walhalla north high grade gold intersected

MEDIA RELEASE 4 SEPTEMBER 2007

MONARCH INTERSECTS HIGH GRADE GOLD

Monarch Gold Mining Company (ASX/DIXF: MON), the largest independent landholder in the Kalgoorlie region, has intersected high grade gold ore at its Mount Ida project, with the intersection of the promising Baldock lode.

“The intersection contains coarse free gold and is well mineralised. The ore width is double what had been expected, with the ore exposed in the drive varying from a minimum of 1.4 metres up to a potential maximum of about 3.4 metres,” Monarch Chairman Michael Kiernan said.

“With the intersection of the Baldock lode at Mount Ida means we are now into the high grade gold section and this will be treated at our Davyhurst mill later this month” Mr Kiernan said.

Monarch’s recently commenced an $11 million drilling programme for 2007/08 and has identified some promising early results, which will drive long term value for shareholders.

“We have a well-funded and aggressive exploration programme in regions where there are identified targets to expand our resource base, and this approach is being vindicated by promising results from the Davyhurst tenements,” he said.

At Davyhurst, exploration drilling has intersected high grade mineralisation at the Walhalla North and Iguana prospects, and has outlined a potential new gold discovery at the Coronation prospect.

Davyhurst highlights:

• At Walhalla North, high grade gold intersected in RC drilling over 200m of strike and open at depth including 2m @ 58.3 g/t Au and 4m @ 20.5 g/t Au.

• High grade gold intercepts in infill RC drilling at the Iguana prospect including 1m @ 50.3 g/t Au and 3m @ 78.0 g/t Au.

• A new zone of mineralisation intersected in RAB drilling over 700m of strike, including 13m @ 2.0 g/t Au from 8 metres at the Coronation prospect, located only 4km NW of the Davyhurst mill.

• At the Walhalla North prospect, approximately 1km north of the current Walhalla open pit mine and only 10km from the Davyhurst mill, significant high grade gold mineralisation has been intersected in a number of holes over 200m of strike and is open. Results are tabulated.

The developments mark another milestone of progression for Monarch, which in the past month has poured its first gold, added the Riverina Gold Project to its Goldfield tenement holdings, and appointed Matthew Gill as Managing Director.