mon is destroying tty value., page-24

Excerpt from article................


He told shareholders at Monarch's general meeting yesterday that gold production for the March quarter was disappointing and less than forecast.

"The production target for May 2008 is 7200 ounces, which is marginally above break-even point and therefore the company should become cash neutral during the month.

"Development has been three to four months behind schedule.

"The board's prime focus is to ensure production initially reaches a break-even level and then ultimately reaches production targets to ensure a reasonable margin and return."

He said the target for the company's Davyhurst and Mt Magnet gold projects in Western Australia, at full production, was 250,000 ounces a year.

http://www.news.com.au:80/heraldsun/story/0,21985,23636250-664,00.html