# MON - Monarch Gold Mining



## Lucky_Country (4 October 2006)

Largest independent land holding around Kalgoorlie.
Micheal Kiernan in charge Andrew Forrest a major shareholder.
Plant and resources in place looks like a great buy


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## Busylion (3 December 2006)

Nice company but requires patience.

Not many people discuss it here.


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## Sean K (3 December 2006)

Has some significant shareholders. Good interest from the Instos.

2.4m oz au resourse base, but across the three projects. All seem to be open and there's been some good additional drill results, but their target 500K oz au per year seems very ambitious to me considering the historical production from the three regions. 

AIM listing 2H 2006, what's happened to that? 

Might have found a bottom around $0.225, but it's been all down hill for 12 months really. Will be more interesting when it gets back to $0.28/30. Probably breaking up through that level. 

Worth watching. Cheers.


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## Sean K (3 December 2006)

Another thing that is potentially good about the company at the moment, is that they are in a dip in the 'value curve' which occurs during the FS/BFS stage. After financing a company sp usually appreciates during development. Might be in that dip now.


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## Sean K (3 December 2006)

And what's the latest on the Tanami merger? TAM are having some issues with their Coyote Project treatment plant. (I imaging this is the project MON are after - or maybe it's the tenaments and to expand out of WA) 

TAM is looking pitiful at the moment. Why go there?!!! Bottom pickers end up with dirty fingers.


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## Busylion (3 December 2006)

Hi Kennas,

Thanks for so many replies.

The chart looks nice. Will the share price re-test the 22c? 

The Tenami merger is very slow.  TAM has a number of problems, production ramping problem (VAT leach circuit. read the latest announcement on Friday), grade control, auction of the forfeited Contributing shares (if other company bought a total of 10% or more (from of the auctioned shares and plus on market purchase, a blocking stake of 10% could stop the take over of MON), to name a few. 

TAM also does not need to merge with MON.  TAM will have about 21m if the auctioned price for the contributing shares is 15c.  Details are given below:

With $6.18 m at the end of last quarter, $2.5m from placement to MON, auction proceed of the confiscated TAMCA shares (with the auction price of 10c, it will give TAM a total of $8.5m; and with auction price of 20c, TAM will get $17m.  If we assume the auctioned price is at 15c (mid price between 10c and 20c), TAM will get $12.75m).  So a total of $21.75 m will provide all expenses for the non production period for a very long time. A helping hand from other company may not be required. On the other hand if TAM merges with MON or other company, they will be a bigger company and possibly becomes a stronger company due to some synergies. 

I agreed with you that MON should not consider M&A with TAM.  However, Michael Kiernan (MK) is a friend of TAM management (Gary Comb [GC] is the MD of JML.  CSM own about 33% of JML.  MK was CEO/MD of CSM before when JML was having the right issue at 18c).  MON could develop and produce at Davyhurst mine @ 100k to 125k per annum from July 2007.  Minjar mine can produce at 50 to 75k by end of 2007. Bellevue can start production in 2008.  Further drilling around Davyhurst Project will give extra resource so the operation can be extended beyond 2 years (currently) and many targets have been identified (refer to 29 August 2006 announcement for more details).  So one of the ways to achieve 500k production per year for MON is to use friendly take-over (taking over of TAM now.  It is not finalized yet).  The other way is to find more resources around its exiting 3 projects and produce more gold.

Listing AIM will be delayed till M&A with TAM is finalised.

M&A with TAM will take at least 3 months (either via [1] scheme of arrangement. An indepedent report need to be prepared, share holder & court approval are required) or [2] standard take over (bid statement and target statement will also be prepared).


I hope the above help to answer some of your queries on MON.

Cheers & regards,   

Busy Lion


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## nizar (3 December 2006)

Busylion said:
			
		

> The chart looks nice.




Are we looking at the same chart?


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## Busylion (3 December 2006)

nizar said:
			
		

> Are we looking at the same chart?




yes. using Kennas charts for MON & TAM.

any comment for the next target? do you have other charts for them?

Cheers

BL


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## Lucky_Country (3 December 2006)

100,000 oz production by July 07 without TAM so can see a sp of around $1 in the near future and anticipating more drilling results b4 xmas


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## Busylion (3 December 2006)

Lucky_Country said:
			
		

> 100,000 oz production by July 07 without TAM so can see a sp of around $1 in the near future and anticipating more drilling results b4 xmas




What do you mean "the short term"?  Does  your "short term" mean up to 3 months in the future”?

IMHO, $1 in the short term is_ possible _ but the *probability * of its occurring is *very remote*.  The mining at Davyhurst has not started yet and commissioning / production ramp up MAY also incur problems (eg TAM is having it now). Hopefully MON is luckier than TAM and everything is as planned for the July 2007 production (ie no delay).

I worry the merger with TAM may create delay of Davyhurst production and distraction to the MON management and more dilutions (assume more shares will be issued to TAM share holders for the take over unless it is fully debt funded).  

Cheers,
BL


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## tech/a (3 December 2006)

> The chart looks nice




Nice colors, dont mind the font either.


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## Novski (3 December 2006)

Nice slope for skiing too


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## Busylion (3 December 2006)

Novski said:
			
		

> Nice slope for skiing too




Downslope is good for skiing. It may not be the right time for entry though.  

Cheers & regards,

BL


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## Lucky_Country (3 December 2006)

Well even if more shares are issued too complete the merger it means that production may double by July with the merger 







			
				Busylion said:
			
		

> What do you mean "the short term?  Does  your "short term" mean up to 3 months in the future”?
> 
> IMHO, $1 in the short term is_ possible _ but the *probability * of its occurring is *very remote*.  The mining at Davyhurst has not started yet and commissioning / production ramp up MAY also incur problems (eg TAM is having it now). Hopefully MON is luckier than TAM and everything is as planned for the July 2007 production (ie no delay).
> 
> ...


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## Sean K (3 December 2006)

Busylion said:
			
		

> Hi Kennas,
> 
> Thanks for so many replies.
> 
> The chart looks nice. Will the share price re-test the 22c?




Thanks for the additional info. 

Test $0.22? Up or down? I actually think it's more likely to go up now. It's looking like the bottom of a big cup, or rounded bottom. 

Still not sure of the value of TAM. Like to connections with CSM and JML. Both companies I'm interested in as possible M&A work. JML has the upside. Perhaps we will see a MON/TAM/JML/CSM entity in the future?


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## Busylion (3 December 2006)

kennas said:
			
		

> Thanks for the additional info.
> 
> Test $0.22? Up or down? I actually think it's more likely to go up now. It's looking like the bottom of a big cup, or rounded bottom.
> 
> Still not sure of the value of TAM. Like to connections with CSM and JML. Both companies I'm interested in as possible M&A work. JML has the upside. Perhaps we will see a MON/TAM/JML/CSM entity in the future?




23c is one of the critical prices for MON because it was the price  for the recent share  placements to instututions. so it is interesting to know whether instoes still want to supports or buy MON at this price.  

The value of TAM will be known on 7 th December 2006 when confisticated 81 million of TAMCA will re auctioned. For further details, refer to 1 December 2006 announcement. If you are in Perth, you could attend the auction at the Perth stock.

Cheers,
BL


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## Sean K (4 December 2006)

Well MON and TAM has ceased merger discussions so you can forget that as a consideration.


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## Lucky_Country (5 December 2006)

TAM merger off may be a good thing at the present time.
MON production for July 07 still on track.
Drilling results out within 2 weeks


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## Busylion (10 December 2006)

There is NO guarantee that Davyhurst 1.2mtpa mill refurbishment, mining and production will not be delayed considering so there are many side activities (TAM and looking for other M&A) and challenges listed below.  

More capital raising (placement or debt funding or other means) will be required considering the following facts:

[1] Davyhurst Gold mill refurbishment will require at least $4.5m and lead time at least 4 months. 

[2] Minjar Gold mill refurbishment will require $1m and 1 month lead time

[3] $6 m is allocated for Davyhurst & Minjar drilling for the next 12 months.

[4] Poorly spent $2.5 m for 12.5m shares at 20c each for TAM shares when MON started the merger discussion. 

[a] Total funds required is at least $14m {sum of [1], [2], [3] and [4]} excluding other operation & running business cost, (salary etc).

[4] Cash at the end of September quarter 2006  is $4.25m

[5] Shares Placement on 10 November 2006 raised $4.6m 

* Total cash is about $8.85m (sum of [4] and [5]).

Therefore for the next 12 months, extra funding or  capital of at least $ 5.15m {[a] –} is required.

MON has appointed Bemex Corporation to refurbish the Davyhurst mill.  Hopefully MON has better lucks than TAM.  Cross your fingers and prayed.  Read the TAM Announcement below.

"The Directors of Tanami Gold NL provide the following update on the Coyote Gold Project. Construction of the Coyote treatment plant was completed late September 2006. Although the crushing and milling circuit is commissioned, the gravity, circuit and wet plant including the carbonin-pulp (CIP) circuit, vat leaching process and elution/gold room circuits are behind schedule and have not yet been fully commissioned by BeMeX Corporation Pty Ltd (BeMeX)" 

Consequently, forecast gold production has been delayed and a complete ore grade reconciliation of tonnes treated to date has not been possible.

Due to these delays and in order to minimise mining costs until the treatment plant is fully operational and gold production increases, the open pit mining operations have been suspended. Additional technical people have been committed to the Project to assist with commissioning all components of the treatment process including the gravity, CIP and Vat leach circuits. The Company is in discussions with BeMeX


 For further details read the full TAM announcement on 23 October 2006.

As always, DYOR.  Good lucks for shareholders.

Cheers & regards,     

BL*


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## Knobby22 (10 December 2006)

*Re: MON, this puppy needs more money and Luck*

Isn't that Bemax  BMX?


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## Busylion (10 December 2006)

*Re: MON, this puppy needs more money and Luck*



			
				Knobby22 said:
			
		

> Isn't that Bemax  BMX?




No. BMX has Nothing to do with TAM or MON.   

BMX is another company that produce rutiles and zircon. Read TAM announcement for more info on Bemax.


Cheers,  
Simon


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## Darryn (10 January 2007)

Have a look at MON. Think this could rebound soon, seems to have hit its price floor
Any thoughts?


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## Sean K (10 January 2007)

Darryn said:
			
		

> Have a look at MON. Think this could rebound soon, seems to have hit its price floor
> Any thoughts?



On the 3 year weekly the floor is $0.15 ish. Good luck.


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## Darryn (11 January 2007)

Thanks Kennas,
Got in yesterday at close at 19.5 cents.
Up this morning so happy with that


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## camaybay (27 January 2007)

Chart to 25/ 01/ 07. Looks promising for holders.

DYOR    :aus:


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## samsungdvd (27 January 2007)

This company appears to be in trouble.

I would tread very carefully.


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## radio-active man (27 January 2007)

Thanks for the info samsungdvd.

I'm selling mine first thing come monday morning.


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## camaybay (28 January 2007)

samsungdvd said:
			
		

> This company appears to be in trouble.
> 
> I would tread very carefully.





Thx for your insight, is there more I can  research, I thought the JPMorgon Chase involvement sounded positive.    
dyor


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## camaybay (29 January 2007)

I don't have to watch any more. Chart early signs did not look positive. SAR

thx
DYOR


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## Lucky_Country (3 March 2007)

Looking good MT IDA accquisition Daveyhurst  Mill refurb underway sp strong


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## exgeo (6 March 2007)

> Monarch Gold Mining Company Limited today announced the go ahead for its Davyhurst Gold Project located some 120 km north west of Kalgoorlie. This significant milestone follows completion of mine plan optimisation. Mr Kiernan added the total target production for the next 12 months from Davyhurst and Mt Ida will be 125,000 ounces. Davyhurst will deliver 75,000 ounces of gold at an estimated cost of US $500 per ounce and Mt Ida will deliver 50,000 ounces of gold at an estimated cost of US $330 per ounce. “With a gold price around US $650 per ounce the Davyhurst and Mt Ida mines will create a healthy profit for our shareholders”, Mr Kiernan said. The Mt Ida acquisition boosts Monarch’s gold production target of building a 500,000oz per annum company by December 2009.



