monarch rescue , page-34

Mt Ida

The Mt Ida Gold Project is located approximately 200km north-west of Kalgoorlie.



Monarch has acquired 100% of the total tenement package covering approximately 500 sq km.



The project comprises a resource base of 110,000 ounces at an average grade of 19.0 g/t Au with all associated infrastructure including camp, offices, refurbished shaft and mining equipment.



The project occupies the northern extension of the Mt Ida Structural Zone which is the regional host structure to several significant gold discoveries including the Kundana (7Moz), Davyhurst and Riverina projects to the south. The Mt Ida project shear zone represents an attractive exploration target over the entire 25 km of identified strike extent. The zone within the project area is marked by numerous historical workings and mines.



Gold was first discovered in this area in the mid 1980s and the Mt Ida region has produced in excess of 265,000 ounces of gold at an average grade of 16.3 g/t Au.



Current Operations


The major focus of exploration conducted within the Mt Ida project area surrounds the immediate vicinity of the Timoni mine. The exploration and development focus is currently on the Baldock, Meteor and Whinnen shoots.



Meteor is undergoing final reserve definition drilling to establish the final layout for mine planning. The Meteor shoot will be developed in 2009 to provide ongoing ore supply from the mine. Development will be from the Baldock access levels and an independent access shaft will be established as part of the project. Mine planning for the recovery of the extensive mine stocks and pillars in the old Timoni workings is underway.



Mining at Mt Ida is by underground mining methods consisting of small scale rail mounted hand held development and bar and arm style longhole stoping. Access to the working is via the refurbished Timoni shaft.


Monarch expects Mt Ida to reach steady state production of 4,000 ounces per month at an average grade of 18 g/t Au. Cash costs to July 2009 are expected to be AUD$440/per oz.