TTY 0.00% 49.5¢ territory resources limited

MON announcement out - The Company advises that due to continued...

  1. 2,432 Posts.
    lightbulb Created with Sketch. 30
    MON announcement out -

    The Company advises that due to continued underperformance of the Davyhurst open pit operations
    that effective immediately this operation has been suspended.
    Over the immediate future the Company will review whether to undertake definitional drilling to review
    and verify geological data received from the various project acquisitions or dispose of the project.
    All creditors will be paid in full in the normal course of business.
    The Company further advises that the Mt Ida high grade underground operation will continue and
    operate on a toll treatment of ore basis.
    Mt Ida is drawing close to full development and the production forecast for the first half financial year
    2008/09 is projected to produce 19,900 ounces at an average cash cost of AUD$543 per ounce.
    Second half 2008/09 the forecast is for 25,000 ounces at an average cash cost of AUD$431 giving a full
    12 months forecast of 44,900 ounces at an average cost of AUD$480 per ounce.
    It is proposed to substantially increase exploration over the next 12 months at Mt Ida with a target to
    double resources thereby allowing for increased production and extended mine life.
    With regards to the Mt Magnet Gold Project acquisition the Company still wishes to proceed with the
    purchase however have commenced discussions with Harmony Gold (Australia) Pty Ltd to endeavour to
    defer settlement for a period of time.
    The Company proposes to maintain the trading halt until these negotiations are concluded at which time
    the Company will outline its strategy for going forward.
    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
    For further
 
watchlist Created with Sketch. Add TTY (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.