Total costs = (75,000 * 500) + (50,000 * 330) = US$54m
Total rev.* = (75 + 50) * 600 = US$75m
Gross profit = 75m - 54m = US$21m * 1.33 = *AU$28m (AU 10.3c/share)*

*Assuming US$600 gold, US$/AU$ = US$0.75, 271m shares.


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## tvthree (6 March 2007)

exgeo said:
			
		

> Total costs = (75,000 * 500) + (50,000 * 330) = US$54m
> Total rev.* = (75 + 50) * 600 = US$75m
> Gross profit = 75m - 54m = US$21m * 1.33 = *AU$28m (AU 10.3c/share)*
> 
> *Assuming US$600 gold, US$/AU$ = US$0.75, 271m shares.




exgeo, the AU 10.3/share above is that good or bad?

The current share price is around 25 cents so do you mean that the share should only be trading at 10 cents and therefore is way overpriced at the moment?

I'm a bit confused!


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## Riles (6 March 2007)

The 10.3cents per share is the earnings per share (EPS) that they should generate for the next 12 months using Exgeo's calcs.

We can then see that the price to earnings ratio (PER) is 2.5 based on the price of 25c.

I'm not sure what the average PER is for a start up gold producer? 
Perhaps 6 to 7 times earnings would be fair?

So based an average per of say 6 for that subsector, then MON should be trading at 6 times 10.3c.

Looking ahead further we could forecast using the same cost per ounce and price per ounce onto the projected 500,000 ozpa and arrive at earnings of 41 cents per share by December 2009.
Then multiply that by the appropriate PER...


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## tvthree (7 March 2007)

Thanks for the explanation - much appreciated   

This looks like a nice stock to get into then!!


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## exgeo (7 March 2007)

The 10.3c is definitely NOT an EPS; that's why I didn't say EPS. It's just some indication of the kind of cash per share that they will be generating if they achieve the production level and costs that they say they are aiming for. It's quite likely that they will spend a lot on exploration, refurbishing their other mill and so on. St. Barbara SBM would be a good analogy for this stock perhaps (earning a lot, but also spending a lot). So, the EPS will quite likely be a lot lower than this figure. But once they have finished paying for the mill refurbishment and have proved up a few years worth of resources (and reduce exploration spending), then the EPS should increase.


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## Lucky_Country (8 April 2007)

Personally I can see MON @ around the $1 mark by end of year just on sentiment and increased gold price look at FMG $23 no earnings and alot of debt!
MK is a shrewd buissnessman who knows how too make money


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## Boyou (11 April 2007)

Anyone care to comment on current share price? 

Does  the April 3 announcement re Mt Ida sale and Glenorah Farm update have anything to do with rising SP? Currently at 35.5c I bought in at 26c on March 21...

Cheers Y'all


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## Robroy (16 May 2007)

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."


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## ongchuan (16 May 2007)

Company outlook looks great in this MON. Turning from explorer to producer soon! But their debt is kinda high and cash is rather low i think. Very speculative!


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## Boyou (4 June 2007)

Thi story might bring a smile to holders of MON.

Cheers Ya''ll

May 29, 2007

Monarch Gold Plans To Court Investors In Dubai


By Our Man In Oz



London has been very good to Michael Kiernan. Dubai, he hopes, will be even better as he plots his return to mainstream mining as a full-fee member of the gold bugs club. Monarch Gold, with a series of Australian projects on its books, is Kiernan’s corporate vehicle. First production is just weeks away with the target being 500,000 ounces a year by the end of 2009. But, of equal interest to his ambitious mining aims, is a plan to grow Monarch’s shareholder base in the Middle East, rather than London, which was the way he did things when running Consolidated Minerals, the manganese, nickel and chromite miner which helped make his reputation.

Michael Kiernan
Listing Monarch on the Dubai International Financial Exchange (DIFEX) is being closely examined by Kiernan who spent a couple of days in the city last week. He told Minesite while walking the hot streets of a place which likes to market itself as “the city of gold” that there was a large, unsatisfied, appetite for direct investment in gold in the entire Middle East region. His plan is to be one of the first Australian resource companies to offer itself directly to investors in Dubai, possibly by-passing London. 

“I’m out to lunch on AIM,” was Kiernan’s colourful response to a question about a London listing for Monarch. “We were among the first to become involved with AIM back in the 90s, but I’d have to say that today it’s become a bit of a logjam. The problem is that there are really only about three dozen institutions which get involved with AIM, and there are just so many companies listed today. DIFEX is in its early days, but so was AIM when we joined, and I can clearly see an opportunity to grow with investors in this region. Our goal is to have about 15 per cent of Monarch’s shareholders based in the region.” 

Kiernan said he was confident that interest in Monarch would grow along with its production profile, and a plan to become a dividend payer quickly. First mine on the company’s agenda is the re-development of the Davyhurst project, about 80 kilometres north of the historic Australian goldmining centre of Coolgardie. Milling ore is expected to start in mid-July, with the first gold pour towards the end of that month. Next mine is the rich Mt Ida project, which will provide blending ore to boost the head-grade at the Davyhurst mill. The third mine is the old Gindalbie operation at Minjar, with more to come via an aggressive exploration program and possible corporate activity. 

For a man who once preferred base metals, Kiernan has become a loud advocate for gold, essentially because of the rising demand for the metal in China, both at an official level, and through private investment. “I’m reliably told that China has set a target of having 20 per cent of its foreign reserves in gold,” he told Minesite. “Getting to that figure will have a major affect on the gold market because the latest estimate is that gold represents just 1.2 per cent of the country’s foreign reserves.” 

Investors are warming to Monarch and its focus on Dubai. In the week since Kiernan’s visit to DIFEX the stock has risen from around A27 cents to A33 cents. That 25 per cent increase is one of the better performances by an Australian miner not involved with uranium or iron ore, the two current favourites. With a market value of A$97 million it would not take too much buying interest from a rich Arab (or two) to propel the stock even higher, and with Kiernan singing the praises of the Middle East like a modern-day Lawrence of Arabia (with Oz accent) there is little doubt that the locals will learn to like the story, just as London embraced the old Consolidated Minerals story. 

The big question, which Kiernan believes he knows the answer, is how long will it take for DIFEX to become a securities market with a serious following? Given the ability of the city and State to develop a tourist industry from nowhere, as well as be recognised as a financial hub, and there probably should not be much doubt about building interest in a stock market. If that happens then Monarch, and the handful of other western-world stocks making the pilgrimage to the Middle East, might have a “first mover” advantage. 

“There’s obviously a lot of net worth in this region,” Kiernan said in one of his rare under-statements. “By listing in Dubai we’ll give some of those high net worth people a chance to get direct exposure to resources, and to a commodity which they thoroughly understand.” Does that mean Kiernan will completely by-pass London is the key question Minesite tosses to Kiernan – to which he uses his nifty turn of phrase about being “out to lunch” on AIM. “We’ve got some very good shareholders who’ve followed us from London, and I’ll always look after them. I’l take one hurdle at a time, and look very closely at DIFEX which might produce a better result for the company.”


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## petervan (8 June 2007)

Now jp morgan chase have increased there holdings and first gold pour in July it should be an interesting couple of months coming up.


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## Who Dares Wins (8 June 2007)

Yes, but they have increased their holdings at a price much lower than the share price effectively diluting everyone elses holdings. I wish MON would stop going back to the market all the time for more money and get on with it. I want to see some gold poured.


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## Riles (8 June 2007)

Did anyone else get their 1 for 4 non renouncable share entitlement application form in time?
I got mine yesterday (Thursday 7th June) and it closed today (Fri 8th)!
I had half an hour to read it and post off a cheque before I missed the post.
Hopefully they got it today. At least I get 5000 shares at the placement price the big boys got their 28 million shares at.

Still, if everyone takes up the offer, and why wouldn't you with the sp in the mid 30's, there's going to be an extra 78 million shares on issue to go with the extra 28m last month, and the 14m in the Feb SPP, bringing the total to 391m plus 35m options.

Let's hope they can find some more gold resources so they can deliver on their objective to be a 500,000 ozpa producer one day.


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## Boyou (9 June 2007)

Hey Riles ,
             Don't worry about the close time for acceptance of the share offer.I got mine in plenty of time to mail back by deadline. But I notice an announcement on ASX to the effect that,due to an oversight on Chess' part,Monarch  have extended it to the 14th( I think).

Cheers Ya'll


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## sammy_k2000 (24 July 2007)

This one has been quiet for a while anyone have any idea when we can see some news on production I though we where mining in June for July production though everything has been very quiet.


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## Boyou (25 July 2007)

I have been wondering about the lack of news lately ..was also expecting an update on the Gold pour by end of month.

Only clue I can give is that perhaps Michael Kiernen has taken his eye off the ball while he stoushes with Gilbertson over Cons Min..

I have held  these for 4 months now ...All I can say is watch the POG!  And wait patiently.


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## sammy_k2000 (31 July 2007)

Does anyone think there was much in the way of positive news in the production update they released today?  The SP certainly didn't do much.


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## sammy_k2000 (7 August 2007)

Finally some positive news they are now officially a producer.  I am surprised that this stock is not attracting any more positive news from anyone.  For my money the stock is only heading one way now and thats up.  So far management has delivered on its promises and they have a very good strategy in building on what they already have.  Should also have a positive EPS now which can only be a good thing for the bank account.


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## Boyou (7 August 2007)

Here is an excerpt from  the lates ann. today.. 

Yes they are keeping there promises!

MONARCH LAUNCHES SIGNIFICANT EXPLORATION PROGRAM
Monarch Gold Mining Company (ASX/DIXF: MON) has almost doubled its exploration programme on its Goldfields tenements, committing more than $11 million for drilling programmes during the 2008 financial year.
The major exploration program follows extremely promising results from drilling over the past three months, and will focus on the company’s Davyhurst, Mt Ida, Bellevue and Minjar projects, along with a new exploration work at the recently acquired Riverina Project.
Monarch Executive Chairman Michael Kiernan said the drilling would expand the company’s resource base and create long term value for Monarch shareholders.
“We have reached the milestone of the first gold pour at Davyhurst delivering on our commitment to shareholders. Longer term, it’s imperative to continue to deliver increased value through exploration success and maximise Monarch’s dominant landholding in the Goldfields region,” Mr Kiernan said.
“We have in place a well funded exploration program on regions where there are identified targets to extend our resource base.”


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## petervan (4 September 2007)

This share is heading north with positive drill results from MT IDA .For all the gold bugs this one looks good with production in full swing and $11 million to be spent on exploration in 2008 you would expect a rerating before christmas.Been in this stock for a couple of months and hoping for a good return shortly


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## googly (29 October 2007)

THis has to be the dodgiest share around at present. Gold at an all time high yet this share is languishing. Something fishy going on and I don;t like the smell


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## Who Dares Wins (29 October 2007)

googly said:


> THis has to be the dodgiest share around at present. Gold at an all time high yet this share is languishing. Something fishy going on and I don;t like the smell





I disagree. 

True other gold producers are going up but MON is a new producer and still at low volume - give it some time to ramp up production. I know its frustrating seeing it slip down in price some days - my small holding is under water too, but I have faith in big MK. I also hold TTY and have confidence in that company also because of  M. Keirnan.

I don't think you should say things like "something fishy going on...." because it is negative and also alludes to the fact that you may know something others don't. 

Come clean if you do. 

