing trend of Australian companies listed on the exchange.
“The TSX is the world’s largest natural
resource market, with more than half of the world’s public mining
companies listed on the exchange boasting an aggregated market capitalisation
of US$220 billion,” Mr Kiernan said.
“This dual listing for Monarch on the TSX would
significantly increase our scope and exposure to the large Northern American
market, and deliver long term value for shareholders,” Mr Kiernan said.
Mr Kiernan said there had been an increasing number
of Australian companies opting to dual list on the TSX because of the increased
appetite and recognition for exploration excellence.
“There is a particularly strong interest in gold
companies being dual listed on the TSX and Monarch’s advisors believe the
potential re-rating for a company focused on growth through exploration success
and management with a track record is significant,” he said.
Monarch has made substantial progress in the past
quarter towards its goal of becoming a 500,000 ounce per annum gold producer by
2009.
In August, Monarch poured its first gold at
Davyhurst, extended its Kalgoorlie
land base with the acquisition of the Riverina Gold Project, and announced an
$11 million exploration program across its Goldfields projects. Monarch also recently
appointed experience mining and resources manager Matthew Gill to the position
of Managing Director.
The company is fast-tracking production of its high
grade Kalgoorlie
gold projects, announcing that it was ramping up production at its Davyhurst
mill.
Mr
Kiernan said the Company was in a strong position to capitalise on the bullish
views on the gold market, and to deliver value to shareholders in the coming
year.
Monarch
is being advised by Prime Corporate Finance on the TSX listing.
For
further information, please contact:
Michael
Kiernan Warrick
Hazeldine
Chairman
- 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.
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
commenced 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
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