monarch hits more high grade gold

I prophesied nevertheless a while ago !!!!!!!!!!!!!!!!!!!!


MEDIA RELEASE 6 NOVEMBER 2007
MONARCH HITS MORE HIGH GRADE GOLD

Monarch Gold Mining Company (ASX/DIFX: MON), the largest independent landholder in the Kalgoorlie region, has continued its exploration success at the Davyhurst Gold Project with outstanding drill results.
Best results for the RC drilling program at Davyhurst’s Iguana Gold Deposit include 6 metres at 48.51 g/t Au from 33 metres.
Monarch has a targeted RC drilling programme underway across its landholdings as part of an aggressive $11 million exploration program, and at the same time is ramping up production at the Davyhurst Mill.
Monarch Executive Chairman Michael Kiernan said fuelled by promising drilling results, Monarch was working toward expanding the company’s resource base and creating long term value for Monarch shareholders.
“Our exploration is focussing on areas where we have identified targets to expand our resource base, and this approach continues to be vindicated by the promising results,” he said.
“The latest results bolster our earlier drilling success across the Davyhurst tenements, and keep us firmly on track toward our goal of becoming a 500,000 ounce per annum gold producer by 2009,” Mr Kiernan said.
Exploration targets include the recently acquired Riverina Gold Project (contiguous to the Davyhurst project) which has already revealed positive results (detailed below).
Monarch last month announced it was fast tracking the development of its high grade Kalgoorlie gold projects, ramping up production at its Davyhurst mill by more than 50% over the next four months.
With new ore coming on stream over coming months, Monarch is aiming to move production to 10,000oz per month by January 2008.
Iguana Gold Deposit
Following a geological review and re-interpretation of the deposit, a RC drilling programme was developed at Iguana to further define and upgrade the resource model as part of the Davyhurst development programme.
Current resources total 2.7 million tonnes at 2.1 g/t Au for 181,500 ounces.
Outstanding high grade results were achieved including in hole IGRC004, 6 metres at 48.51 g/t Au from 33 metres and in hole IGRC003, 2 metres at 10.24 g/t Au from 42 metres and 3 metres at 19.86 g/t Au from 52 metres
These results along with the balance of the programme completed are currently being reviewed along with the current model to provide an upgraded resource.
Riverina Gold Deposit
An extensive RC drilling programme is underway, involving 11,000 metres in two stages. The programme is designed to confirm and extend the current resources which total 1.6 million tonnes at 3.8 g/t Au for 198,000 ounces. Mineralisation extends over at least 1.2 km in strike and more than 600m laterally in at least 6 sub-parallel lode systems, which have been poorly explored in the past.
The optimised pit has primarily been outlined between the Riverina South and Central shafts, covering a strike extent of 350 metres. The planned drilling covers a further 600 metres strike extent of historically worked mineralisation, with the lodes remaining open to the north.
Drilling will delineate mineralisation over a 950 metres strike length to an average vertical depth of 100 metres. The majority of this work will be completed by December 2007.
Early results, including in hole RMRC001, 4 metres at 11.6g/t Au have been reported, located some 600 metres north of the preliminary optimised pit. Further results over the 600 metres of strike are due in the near future.
Mt Banjo – Macedon Prospects
The Mt Banjo and Macedon prospects are located on the Round Dam trend just 1km south of the Walhalla open pit. RC drilling was completed to follow-up earlier reconnaissance results and has reported the following very encouraging results over 700 m of strike. Results are currently being reviewed prior to further drilling.