WDW


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## googly (30 October 2007)

you have confidence in M Kiernan??!!! What have you been smoking dude??! Seriously I think you need to reassess people you have confidence in


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## Who Dares Wins (31 October 2007)

googly said:


> you have confidence in M Kiernan??!!! What have you been smoking dude??! Seriously I think you need to reassess people you have confidence in




Yeah, I do. 

So far my assessment of him as left me well in profit with the stocks he is involved with. If you look at another one of his companies TTY you'll see that just over 2 yrs ago they didnt have any proven resources and now they're shipping ore. That gives me confidence and seems to have given it to the market as well.

M. Kiernan also took CSM from a 200,000 tonne to a million tonne manganese producer and billion dollar company.

I think that he is building a platform for the future with MON, TTY, and the holding in MAL, (tried with CSM).

Noble Group seem to have confidence in him and thats good enough for me.

So......I'll ask you again. Whats so fishy?


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## Boyou (31 October 2007)

Googly, Some people used to say the moon was made of green cheese.

They had no more idea of what they were talking about than you.

If this isn't blatant down ramping I don't understand the meaning of the term.Try not to repeat rumours and inuendo here...it scares the horses  

Cheers Ya'll


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## Lucky_Country (31 October 2007)

They need too start too turn things around very quickly before confidence in this share really dwindles.
Hopefully the poor quarterly will give them the impetus too really concentrate on MON and start too deliver


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## googly (31 October 2007)

They have really disappointed me. I got into this share over a year ago and with gold at an all time high price I would have thought this would be 40-50 cents by now.

On another forum some people are saying this is about to do a BMO. Now I don't know much about BMO but what I do know is that they no longer trade on the stock exchange.


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## Lyn (1 November 2007)

So much doom and gloom posted on MON recently in this forum.  I'm still backing that MON have some good quality mines that will show results in the future, just a matter of waiting and waiting and maybe waiting some more.


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## keroppi (2 November 2007)

I too am holding MON hoping for better days.

Any predictions on where this stock is heading in the next few months?


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## Boyou (3 November 2007)

googly, why don't you just sell at a loss.Go away and lick your wounds in PRIVATE.
Surest way to see the SP go down further is to spread panic. I don't think that any thinking person on this forum really cares what "other forum members" think.

C'mon ..rise up from your panic ..don't bleed in public..so bad to see that


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## Who Dares Wins (4 November 2007)

Googly, you ought to be careful mate. You have already had some of your posts on this MON thread removed a couple of days ago for saying things that can't be supported.

I'd like to know what your agenda is? 

I mean, the directors are buying shares and the company has cash, but yet you're downing the company.

Are you looking to top up at a discount price or something?


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## explod (4 November 2007)

So what? I have lost a packet on many occasions, just part of investing.  That is why you choose carefully and diversify.    If you punt on a few specs you will get burnt.


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## Boyou (8 November 2007)

A least Monarch's trading halt insulated it from todays sell off.
Found this just a moment ago..hope it is true.I was thinking Mr Kiernen had taken his eye off the ball with MON...instead I see he has been a busy fella.

Mt Magnet sold to Monarch?

Thursday, November 08, 2007

MONARCH Gold has reportedly acquired the Mt Magnet operations in Western Australia from South African-based Harmony Gold for some $65 million.

Michael Kiernan

According to a report in the Australian Financial Review, several bidders contested for the Mt Magnet operations which has a resource of 2.7 million ounces of gold and a 2.7 million-tonne per annum plant.

The Michael Kiernan-chaired Monarch, which is in a trading halt pending the release of an announcement, intends to become a 500,000-ounce per annum gold producer by 2009.

Monarch claims it has the "largest Australian-controlled ground position in the Kalgoorlie region," with an estimated resource base of 2.3Moz of contained gold.

The company is exploring at the Davyhurst project near Kalgoorlie and recently acquired Riverina project, Mount Ida, Minjar and Bellevue.

Monarch is set to list on the Toronto Stock Exchange in the first quarter of 2008, after listing on the Dubai Exchange earlier this year.

Harmony Gold, the world's fifth biggest gold producer, has operations in South Africa, Australia and Papua New Guinea.

Its Australian operations also include the South Kal tenements, which lie between Kalgoorlie and Kambalda in WA.

MiningNews.net was unable to obtain comment from Monarch prior to publication.

Prior to the trading halt, Monarch was trading at 26c.

Click here to read the rest of today's news stories.

Chers Ya'll


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## 2BAD4U (9 November 2007)

This announcement seems to have gone unnoticed. I've just jumped onto these guys. They look like some serious mines they have bought and with the gold price ???? Here's hoping


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## 2BAD4U (11 November 2007)

http://www.monarchgold.com.au/documents/573.pdf

Here's the announcement. $65 Million settlement with $20 mil in shares to Harmony as part of the $65M.


Quote from Harmony:
"Harmony views Monarch as being the best-placed gold mining company to drive this project forward, and with a significant equity interest in the development of the project, we have confidence that there is long term value in the project under the Monarch umbrella"

Monarch plan to concentrate on exploration until 2009 and recommence mining in 18 - 24 months.

IMO - Put these ones in the bottom draw and wait.


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## Boyou (30 November 2007)

For all us Monarch hopefuls, here is an excerpt from Minesite  Home Edition .

If the gold price continues to rise, there is no doubt Monarch is holding a winning hand. But, the real value in the plan lies not in the “historic” workings at Hill 50, Davyhurst, Mt Ida, Bellevue, Riverina, or any other mines which have fallen under the company’s control. The value lies in the vast  - and that is really, really, vast - package of tenements and mining leases which come with the deals. According to Monarch’s own reckoning it is already the biggest land-holder in the Eastern Goldfields region of Western Australia, an area which contains the fabulous wealth of Kalgoorlie, Coolgardie, Leonora and assorted other locations.

Michael Kiernen is a truly gutsy guy.


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## So_Cynical (30 November 2007)

Monarch certainly do have potential and there ambitious 
anyone know there hedging situation?

Damm 100 character thing.


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## Flick15 (2 December 2007)

So_Cynical said:


> Monarch certainly do have potential and there ambitious
> anyone know there hedging situation?
> 
> Damm 100 character thing.




Completely unhedged and if you read this you will appreciate what is ahead for MON as it's future lies not only in it's current proven resources but in it's discoveries from the under-explored tenaments MON has been purchasing.

http://www.minesite.com/nc/aus/mine...gold-tending-to-run-before-it-can-walk/1.html

November 28, 2007 - Monarch Gold Tending To Run Before It Can Walk

By Our Man In Oz

Most companies, like people, learn to walk before they run. Not ASX listed Monarch Gold. Despite a poor production record over the past year, and a share price which is stuck in the cellar, Monarch is showing absolutely no restraint in its desire to play a leading role in the revival of the Australian gold industry. Over the past year it has acquired, consolidated, invested, expanded, and recruited at a pace so hectic that it is hard to keep track of exactly what it owns or find an answer to the question of why such a hurry. Before looking at the rapidly-expanding asset base inside Monarch the answer to the “why grow so fast” question lies in a simple belief held by the company’s chairman, Michael Kiernan, that the gold price is heading for US1000 an ounce and there is a race underway for gold assets, even if not everyone knows the race has started.

Other observers of the gold market might share Kiernan’s belief, but few are running as hard. Earlier this month, Monarch took perhaps its biggest step so far when it agreed to pay A$65 million for the historic Hill 50 goldmine in Western Australia. The key word in that sentence is historic, because Hill 50 is one of only two goldmines in Australia to operate continuously over the past 50 years. The other is the Kalgoorlie Superpit (and its predecessors). Close followers of the Australian gold sector will already be detecting the key message in this dispatch from Oz. That Monarch is buying old, pre-loved mines, with the hope of turning them into something special. 

If the gold price continues to rise, there is no doubt Monarch is holding a winning hand. But, the real value in the plan lies not in the “historic” workings at Hill 50, Davyhurst, Mt Ida, Bellevue, Riverina, or any other mines which have fallen under the company’s control. The value lies in the vast - and that is really, really, vast - package of tenements and mining leases which come with the deals. According to Monarch’s own reckoning it is already the biggest land-holder in the Eastern Goldfields region of Western Australia, an area which contains the fabulous wealth of Kalgoorlie, Coolgardie, Leonora and assorted other locations. 

After announcing the acquisition of Hill 50 on November 8, Kiernan said a first step would be to shut the mine, and keep it on care and maintenance for up to two years. In that time, exploration would be stepped up across the 1,100 square kilometres of tenement which came with the deal. There is little doubt that more gold will be found. At the point of the Hill 50 sale the previous owner, South Africa’s troubled Harmony Gold, said it was sitting on a resource inventory of 2.7 million ounces, plus a 2.7 million tonne-a-year processing plant. For Monarch to put a padlock on the gate of that operation is what an Australian might describe as “gutsy”, because it is saying in very clear terms: better times are expected and we can afford to sit on the resource, find more, and switch the plant back on when it suits us. 

Kiernan said the Hill 50 acquisition would take Monarch’s JORC-compliant resource base to more than five million ounces of gold. “This is a significant step towards achieving our goal of becoming a 500,000 ounce per annum gold producer by 2009, and this project will provide a substantial contribution to profit for Monarch shareholders,” he said. “Monarch now has two world-class goldmining projects, Davyhurst/Mt Ida and Hill 50. And with the gold price surpassing US$800 per ounce, we are well positioned to capitalise on the potential of these historic projects.” He’s right. But, there’s more water to flow under Monarch’s bridge before it can claim success with its “gutsy” expansion plans. Getting its operations to work efficiently would be a good starting point. 

“Yeh, we had a shocking bloody quarter,” Kiernan said of the three months to the end of September when Minesite popped into his West Perth office for a natter two weeks ago, just before the Hill 50 purchase was announced. “We went into the wrong pit, it was low grade, and we’ve moved out of that. The second quarter will be fine. But there’s no doubt we’re on the right track.” That bad quarter is reflected in Monarch’s share price which briefly traded up to A36 cents last April, but which has been stuck in the sub-A30 cent range for the past month. Investors can see Kiernan’s plan, and they can certainly hear it when he delivers one of his booming addresses, but they’re not yet putting their money where his mouth is. 

That should change. If nothing else, Kiernan is an absolute enthusiast for mining, in all of its forms. Whether he’s trying to do too much, with other interests in iron ore (Territory Resources), mineral sands (Matilda and Olympia), copper (India Resources), vanadium (Windimurra), and mining engineering services (Mineral Resources) is an arguable point. Gold, however, is something that really tickles his imagination, and when the topic in a one-on-one conversation turns to gold his eyes light up, he gets louder , if that’s possible, and he enthuses with true zeal. 

“I’ve looked around and can see lots of little people who can’t make it on their own,” he said. “If you put them together, and they have access to capital, good management and exploration skills, then you have a real recipe for success.” Minesite interrupts with this question: Aren’t you doing the same as Apex Minerals which is also consolidating gold assets in Australia. “Right, but they got the idea off me,” Kiernan said. “And they’re going for refractory ore, I’m going for the other stuff. Look at what’s been done so far. We’ve put Siberia Mining together, Davyhurst, Riveria, and Mt Ida. They’re four different areas, but if you put them under one processing plant you have a project. There’s no doubt gold is a winner.” :


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## Boyou (2 December 2007)

A really encouraging report,I think.

I have just finished reading a book on how to pick mining stocks. Two of the major factors are 

1. Ground Positions ..look for companies that have large and strategic land holdings
2. Management. Look for agrressive ,experienced management teams

Seems to me Monarch scores high on these two. Kiernen's strategy of putting Hill 50 "On care and maintenence"is a sure sign of confidence in their future and the future POG. When the price is at all time highs and general investor focus is fully on gold he can throw open the gates and crank it up to production very quickly.


