The Speculator column by David Haselhurst in today's Bulletin...

The Speculator column by David Haselhurst in today's Bulletin magazine nominates Monarch Gold Mining (MON) as its buy of the week.

It's a pretty strong rave, with special emphasis on how extraordinarily cheap the shares are considering the value of the company's reserves.

Haselhurst claims that MON is presently selling at a 4x multiple 2007-8 projected earnings of 8.5c p share.

Production & profits are scheduled to quadruple from 2009.

MON is the largest tenement-holder in WA's eastern goldfields, with a 2.6 million ounce resource base, even before its numerous untested exploration targets have been looked at.

Its newly acquired processing plant at Daveyhurst has its first pour in July.

150,000 oz is the plant's expected annual throughput - expected head grade of 5.3gpt.

"With 235 million issued shares, that's a net of $8.77 per share - yet the shares are trading at around 31c."

With its several projects online, Monarch's chairman (Michael Kiernan of CSM fame) states:

"By 2009 we'll have a company producing 500,000 oz of gold a year netting $100m a year."