riverina announcement, page-2

RIVERINA READY TO ROLL – PROJECT UPDATE
Monarch Gold Mining Company (ASX / DIFX:MON) is pleased to announce further positive drilling results at its high grade Riverina deposit. With approvals received this month, the project is nearing production.
Monarch Managing Director Matthew Gill said recent drilling has confirmed the high grade resource at Riverina, and highlighted the potential for extensions outside of the current pit plan.
“Riverina is really shaping up, and these further positive drilling results auger well for the Company as it moves to ramp up ac tivity at the project and capitalise on the strong gold prices,” Mr Gill said.
Riverina currently has an indicated and inferred resource of 1.64 million tonnes @ 3.8g/t Au for 200,000 ounces. Monarch has committed $11 million this financial year for its exploration programme to increase resources and extend mine life across its Goldfields tenements.
Promising intersections from drilling within the optimised pit area at Riverina include:
• RMRC067; 4m @ 7.09g/t Au from 36m.
• RMRC068; 8m @ 5.68g/t Au from 24m.
Highlights outside the pit area at Riverina include:
• RMRC051; 6m @ 3.75g/t Au from 36m and 5m @ 65.8g/t Au from 72m (original 4m composite sample assayed at 63.1g/t), east of the main Riverina Pit, and immediately south of the Reggies South optimised pit.
• RMRC018; 7m @ 5.0g/t Au from 15m.
• RMRC079; 11m @ 5.32g/t Au from 75m.
These last two intersections are north of the current Riverina pit area and will potentially help add strike length to the main Riverina Pit.
Mr Gill said Monarch had brought forward planned mining at Riverina, and was due to commence mining within the first quarter of 2008. The Company has a revised mining plan in
place which will deliver a steady but substantial ramp up in production over the next 12 months.
“Monarch is unhedged and in production, with the largest Australian-controlled landholding in the Kalgoorlie region,” Mr Gill said.
“We are steadily increasing production at Davyhurst, and as we do, our per-unit costs will reduce which is further good news for shareholders,” Mr Kiernan said.
Monarch now has the necessary mining and environmental approvals in place to commence operations at Riverina, with its Mining Proposal approved by the Department of Industry and Resources this week.