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## 2BAD4U (13 December 2007)

Hmmmm I see Michael Kiernan just topped up with 500,000 shares yesterday.  I like to think it's a good sign when the chairman is buying.


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## Miner (13 December 2007)

Yes with MK it is a good sign for HIM and bad sign for share holders when he buys from secondary market. Most of shares promoted by him get first inflated so people like start buy. When the shares plummett then he starts buy. Of course he is smart that is why he gets free options for which we pay 20 cents, for shares he pays 15 cents for which we pay 40 cents.
Examples are : IRL, MON, and few others. 
Further to that his relative James K gets the privilege to earn commission from all rights issue as well. Say three cheers for MK and Crawley Investment.

Regards


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## Miner (16 December 2007)

Now there was a trading halt in MON.
MK has bought  large amount of parcels.
Now the halt was to get shareholders approval for making one share for 3 share conversion. That would mean the share price will not be 75 cents but will be much less than that. DIO, POS all went like that and prices devalued.ON the other hand FMG is going to split just like CSL and BHP did. Share prices will speak for themselves.
There is one tangent from recent speeches of MK that he is looking for a synergy to amalgamate few of his stables. So in near future IRL, MON and few others probably get amalgamated. That will conserve MK's travel time !
Any one is following MON please comment on your expectation on MON future. Share price has been stagnant between 24 and 25 cents inspite of high buying by MK.

Regards


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## Lucky_Country (16 December 2007)

Quarterly will be very interesting early next year that could be the catalyst for a sp increase especially if you throw in some good drilling results maybe even an increased jorc


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## porkpie324 (18 December 2007)

I have to concur with 'miner' over share price consolidation, I have been watching MON for a while, SP has come off lately but it looked like bottoming out on good volume. With the no of shares consolidating I will wait now to see what happens, anyone have any idea of the ex dates for this. porkpie


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## porkpie324 (20 December 2007)

And thats what happened weakness with the SP after 3-1 consolidation, the quotes also look a bit top heavy this morning too. There's an article on MON in November's issue of Resource Srocks', well worth reading. I'm looking hard at these, hav'nt traded them yet though.porkpie


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## trtkjd1 (27 December 2007)

Have just gone through the report on the hill 50 purchase , and call i cant quite work out why they are putting it on care and maintenence for a while. They suposedly have 2.7 m ounces grade 3.2 which if its open cut should be very robust   . Dont get me wrong i like the company and am holding some stock just wondering if anyone  is wondering the same thing.


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## 2BAD4U (27 December 2007)

Flick15 said:


> After announcing the acquisition of Hill 50 on November 8, Kiernan said a first step would be to shut the mine, and keep it on care and maintenance for up to two years. In that time, exploration would be stepped up across the 1,100 square kilometres of tenement which came with the deal. There is little doubt that more gold will be found. At the point of the Hill 50 sale the previous owner, South Africa’s troubled Harmony Gold, said it was sitting on a resource inventory of 2.7 million ounces, plus a 2.7 million tonne-a-year processing plant. For Monarch to put a padlock on the gate of that operation is what an Australian might describe as “gutsy”, because it is saying in very clear terms: better times are expected and we can afford to sit on the resource, find more, and switch the plant back on when it suits us.




I think the post by Flick15 (post #68) explains the reasons.  I am sitting on these now waiting for that time to come when they do flick the switch.


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## 2BAD4U (2 January 2008)

Nice run on MON the last couple of days getting back to it's "consolidated" price of 75c, but the volume isn't there so it will be interesting to see if this run lasts.


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## Miner (2 January 2008)

2BAD4U said:


> Nice run on MON the last couple of days getting back to it's "consolidated" price of 75c, but the volume isn't there so it will be interesting to see if this run lasts.




Dear 2BAD4U
thanks for the optimism. I do not want to pour water on high hope as me too having bought MON at 25 cents is sitting on them to get high . However as I have predicted earlier in this column MONDA has gone up only to 75 cents today. With MK story - a strange one all the time. My personal belief is he is a great operator and orator too. Look at IRL and you know why. It has been lagging around 16 cents for long time and only went up when they were issuing some rights. Unfortunately ASX only issues speed tickets when they gone up and the reverse is not true ! 
Territory Resources is one off story of success. Of course with Consolidated it went up because of strategic resources reasons and not of management strenght . If there was no take over then on its own merit the share price would have been remained stagnant.
My hope (so that I can book some profit) is there could be some takeover target or acquisition if the MONDA price remains stable at 75 cents on Thursday. Having worked in gold mines as well the moth ball story of a recent acquisition of a running plant  does not sound convincing as an operator but there could be some hidden stories which surely to unfold in a weeks' time. 

My two cents today.

Regards


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## Lucky_Country (2 January 2008)

I would like to think we will get a good exploration result in the near future as they have been drilling for some time now with no resulting jorc upgrade.
They will want a bang for the TSX listing


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## porkpie324 (2 January 2008)

To me MON are in a downtrend, the increase in volume early November did not change the direction either, but having said that I like this companies agressive growth intentions, they hope to be producing 500k oz of gold by 2009, with MK at the helm I think  MON has potential, infact I placed an order last Friday at .67c. There is now I think 138 mil shares on issue. porkpie


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## 2BAD4U (2 January 2008)

Miner said:


> ..me too having bought MON at 25 cents is sitting on them to get high...



Miner, why did you buy into MON when you are sceptical / negative about them? (not picking on you just curious as to your reasons).



Miner said:


> ..the moth ball story of a recent acquisition of a running plant does not sound convincing...



It does to me when you consider the facts that they are concentrating on exploration, there are massive labour issues over here in WA, especially the mining industry and the upcoming listing on the TSX (ie, use the capital to invest in production when they start up).



porkpie324 said:


> To me MON are in a downtrend, the increase in volume early November did not change the direction either, but having said that I like this companies agressive growth intentions, they hope to be producing 500k oz of gold by 2009, with MK at the helm I think MON has potential, infact I placed an order last Friday at .67c. There is now I think 138 mil shares on issue. porkpie



I would agree with you porkpie on the downtrend which is why I would like to see some volume on these prices of recent. It's the 500k in 2009 I am waiting for and then we should see some action hopefully.


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## Lucky_Country (2 January 2008)

500,000 by the end of 2009 hopefully we should see some very good price action between now and then.
Hoping the first 6 months of this year should see record gold prices increase profitable production great exploration results etc etc etc


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## Miner (3 January 2008)

2BAD4U said:


> Miner, why did you buy into MON when you are sceptical / negative about them? (not picking on you just curious as to your reasons).
> 
> 
> It does to me when you consider the facts that they are concentrating on exploration, there are massive labour issues over here in WA, especially the mining industry and the upcoming listing on the TSX (ie, use the capital to invest in production when they start up).
> ...




Dear 2BAD4U

I  bought MON being carried away after reading in Insider Report newsletter showing  MK kept on buying heavy lots at 24 to 25 cents of MON. I thought he knows his company well and therefore would not waste his money. But I was wrong because some times smart players loose to win. But I am not smart player. I made similar error in IRL at the same time. I am realising just becoming a director or promoter does not mean one will be smart in all respect. After all they are to win their money back and not interested how I become richer. 
Thanks for asking blunt question . I appreciate that because there is a logic behind that question.

Regards


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## Boyou (9 January 2008)

Hi all Monarch hopefuls!
I don't have any "news" on Mon..just  some musings (scuse me while I think out loud)
Am puzzled that a producer of Gold ,as opposed to an explorer should be going backwards ,as it has been the last few days...if logic has anything to do with it(does it?) ,in this rising gold environment I was expecting Mon to,at  least, be holding the line.
I have read some  articles lately and one suggests that gold stocks and gold price might be undergoing a de-coupling 

The latest news from Monarch is up now (Nuggety News) and while it doesn't tell us much more than we already knew ..Mt Magnet /Hill50 mine under care and maintenance and Mon moving along with production ..I can see no reason for negativity here.

Any of you sage mining types have any clues to throw in the pot? 

Cheers


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## porkpie324 (10 January 2008)

MON has just had a share issue consolidation, at a 3-1 ratio, now ussually when this happens there's pressure to the downside on the share price. porkpie


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## Boyou (10 January 2008)

Thanks porkpie, I suppose that explains it then.Although I am not sure why it should be so...but then I am learning...

Perversely,Monarch was about the only stock in my portfolio to rise today...definitely a red day for me! I'm going to drown my sorrows in a bucket of shiraz..


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## porkpie324 (10 January 2008)

There is also the TSX listing to question, MON wants to raise funds in Canada to further exploration, whats not said is how this is to be done, if more shares are issued that will futher pressure the share price, thats why I did'nt back up the truck on my initial share purchase.porkpie


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## Miner (10 January 2008)

porkpie324 said:


> There is also the TSX listing to question, MON wants to raise funds in Canada to further exploration, whats not said is how this is to be done, if more shares are issued that will futher pressure the share price, thats why I did'nt back up the truck on my initial share purchase.porkpie




Common factor between MON and IRL- both are chaired by the same person . Both are having exciting projects. Both the metals copper and gold are roaring in the market. Both are heavily owned by Crawley Investment. Both sharess are sliding in the market. 
Is there some thing that they are not following the trend of Territory Iron ?
Who knows?

Regards


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## So_Cynical (11 January 2008)

There seems to be some differences with the producers and POG movements, some move 
and some dont...ive got them all on a watchlist.

MON is bunched in with alot of the small/new producers that also don't move much with POG.....TAM, VRE, RMS.

Theres only really 4 producers that *roughly* move with POG.

LGL, TRY, NEM, RSG


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## Lucky_Country (12 January 2008)

MON about too head into the realm of profitability.
10,000oz  per month costs of producing coming down too around $450 per oz
Gold now $900 US this all equates into some serious profit all of which will be spent on increasing production at its various hubs and increasing jorc resources.
Great fundamentals just taken a bit longer than all would have hoped.


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## 2BAD4U (12 January 2008)

Further to your post Lucky_Country, I got my "Nuggetty News" newsletter and read some good things in it.  For those who didn't:

- aiming for a 50% increase in production at Davyhurst over the next 3 months.
- expect to reach target of 10000 oz per month in the 1st QTR.
- high grade gold ore width double than expected.
- another 4 faces at Mt Ida project increasing production by 20% in early '08.

From a T/A point of veiw I like how the decline was reversed with 2 gaps up over the last 2 days. Let's hope we get some volume as we approach the 75c mark.


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## Lucky_Country (12 January 2008)

2BAD4U said:


> Further to your post Lucky_Country, I got my "Nuggetty News" newsletter and read some good things in it.  For those who didn't:
> 
> - aiming for a 50% increase in production at Davyhurst over the next 3 months.
> - expect to reach target of 10000 oz per month in the 1st QTR.
> ...



Some very good points there seems like MON has turned the corner I always thought they would come good just taken a bit longer than what we would all like.
Looking forward to seeing gold breach $1000 us oz and MON in full production from davyhurst.
Also keenly waiting on some exploration results another cople of million ounses would be nice


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## Lucky_Country (14 January 2008)

Gold on a march too $1000 us oz MON will get the recognition it deserves.
Davyhurst seems too be in full swing an producing well.
Mt Ida lode bearing structure twice the size of the anticipated lode.
Alls good just need too get production costs down but that wont be long now and hopefully see the sp reflect the ambition of this company and its assets.


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## Boyou (15 January 2008)

Good news out today .
Update on the Riverina project..seems to be driving the SP forward..that and POG hitting new highs. Up 7 as I write this.  An excerpt. 

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.


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## 2BAD4U (15 January 2008)

Interesting moves on MON today.  We had 25% of the volume traded in the first half hour pushing the price up 3.5c to 70c then in the last half hour we had 20% of the days volume traded pushing the price up another 3c from 72c - 75c. Tomorrow will be an interesting day to see if this move has momentum to break out.


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## Lucky_Country (15 January 2008)

The stars are aligning are we seeing a hint of blue sky?
All is falling inplace for MON after a frustrating period but I feel in 3 or 4 months this baby will be flying if not before.


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## jman2007 (19 January 2008)

Hi MON holders,

Kennas and myself currently discussing MON under the "Gold Stocks Information and Comparison" thread under "ASX Stock Chat" (Sorry should have posted a link for it).  

Feel free to contribute to the discussion, on what appears to be somewhat of an enigma company....

Cheers
jman


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## grace (30 January 2008)

Could someone have  a look at monarch today?  What happened.  I can see that it tanked, but why?  Will the qrtly be bad and someone offloaded beforehand?  Would appreciate your comments......


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## porkpie324 (31 January 2008)

Not sure what happened, but did the same last week,all on average volume more than likely just present market conditions, I don't think the quarterly is out yet. porkpie


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## Boyou (5 February 2008)

Time to ring the bell again for Monarch

SP up 8.3%..I guess due to more buying by Mr Kiernen and perhaps the Mt Magnet purchase finalisation.

Now if they can just meet their production targets ......


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## grace (5 February 2008)

Boyou said:


> Time to ring the bell again for Monarch
> 
> SP up 8.3%..I guess due to more buying by Mr Kiernen and perhaps the Mt Magnet purchase finalisation.
> 
> Now if they can just meet their production targets ......




Trading Halt......Some buying in to move the share price up before more capital raising perhaps?  They are short on money in the short-term.....I think there was mention of raising more capital in the qrtly unfortunately.


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## 2BAD4U (7 February 2008)

So was the trading halt for the announcement of becoming a substantial holder in AYR? If that was the case then why didn't AYR go into a trading halt also?

If so, I feel like a kid who got excited about an ice-cream, took one lick and the top fell off onto the ground.


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## 2BAD4U (7 February 2008)

All right a dog has come along and about to lick up my ice-cream......


Suspension from quotation pending an announcement, was the reason.  So what does / could it all mean?


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## Lucky_Country (7 February 2008)

Raising capital but how much do they want ?
Mt Magnet purchase maybe even a bit more too fast track production from there and refurbish the mill.


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## grace (7 February 2008)

Lucky_Country said:


> Raising capital but how much do they want ?
> Mt Magnet purchase maybe even a bit more too fast track production from there and refurbish the mill.




We'll know tomorrow I guess, but I heard a rumour that $35 million was being raised.  They need some short term funds!  I hope they don't keep going with the cash burn!


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## Lucky_Country (7 February 2008)

grace said:


> We'll know tomorrow I guess, but I heard a rumour that $35 million was being raised.  They need some short term funds!  I hope they don't keep going with the cash burn!




Doubt we will find out tommorrow as MON is suspended pending an announcement.
$35 million = 70 million shares ! at a placement of 50c obviously !
Just seem to be losing money on this one bigtime cant remember the last good news !


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## jman2007 (7 February 2008)

Been reading through this thread and I have some comments.

This appears to me to be a very high-risk enterprise.  I know everyone is very excited by the "vast" landholdings around Kalgooorlie, but exploration is ALL about risk, and increased land holdings can really eat into a companies budget.  

I don't know the exact details of their holdings, but their annual miniumum expenditure committments for exploration leases, rent to be paid to the pastoral holders, local shire etc but it sounds like the costs will be significant.  

Has anyone actually stopped to think about how they are going pay for the Harmony purchase? There is a fleeting mention in the market release talking about a $35M cap raising, but is this really the way to go?  And if Hill50 gets moth-balled for two years you can forget about that as a cash earner until 2010.

Not trying to be negative here, but these are relevant questions that need to be asked.

jman

Disclaimer: DNH


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## Lucky_Country (7 February 2008)

jman2007 said:


> Been reading through this thread and I have some comments.
> 
> This appears to me to be a very high-risk enterprise.  I know everyone is very excited by the "vast" landholdings around Kalgooorlie, but exploration is ALL about risk, and increased land holdings can really eat into a companies budget.
> 
> ...




MON is a cash burning machine for sure but is producing soon too be profitable (hopefully).
There surely must be some drilling results due soon have already released a few patchy results that look promising.
MT Magnet will become the centrepiece of their operations and debt and hedge free so you can make your own assumptions wether you think they will be a success early days but have a good buisness plan with great foundations.


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## jman2007 (9 February 2008)

I see MON have applied for an extension for their suspension from official quotation, could be for a number of reasons, one possibly resulting from difficulties in raising the necessary $35M, which wouldn't be a good sign.

If I held this I'd be keeping a close eye on the Davyhurst Mill, and in particular the cash costs per ounce.  I don't know enough about Keirnan's background to say whether I believe he is capable or not in turning MON into a success story. 

Sitting on the fence with this one at the very least, I'll be keeping an eye on them, but atm the Hill50 stand-down period still concerns me.

jman


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## juno123 (10 February 2008)

There seems to be a lot of speculation around that MON will never come out of suspension and will become like VRE.

I hope that doesn't happen as I have a lot of money invested in this company, but they appear to be playing games with shareholders and something just doesn't seem right.


----------



## grace (10 February 2008)

juno123 said:


> There seems to be a lot of speculation around that MON will never come out of suspension and will become like VRE.
> 
> I hope that doesn't happen as I have a lot of money invested in this company, but they appear to be playing games with shareholders and something just doesn't seem right.




MON have 5 million oz of gold, VRE have 896 000 oz from the last quarterly.  In the present climate, raising money will become harder and harder.  I hope this is their last!


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## juno123 (10 February 2008)

grace said:


> MON have 5 million oz of gold, VRE have 896 000 oz from the last quarterly.  In the present climate, raising money will become harder and harder.  I hope this is their last!




Grace,

Where does it say that Monarch has 5 million oz of gold and VRE only 896,000?

You don't work for Monarch do you?


----------



## jman2007 (10 February 2008)

grace said:


> MON have 5 million oz of gold, VRE have 896 000 oz from the last quarterly.  In the present climate, raising money will become harder and harder.  I hope this is their last!




Grace, I'm also taking issue with your post.

Even combining all the ounces from the various Resource categories and their Ore Reserves from the last MON Annual, I only get around half of your figure at roughly 2.6g/t.

Please explain where you get this figure of 5Moz from, as imo it is blatantly incorrect and misleading.

Thanks
jman


----------



## Lucky_Country (10 February 2008)

5 million oz is a combination of existing assets Davyhurst, Riverina, Minjar, Mt Ida, Bellveue and the purchase of Mt Magnet if they raise the funds which personally I think they will.
Hopefully that will be the last of their spending and will start too become profitable and self sufficient from Davyhurst.


----------



## grace (10 February 2008)

Gold Reserves as follows (including Mt Magnet purchase)

Mt Magnet  2 700 000
Davyhurst   1 500 000
Riverina         200 000
Mt Ida           143 000
Bellevue         120 000
Minjar            400 000
Total        5 063 000  oz
(manually added as I can't find my calculator)
Please advise if you don't agree!  I guess I should have qualified my statement with the purchase of Mt Magnet.  Sorry!


----------



## grace (10 February 2008)

Have a look at Michael Kiernan's presentation at the Sydney mining club this week (slide 8 is about Monarch, even though it is titled Territory Resources).
- expects to be cashflow positive mid march
- cost of production current $977/oz 
-  cost 2nd half $633/oz (aim of $600 longer term)
It is worth a listen.

http://www.sydneyminingclub.org/


----------



## 2BAD4U (10 February 2008)

grace said:


> ..I heard a rumour that $35 million was being raised....




No rumour, from their announcement 4/2/08 re: Mt Magnet purchase:

_“Despite capital and credit markets changing substantially in recent times, we are confident of raising
$35 million to complete the conditions precedents attached to the purchase process,” Mr Kiernan said._

I've gone back over all the announcements and annual report for the last 12 months and FWIW I still think the numbers stack up (for me), still looking long term on this one.


----------



## grace (10 February 2008)

grace said:


> Have a look at Michael Kiernan's presentation at the Sydney mining club this week (slide 8 is about Monarch, even though it is titled Territory Resources).
> - expects to be cashflow positive mid march
> - cost of production current $977/oz
> -  cost 2nd half $633/oz (aim of $600 longer term)
> ...




Estimated average cost 1st 6 months 08 is $677/oz (even though current $977).  Production at Davyhurst is now at full pace (per this presentation) so that is good!


----------



## Lucky_Country (10 February 2008)

Best yet too come imo and is not that far away.
What I am really looking forward too is some good drilling results when they come I dont know  but if they do a placement Im sure there would be some kind of payback for the cash generated.
If the money is raised that is also a positive for the company in this enviroment as money is hard too raise and only good prospects will get what they want.


----------



## jman2007 (10 February 2008)

grace said:


> Gold Reserves as follows (including Mt Magnet purchase)
> 
> Mt Magnet  2 700 000
> Davyhurst   1 500 000
> ...




Fair enough Grace,

The figures seem to balance out ok, I didn't realise you included a supposition that the global inventory included Mt Magnet resources, which imo is not a sure thing just yet.  Bear in mind Hill50 wont contribute to earnings for at least 2 years however.  

It is worded fairly unambiguously in the MON announcement that the $35M cap raising is to fund the Harmony aquisitions, I guess this week we will find out for sure, one way or the other.  Current costs of $977/oz are very steep, way above industry peers.  I suspect Davyhurst has had problems, but would need to talk to someone from the company to verify this obviously.

Thanks
jman


----------



## Miner (11 February 2008)

jman2007 said:


> Fair enough Grace,
> 
> The figures seem to balance out ok, I didn't realise you included a supposition that the global inventory included Mt Magnet resources, which imo is not a sure thing just yet.  Bear in mind Hill50 wont contribute to earnings for at least 2 years however.
> 
> ...




Dear JMan

Would you please do this forum a favour to relay what is the outcome of your discussion with MON company rep.


Regards


----------



## jman2007 (11 February 2008)

Miner said:


> Dear JMan
> 
> Would you please do this forum a favour to relay what is the outcome of your discussion with MON company rep.
> 
> ...




Yeah no worries,

I can do that, I'll try to get it done this week and share the news with the forum.

jman


----------



## jman2007 (14 February 2008)

Went along to the 2008 RIU Explorers Conference in Fremantle today.  Kiernan from MON gave a presentation this morning and I managed to get a copy of it.  Probably nothing of interest that investors didn't already know, it was purely from an operational and strategic viewpoint.  No-one asked about the status of the cap-raising, and with a public audience he wouldn't have been able to comment anyway.

I spoke to the CFO today about Davyhurst and he didn't really know much about the operational side.  He promised to get someone from the mine to call me back, but it hasn't happened yet.  I think he thought I was a broker.

MON have been in suspension from official quotation for a really long time now, I really do wonder how robust the financials for the Harmony purchase are atm.

Thoughts?

jman


----------



## Lucky_Country (14 February 2008)

MK has been busy over the last week speeches in Sydney, Dubia and Fremantle thats the hold up with the capital raising.
MON should be profitable very soon and once the capital raising is finished Im hoping for a flow of good news.


----------



## grace (14 February 2008)

Lucky_Country said:


> MK has been busy over the last week speeches in Sydney, Dubia and Fremantle thats the hold up with the capital raising.
> MON should be profitable very soon and once the capital raising is finished Im hoping for a flow of good news.




Yes, he must be suffering from jet lag by now.  Guess that was all to coincide with the capital raising wouldn't you think?  I would hope that one week would be sufficient.  Didn't he mention that capital raising has been underwritten in the past - one of his presentations?  Can anyone comment?


----------



## porkpie324 (14 February 2008)

I remember reading on a previous presentation that the Hong Kong based Noble Group underwrite capitol raisings and that MK was about meet with them, also I think that MON was planning to list on the TSX, porkpie


----------



## jman2007 (14 February 2008)

Ok,

Firstly I find the proposed notion that MK's speaking circuit obligations are holding up a $35M proposed cap rasing absolutely ridiculous.  

Secondly if MON are planning on listing on the TSX then they had better think again, because the TSX has absolutely gone to s$$t recently from what my associates who trade on it say (although I myself do not).  I also know investors who believe that MK is now in serious trouble with his financials for the Harmony purchase, if I was a creditor I would be asking him what kind of security he is prepared to put up..... and who is going to lend money for an operation like Hill50 that isn't even going to do anything for two years?!

I'm trying to add some balance to this thread. I have not known a company to stay in suspension for over a week, and deliver no news to the market.  Most companies will be chomping at the bit to deliver a flow of positive releases for their financials, but delay to the utmost any negative sentiment, so what is going on here?!...  

When I originally looked at MON I thought "great! over 500,000oz in resources and potential of 250,000+ p/a from 2010 onnwards".  Now I am so glad I took the time to research them.  Bottom line, imo the Harmony purchase is in serious trouble, but MK may be able to deal his way out of it.  I don't believe he is insolvent, as some people are saying he is, but imo he is under severe financial strain.

Tread very carefully with this one. And feel free to disagree if you wish.
jman

Disclaimer: Do not take my advice as financial advice, as I am merely expressing my opinion as to what I believe is relevant in this situation.  Always DYOR.


----------



## Lucky_Country (14 February 2008)

Feeling the strain for sure but the turning point could be coming soon with profitability at Davyhurst.
If he raises the capital required for Mt Magnet that would be a huge positive who would buy shares if the company was going broke ?
Plus MK has bought alot of shares recently so thats another positive imo.


----------



## 2BAD4U (15 February 2008)

Could someone explain how this works. 20 Million shares placed at 50c, when in the last 12 months (and allowing for the share consolidation) MON's share price reached 50c ONCE and when they went into their trading halt were 65c. 

More shares on issue and a lower price = less value for my holdings 

Miner, I think you're right about MK screwing shareholders over. All I can say is they better come good on their production promises for the next quarter.


----------



## porkpie324 (15 February 2008)

It's more than likely that MON being desperate for cash, thats the best deal MK could get for shareholders. porkpie


----------



## jman2007 (15 February 2008)

porkpie324 said:


> It's more than likely that MON being desperate for cash, thats the best deal MK could get for shareholders. porkpie




Porkpie,

I tend to agree with you.  This got absolutely smashed in the market today on the back of a curious and ill-timed announcement from MON.  If I was a holder I would be absolutely furious with this crap.

Firstly, to quote MK before MON goes into a trading halt on the 4th of Feb he clearly states "Despite financial and credit, markets changing substansially in recent times, we are confident of the raising the $35 million to complete the condition precedents attached to the purchase process". At this stage, he seems to think he can raise $35M like you pull a rabbit out of a hat.

Ok, so investors are led to believe imo anyway, that the suspension is due to give MON enough time to raise these funds for the Mt Magnet Purchase agreement. THEN TODAY, they come out and announce that they have raised $10M for ongoing development at Davyhurst!  C'mon, you have got to be kidding me. Essentially, what they seem to be saying is "Ok, we can't raise the $35M at the moment, and unless we give Davyhurst more money we will be in serious s%%t in less time than it takes to get mugged in Jo-berg".  And at $977/oz you can see how it could happen, real quick.

I will continue to monitor this, but imo, this is a real knife-edge situation MON are in now.

jman


----------



## Miner (15 February 2008)

2BAD4U said:


> Could someone explain how this works. 20 Million shares placed at 50c, when in the last 12 months (and allowing for the share consolidation) MON's share price reached 50c ONCE and when they went into their trading halt were 65c.
> 
> More shares on issue and a lower price = less value for my holdings
> 
> Miner, I think you're right about MK screwing shareholders over. All I can say is they better come good on their production promises for the next quarter.




Sorry mate 2BAD4U.
I did not get any joy either. However I sold both MON (60 cents just before the trading halt )   at much discounted value to stop loss.
I did the same for IRL - same MK factor. I am holdng the iRLO however - nothing could below 4 cents !!!

Regards


----------



## Lucky_Country (15 February 2008)

Cant see MON going broke just not making as much profit as we would like is the worst case scenario.
us$900 oz gives them a fair bit of play with production costs and gold set too rise even futher.
Exploration upside will drive the sp and increased production should enable a good cashflow.
TSX listing well MON will wait for some good figures before going ahead with the listing but hopefully not a long wait  !


----------



## grace (15 February 2008)

I for one am really cheesed off that there is more money to raise.  I see TTY got some more too (but their share price went up - totally different).
ouch....this one is starting to hurt.  I have a long way back up to breakeven.  Hope they start feeding some better news to the market!


----------



## jman2007 (15 February 2008)

grace said:


> I for one am really cheesed off that there is more money to raise.  I see TTY got some more too (but their share price went up - totally different).
> ouch....this one is starting to hurt.  I have a long way back up to breakeven.  Hope they start feeding some better news to the market!




Yeah a tough day at the office for MON holders Grace,

One of the senior Geos at work has done a lot of exploration around Davyhurst in the past, he says he remembers the rocks being harder than the hobs of hell, and the grades being frustratingly spotty.  Obviously MK thinks that they didn't grab all the resources that they could have however. Well, people know my opinion of this company by now, for my money, IGR are looking like the money shot in terms of gold plays though.

Good luck to MON holders

jman


----------



## 2BAD4U (16 February 2008)

Story in todays West Australian Newspaper that MK isn't happy with only being able to raise $10 mil and is now talking about a rights issue. 

Story Here


----------



## jman2007 (16 February 2008)

Well MON needs to ask itself "where do we go to from here?"

Pretty much everything I suspected that was going on this week came to pass yesterday with the announcement. By Wed I was highly suspicious, and was sure MK's cap raising was in trouble, and by Thurs the writing was on the wall.  The end result is that the institutional investors pretty much were able to screw MK over, but given MON's position, I think even he realised that he had to accept the discount price of 50c.  You can be sure that these negotiations were protracted and tense, would have loved to have been a fly on the wall...

This is MK's response in the WA this morning: "That it hasn't worked out....I am not disappointed (yeah right), I am just accepting the reality and that is I will have to raise more money in Toronto.  What I am disappointed at is the start-up with Monarch, it's four to six months behind where we should be (because of operational problems at davyhurst)."

The arrogance of this guy is breathtaking, having pretty much exhausted all avenues in Asutralia, he thinks he can jump on a plane to Toronto and simply raise another $50-60M on the TSX?? Give me a break, any Canadian investor will tell you what state the TSX is currently in.

What I don't get here is the decision to take on the Mt Magnet leases, why why why?? It seems to be that MON have got their long-term strategy wrong, and have spread their already thin financial resources even more, and dramatically increased their liabilities.  A far more prudent approach would have been to concentrate on Davyhurst and get 1-2 years of production under their belts.  They need to demonstrate to the market that they can turn Davyhurst into a viable and economic operation, and at the moment, there are more questions than answers I'm afraid.

It all hinges on Davyhurst, unless they can get their costs down then investors are going to continue to take a very dim view of MON imo.  Exploration success around davyhurst?...well the area has been pretty well picked over by previous companies, barring a Salt Creek scale discovery, I don't consider that sp movements are going to hinge on exploration success, they need to focus on the operational side for the time being.

jman


----------



## Lucky_Country (16 February 2008)

MON definately need too get Davyhurst up running and profitable before they think of anything else.
That being said that should not be too far away hopefully then they can reassure the market and get the sp up then worry about raising capital.
On top of getting Davyhurst profitable they also need to tell the market of exploration sucess with an increased jorc.
Still feel MK has got something up his sleeve and may not be far away from revealling it.


----------



## jman2007 (17 February 2008)

Lucky_Country said:


> MON definately need too get Davyhurst up running and profitable before they think of anything else.
> That being said that should not be too far away hopefully then they can reassure the market and get the sp up then worry about raising capital.
> On top of getting Davyhurst profitable they also need to tell the market of exploration sucess with an increased jorc.
> Still feel MK has got something up his sleeve and may not be far away from revealling it.




Well I hope for the shareholders sake that you are right Lucky_Country, whatever is going on at Davyhurst, whether it be grade, ore throughput or metallurgical issues they need to get a handle on it quickly. There is obviously great potential if MON can ramp up production, (albeit while keeping capex under control), as many companies would give their right arm for a milling facility.  I would just hate to see them dilute their efforts too soon, and too quickly.

If MK does indeed have anything up his sleeve, such as a cheque for $50M, now would be the time to use it!....

jman


----------



## grace (26 February 2008)

Well I followed the herd today and sold out.  Will continue to follow and expect to buy back in in perhaps 6 months time, when things are hopefully looking better, and all of that finance has been raised!


----------



## 2BAD4U (26 February 2008)

I know how you feel / think grace, I am on tender hooks with mon at the moment. Just waiting to see what comes over the next couple of weeks / months with the production plans.


----------



## trtkjd1 (26 February 2008)

Glad i got out of this one without being burnt. Have been following this one closely and it really does need some decent production figures to come thru, to turn it around. The pity is they only have the small Mt Ida deposit and Daveyhurst deposit with  good robust grades. On the plus side three mills but only enough proven reserves to feed one. Proceed with caution if you must.


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## Lucky_Country (26 February 2008)

Some good hits on riverina drilling and mining too start there soon.
Mt Ida has gold bearing load twice the size of the resource at the momment on different levels.
Can the next pit be any worse than whalla i dont think so'


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## 2BAD4U (27 February 2008)

Looking at today's announcement of TTY becoming a substantial holder, it was interesting to note that they aquired $2.8mil on 26/2/08 which would lead me to suspect it was part of the $10mil placement. A bit of robbing Peter to pay Paul in my eyes. Also alot of TTY buying has been since the suspension from trading.

My question, is TTY being used to prop up MON's price? Would of the share price tanked even more over the last month if not for TTY buying?


----------



## grace (27 February 2008)

2BAD4U said:


> Looking at today's announcement of TTY becoming a substantial holder, it was interesting to note that they aquired $2.8mil on 26/2/08 which would lead me to suspect it was part of the $10mil placement. A bit of robbing Peter to pay Paul in my eyes. Also alot of TTY buying has been since the suspension from trading.
> 
> My question, is TTY being used to prop up MON's price? Would of the share price tanked even more over the last month if not for TTY buying?




My opinion, TTY have propped up to no end.  They bought my shares I'm sure.  MK is being very unethical in my opinion, firstly borrowing from IRL, then using iron ore exploration money to hold the gold miner up.  

I had to quickly check MIN where he is non-executive chairman (and one of my favoured shares actually).  Luckily MD and other Directors hold the majority of shares there with MK owning very little and one should hope, little sway there.  All I can say is that it is very unethical for the second time.

I guess TTY holders have done me a favour - I would hate to think where the share price would be now if it was not for them!


----------



## Lucky_Country (27 February 2008)

Ever thought you may have done them a favour ?
MK know whats going on at MON sure he has propped up the sp but also may have increased his upside potential as he owns 30 % of TTY


----------



## prawn_86 (27 February 2008)

Yeh, as an IRL holder I was disappointed with the disclosure of the 'loan' that came from us.

I say either role them into one conglomerate, or operate them as separate entities.

MK is fast losing my respect.


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## refined silver (27 February 2008)

A lot of negativity on this thread. From a TA perspective there is a lot of long term support where we are now price wise - 45c, 42c, 39c, 37.5c are all very long term price supports. 

This was always a more leveraged play (especially recently). If it gets production right, and a bit of financing, then more gains to the upside than most other Aus gold producers, but leverage cuts both ways.....

Bottom line, spread your money around a bit, don't put it all in only a couple or very small number of stocks, and secondly patience is needed in IMO in every junior.

Lucky that gold has the wind at its back. Should help a little.


----------



## 2BAD4U (28 February 2008)

refined silver said:


> A lot of negativity on this thread. From a TA perspective there is a lot of long term support where we are now price wise - 45c, 42c, 39c, 37.5c are all very long term price supports.
> 
> This was always a more leveraged play (especially recently). If it gets production right, and a bit of financing, then more gains to the upside than most other Aus gold producers, but leverage cuts both ways.....
> 
> ...




Support at 45, 42, 39, 37.5?? There was support at 80, 70, 60 notice a pattern here?  The negativity here is about some of the decisions that seem to keep driving the price down, consolidation, one MK co propping up another MK co, capital raising, capital raising and a bit more capital raising. And there's still more to come. From a *TA point of view *(from a blind freddy point of view) this stock is in a down trend for the last 12 months because of these types of decisions.  Enough already, let's get some production (profits) happening.


----------



## refined silver (28 February 2008)

2BAD4U said:


> Support at 45, 42, 39, 37.5?? There was support at 80, 70, 60 notice a pattern here?  The negativity here is about some of the decisions that seem to keep driving the price down, consolidation, one MK co propping up another MK co, capital raising, capital raising and a bit more capital raising. And there's still more to come. From a *TA point of view *(from a blind freddy point of view) this stock is in a down trend for the last 12 months because of these types of decisions.  Enough already, let's get some production (profits) happening.




Support at 45, 42, 39c and 37.5c is much longer term support than the 60/70/80c levels were. 

A long term chart, shows that really MON has been in a sidewards chop for 5 years and is now at or very close to the bottom of that channel. 

Most people make no money on the markets because they follow the manic-depressive markets like a herd. When the price is up, everything is great and they keep buying at super elevated valuations. When the market swaps moods, most follow and sell out at bottoms.


----------



## 2BAD4U (28 February 2008)

refined silver said:


> Most people make no money on the markets because they follow the manic-depressive markets like a herd. When the price is up, everything is great and they keep buying at super elevated valuations. When the market swaps moods, most follow and sell out at bottoms.




I know how to suck eggs 

But seriously, I bought into MON when they purchased from Harmony last year as I thought this would be the turning point (and still believe it will turn out to be so) but it's these decisions that keep driving price down that are becoming frustrating.


----------



## refined silver (28 February 2008)

2BAD4U said:


> I know how to suck eggs
> 
> But seriously, I bought into MON when they purchased from Harmony last year as I thought this would be the turning point (and still believe it will turn out to be so) but it's these decisions that keep driving price down that are becoming frustrating.




Yeah, I know mate. I bought in very recently, still down nearly 30%. It helps to have other stocks doing well to give you patience with ones that aren't!


----------



## trtkjd1 (28 February 2008)

Hope for all who hold it does turn around , but its not the only gold stock going backwards , while the gold price is going foward. I,m holding navigator recourses(  NAV ) which a,not setting the world alight either.


----------



## jman2007 (5 March 2008)

trtkjd1 said:


> Hope for all who hold it does turn around , but its not the only gold stock going backwards , while the gold price is going foward. I,m holding navigator recourses(  NAV ) which a,not setting the world alight either.




Bit of a respite for long-suffering MON holders today,

Up by 8.5%, but chartwise still looking rather tenuous, nothing much further to add really.  The TTY propping-up was certainly rather cheeky, and I can certainly understand investors frustration with MK atm.

jman


----------



## grace (5 March 2008)

jman2007 said:


> Bit of a respite for long-suffering MON holders today,
> 
> Up by 8.5%, but chartwise still looking rather tenuous, nothing much further to add really.  The TTY propping-up was certainly rather cheeky, and I can certainly understand investors frustration with MK atm.
> 
> jman




You wonder how long TTY can continue to do this for....surely not until the next capital raising (or is that close to happening as we speak).  MK certainly will do anything it seems to make sure Monarch doesn't go under, so I guess in that respect, it is different to View Resources which had no cash cow to borrow from.


----------



## jman2007 (5 March 2008)

grace said:


> You wonder how long TTY can continue to do this for....surely not until the next capital raising (or is that close to happening as we speak).  MK certainly will do anything it seems to make sure Monarch doesn't go under, so I guess in that respect, it is different to View Resources which had no cash cow to borrow from.




Hi Grace,

It certainly seems like he is pulling out every trick in MK trick-bag, I certainly don't pretend to understand all the mysterious connections and so forth between his related companies, but yes, seems a little "unethical" as you say, and TTY holders would probably be none too impressed either.

Would be a very tense time to be a MON holder atm.  Did you completely sell out of this Grace? 

jman


----------



## grace (5 March 2008)

jman2007 said:


> Hi Grace,
> 
> It certainly seems like he is pulling out every trick in MK trick-bag, I certainly don't pretend to understand all the mysterious connections and so forth between his related companies, but yes, seems a little "unethical" as you say, and TTY holders would probably be none too impressed either.
> 
> ...




Yes, all gone at 45c.  Took a serious loss, but I didn't feel right about holding it any longer.  I see though that MK is trying to hold it up at 45c.  You know before prior cap raisings he bought in to prop up the price as well.  I think MK is manually trying to form a technical resistance at 45c odd.  Just my thoughts.
Will continue to follow and see how things go.


----------



## jman2007 (7 March 2008)

Testing out 40-41c, I think if this falls through 40c it would be a major blow. Still watching this space with some interest.

jman


----------



## 2BAD4U (12 March 2008)

After today's announcement, I have joined grace and got out of MON at 43c (-47%).

TTY continue to prop up MON and between 5/3 and 11/3 accounted for 71% of the total volume on top of the $2.8mil a couple of weeks ago. 

If I read the announcement right, on market purchases by TTY
5/3 - 601k - total volume 900k = 60%
6/3 - 399k - total volume 720k = 55%
7/3 - 169k - total volume 370k = 45%
10/3 - 312k - total volume 350k = 89%
6/3 - 914k - total volume 1000k = 91%

I don't feel comfortable with this.


----------



## jman2007 (4 May 2008)

Had a quick skim thru the MON quaterly...

Still looks to be a cash burning machine, MK is well and truly on thin ice here.  Only $630K left in the bank....is there a future for MON looking forward?... or will another one of MK's related companies come to the rescue here yet again? 

Any comments from holders of this?

jman


----------



## Miner (4 May 2008)

jman2007 said:


> Had a quick skim thru the MON quaterly...
> 
> Still looks to be a cash burning machine, MK is well and truly on thin ice here.  Only $630K left in the bank....is there a future for MON looking forward?... or will another one of MK's related companies come to the rescue here yet again?
> 
> ...




Jman 
Did you look into IRL and its cash position ?
Probably equally bad
I read MK criticised the production manager and team behemently for poor performance just before the AGM . It would have been nice to hear some self criticism as well.

MK has more number of bad eggs under his leadership than successes.

Next 6 months will probably reveal more - bad or good news about his consolidation of companies

Cheers


----------



## jman2007 (4 May 2008)

Miner said:


> Jman
> Did you look into IRL and its cash position ?
> Probably equally bad
> I read MK criticised the production manager and team behemently for poor performance just before the AGM . It would have been nice to hear some self criticism as well.
> ...




Hey Miner,

No, I knew that IRL was another of his projects, but I haven't really paid much attention to it tbh. 

In my humble opinion, they may have less than 6 months to turn MON around, or they turn their backs on Davyhurst and walk away from the whole thing. I can't see them being able to sustain their current performance from an operational point of view. Their gold pour during the last quater was a paltry 6749 oz!!... Which is actually less than the final 07 quater figure.

The thing about this style of mining is that it constantly places pressure on all facets of the business. The DH mill is sourcing feed from at least 5 different deposits, each presumably at different stages in their life cycle, and individually having fairly limited resources. There will be contsant pressure to secure more mill feed for DH through the development of addtional satellite deposits, which brings with it all the permitting and environmental legislative pressures. You never really get a break from it. Considering the number of variables, it only takes one to be slightly "out"...and this can have a massive impact on performance.

jman


----------



## YOUNG_TRADER (4 May 2008)

Hey Jman,

I haven't really looked into MON but take it from your posts the company is in a do or die situation atm?

Well after being badly burnt in VRE I would pass on the following points to watch out for

1. Does MON have debt? If so how much and when is it due?

2. Has the company hedged or forward sold gold? This can be really bad when they're failing to meet production targets, especially if the gold was hedged at prices lower than current spot levels. What can happen is the company failing to meet its forward obligations via production is forced to go into the Spot Mkt and buy gold at say $900/oz vs say hedge price of $700oz meaning they loose $200/oz for every hedged oz they have to supply from spot mkt


These 2 things are what I have found to be the usual suspects in Gold companies going broke


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## Miner (4 May 2008)

YOUNG_TRADER said:


> Hey Jman,
> 
> I haven't really looked into MON but take it from your posts the company is in a do or die situation atm?
> 
> ...





Dear YT

I dare to add anything to your post as you are very well informed and a positive contributor. However having worked in gold mines as well I would like to add few more things.

Management (maintenance, operation, metallurgical) is a significant contributor for a gold company going bad. In this instance MON decided to continue a moth ball plant even if gold was going very high.
Secondly nature of gold ore - I am not sure if the ore at MON is sulphide. In that case extraction will be very difficult and cost of production will be high. 

I am not accounting the grade of ore purposely. That is a part of initial Feas study to consider. With VRE it is something more than what appeared in media. Bronwinz (not sure of the spell now) used to be always a trouble, It had water inundation and high cost of production, A problem child when I was in Sons of GWALIA (now SBM) . VRE gone gone worse, Ironically people like Keith Nelson of Inside Traders and his unique charting system strongly recommended VRE to be a buy only two days before it collapsed.


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## refined silver (4 May 2008)

YOUNG_TRADER said:


> 2. Has the company hedged or forward sold gold?




It did have, but I understand all hedges have been closed out, and they are hedge free now.

Appreciate the comments from Miner, not my area, but very important.

I think they are very tight for cash, have only skimmed last weeks announcements, but gathered they had sold some assets which hopefully should free up cash.

They also recently changed their Mine manager and the press release sounded a bit too exuberant! The CEO claimed he was being re-united with a mine manager he had previously worked with so was very happy! The guy who was leaving had previously been manager at Beaconsfield Gold, when they were in all the news.

They need to get the mines profitable, they have good resources and properties, so to me, management is now the important factor.


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## YOUNG_TRADER (4 May 2008)

Hey guys,

My comments were of a very general nature only[/U. 

As I said I haven't really looked at MON closely

Those 2 items I put foward were what I found to be the most common cause of Gold Companies going bankrupt, I'm sure there are others and that grade is no doubt a vital factor,

Sure hope they can turn this around though, I hate seeing companies go broke


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## Lucky_Country (5 May 2008)

I think one of the most important things with MON is where is the goldprice heading ?
If it goes up too $2000 oz then they have nothing too worry about if it is on a downward slide then ther are some real concerns.
MK has made a rod for his own back with his bold production statements now the market has no confidence in him acheiving them.


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## Dukey (6 May 2008)

Have been having a squiz at the situation at MON since I hold TTY... 

MK's recent address at AGM sheds some light:

http://www.monarchgold.com.au/documents/677.pdf

- received almost $9M from rights issue (around 20M shares issued), with $4.5M more to come (for 10M more shares).

- Minjar project sold for $7.5M cash and $3.5M shares in group to be listed later in the year... (wonder if this 'group' is another MK deal ?)

- Discussing the possible sale of bellevue project.

- expecting to become 'cash neutral' during May with production of 7200 oz.

....  So - cash situation should be OK, and zero debt as far as I can work out. 
...maybe - just maybe - the long awaited turnaround is coming ...?    

- good luck to anyone still holding, or holding TTY like me.

-dukey.


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## prawn_86 (6 May 2008)

Dukey said:


> So - cash situation should be OK, and zero debt as far as I can work out.




MON were given a $7million loan from IRL, which was not disclosed.

I have no idea how much, if any, MON have repaid, however I am very cautious of the lack of disclosure from any MK company.

He is putting himself before the shareholders imo.


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## Dukey (6 May 2008)

prawn_86 said:


> MON were given a $7million loan from IRL, which was not disclosed.
> 
> I have no idea how much, if any, MON have repaid, however I am very cautious of the lack of disclosure from any MK company.
> 
> He is putting himself before the shareholders imo.




Interesting Prawn... MK's links & deals are certainly hard to keep up with.
... so how did you find out about this undisclosed loan?  ... could it have been part of the recent share placement?


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## prawn_86 (6 May 2008)

I used to hold IRL, but recently got out after being fed up wth managements total lack of care for disclosure.

I found it appaling that IRL would do a placement and then use $7mill of that placement to prop up MON. At the time that 7mill represented about 40% of IRLs market cap.

I found out through another holder, it was tucked away in the books somewhere, although it was stated as something like 'Financial asset' rather than directly referring to what it was and who the money had been loaned to. I then questioned IRLs MD about it and he confirmed it via email...


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## Dukey (6 May 2008)

Thanks prawn - I wouldn't have thought they could get away with hiding something like that these days... but then if no ones watching - who's to stop that kind of inside dealing going on??

Well - suffice to say I'll be out (of tty) soonish and avoiding this mob in the future!!   too much 'mystery' for me.


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## 2BAD4U (7 May 2008)

I got out of MON back in March but continue to watch them (curious to see if my analysis of them was right). My reasons for getting out were TTY were the only ones buying MON shares and this pattern seems to have continued. Look at all the announcements where TTY have increased their holding and compare the dates and volume. Without this support who knows where the price would be now.

I listened to a business address by MK a while ago and found him to be extremely arrogant. Personally I don't like his style and would not buy back into any of his companies. Thankfully I have made back the money I lost on these guys.

Good luck to everyone holding.


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## jman2007 (7 May 2008)

YOUNG_TRADER said:


> 1. Does MON have debt? If so how much and when is it due?




YT,

I think one of the problems here in determining their actual financial position is in the difficulty in tracing and understanding a lot of these transactions, and the manner in which they are disclosed.  Without some good old fashioned detective work from Prawn, most people would probably be unaware of the IRL "loan" (myself included):



prawn_86 said:


> MON were given a $7million loan from IRL, which was not disclosed. I have no idea how much, if any, MON have repaid, however I am very cautious of the lack of disclosure from any MK company.




Don't get me wrong, I find it very disturbing to see a company struggling this way, and I take absolutely no satisfaction from seeing people's investments dwindle away. I think everyone's comments so far have been honest and matter-of-fact.

If they actually managed to find a Salt Creek-style discovery or similar, this would have a have a huge impact on their production forecast. Their exploration results so far haven't exactly set the world on fire, as a lot of their ground has been worked over by many companies before them, and much of the easy-to-get high grade ore has been ripped out. A lot of the host rock is as hard as the hobs of hell too, lots of basalt in that area.

I haven't seen any shred of evidence that would make me touch this company with a fifty-foot barge pole.

jman


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## Rimtalay (10 May 2008)

I quote from Koutsoukis on www.hotcopper.com.au

Hi All,

See attached email I received from MK, important number is *1400 oz per week* which equates to 6,076oz/month compared to 2,569oz/month in 3/08 quarterly report. So production rampup is in process.


Thanks for email.
Riverina is happening according to schedule - no real delay.
Mt Ida is three or so months behind because of the previous owner's
management which we inherited and I should have shot them earlier than
we did. The mine has started stopping and will hit full production of
4,500 oz in June.
Mt Magnet Iron Ore - no as have them focusing on the gold currently.
Davyhurst last week poured 1400 oz 
Not planning to give month by month blow as my focus is on getting it to
break even and then profitable. I answer enough emails now and don't
want to spend my time emailing as everyone will have their points to
make.
MK


Email header attached for confirmation:

"Michael Kiernan" 
08/05/2008 07:36 PM 
To

cc
"Juliet Morrin" 
Subject
RE: Shareholder Query on Production


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## Boyou (10 May 2008)

Thanks for this posting. 
I am a holder of Monarch.Obviously I am alarmed at the current SP slide...but I am also patient . 
Interesting to read this paragraph 
 "Mt Ida is three or so months behind because of the previous owner's
management which we inherited and I should have shot them earlier than
we did. The mine has started stopping and will hit full production of
4,500 oz in June." 

I do beleive MK is the sort of CEO who would shoot.   What do you make of "started stopping"? Is it a misnomer? 

Patience and perserverence for all the faithfull!


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## Rimtalay (10 May 2008)

Hi Boyou,
Looks like MK doesn't spell stoping correctly, stoping is a mining method which creates an opening of large underground rooms, or stopes, by the excavation of ore. Stoping is practiced in underground mineral mining when the surrounding rock is strong enough to permit the drilling, blasting, and removal of ore without caving.
This is very good news for MON, and I think that they have turned the corner and we will see an improvement in the shareprice shortly.
MK bought another 100,000 MON shares recently.


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## grace (10 May 2008)

Isn't there one last fund raising to go of $10 million to finance Mt Magnet settlement due 30/06/08. 

Have this in my notes (sold out a little while back and have not been keeping up to date).  Please advise, thanks Grace.


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## Boyou (10 May 2008)

Gracious ,Rimtalay

The clarification is good knowledge for me.In regard to turning the corner..perhaps the road has a few more turns to make...I keep a weather eye on POG! As does MK.


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## roka (12 May 2008)

Interesting article in todays SMH:

Struggling to deliver
Unlike Integra, Monarch Gold's aim was always to get into production as soon as possible to build an ambitious 500,000 ounce a year producer under the leadership of the chairman Michael Kiernan, who made his name as a manganese miner. His strategy was to consolidate old, unloved assets and blend high-grade and low-grade ore to keep costs down to reasonable levels. 
But so far things have not panned out as planned, and it produced just 6500 ounces during the March quarter.

As Cairns notes, goldmines usually close for a reason, and while the gold price has risen, so have costs. Monarch hopes to keep its cash costs below $700 an ounce, which is on the higher end of the curve.

Monarch has borrowed millions of dollars from other companies in Kiernan's empire, such as Territory Resources and India Resources, and Territory has taken a 19 per cent stake in a failed attempt to shore up the goldminer's share price while it conducted capital raisings.

In the March quarter Monarch borrowed $15 million from Territory and had only $630,000 left in the bank before a rights issue last month. It also owes money to India Resources and was cash-flow negative to the tune of $15.5 million.

Kiernan acknowledged there was a "lack of confidence in the company" since it hadn't met its glowing forecasts. He said Monarch hoped to produce 7200 ounces this month to break even for the first time.

http://business.smh.com.au/digging-deep-for-golds-rich-rewards/20080511-2d12.html?page=2


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## jman2007 (16 June 2008)

Geez...MON is like watching a guy fall off a roof into a camp fire atm,

As of today MON announced that all open pit operations at Davyhurst are to be suspended due to continuing underperformance (unless future drilling delineates further resources).

The Mt Magnet purchase sounds like it's in a bit of s$$t as well, MON are claiming they still want to go ahead with the purchase, but are currently in "negotiation" with Harmony Gold Australia to try and defer the settlement for a period of time. Clearly feeling the penny pinch I feel.

I dunno about the rest of the ASF community, but is it time to close the doors on this thing and put everyone out of their misery?

jman


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## prawn_86 (16 June 2008)

MK has never been the most forthcoming with information.

I know i have been critical of him in the past, but he is providing no new reasons for me to change my views.

He seems to focused on his own credibility than the shareholders who theoretically employ him. Resting on past laurels or something to that affect imo.

will be interesting to see how it unfolds, with the TTY interest also.

I wonder what the rest of the boards he is involved with think. probably dont care cause they get paid no matter what


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## jman2007 (16 June 2008)

Yes,

I have also been fairly critical of MON throughout this thread, and the latest news is not that surprising in some ways.  I'm hoping that there aren't too many ASF members who have been caught holding this, hopefully people were able to draw the right conclusions about what was going on some time ago, despite the sometimes convoluted releases from MK.

jman


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## So_Cynical (16 June 2008)

MON has been on the nose for me since Mt Magnet, i just couldn't figure 
how/why the purchase made sense if they were just gona mothball it.

No sense at all.


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## Miner (16 June 2008)

Never mind

Incompetency of MK always pays and do not know why media harp around him. 

Very soon there should be a new school of managers comprising of Eddie, Enron Chairman and Directors, MK, Peter Lalor (ex Sons of Gwalia), Directors from Babcock and Centro group. The principal post should go to none but Mr Alan Bond. 

To complete the insult to justice the Audit of this new management school could   be looked after by ASIC corporate directors  as it is handy and they can  always turn  blind to look after the shareholders interest for whom the share market and businesses are run and bills paid for ASIC as well. 

Sorry folks but I have always been critical on Mr MK and his management wisdom (or incompetency)  with no care for shareholders. I wonder how his executive members earn so high that they start playing golf and buying million dollar mansions in posh areas in Perth soon joining the organisation. Who pays the bills - of course all of us buying the dud shares.


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## SM Junkie (17 June 2008)

Just to rub salt into the situation, it was reported on GWN news last night about the closure of Davyhurst, it would be a miracle if MON managed to pull themselves out of this one.


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## grace (17 June 2008)

SM Junkie said:


> Just to rub salt into the situation, it was reported on GWN news last night about the closure of Davyhurst, it would be a miracle if MON managed to pull themselves out of this one.




Poor old TTY's share price has been dragged down with it!  This is not fair on those holders IMO.  Glad I jumped out of this boat (lost 1/2 my capital, but could have been much much worse).  Not sure what MK will have up his sleeve now???


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## Miner (17 June 2008)

grace said:


> Poor old TTY's share price has been dragged down with it!  This is not fair on those holders IMO.  Glad I jumped out of this boat (lost 1/2 my capital, but could have been much much worse).  Not sure what MK will have up his sleeve now???




Even West Australian has published a long story on MON and so was ABC last night. 
I am guessing on trend of MK collapse story  will probably be IRL India Resources Ltd a copper production unit in India.

The SP has already plunged to 9 cents considering it listed at 40 cents immediately after IPO and had illuminaries like Crawley Investment (Chris Ellison of MIN), Andrew Forest and few others. Probably they have already sold their stocks and do not belong to top 20 share holders any more.


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## Miner (25 June 2008)

There is a saying of good unwritten code in shipping industry : when the ship sinks every one leaves but the last person to leave the ship is its captain.
Unfortunately corporate world does the exact opposite. When the ship sinks the first person is to get a jail free card is the captain : Director

Today ASX has published Our beloved MK has resigned from IRL (probably he has done enough to ruin IRL and MON and shareholders' money)

Please see the attachment


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## Lucky_Country (25 June 2008)

Looks to me like MON can be saved but will take all of MKs focus.
Maybe has been told we will back you but it must be your only company that you deal with.
Soon see what MK has to say.


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## SM Junkie (25 June 2008)

> Our beloved MK has resigned from IRL




And from TTY it seems.  It will be interesting to see what happens from here?  Has MON still got a future? I guess time will tell.  Certaining hanging by a thread.


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## jman2007 (30 June 2008)

Interesting 

I see TTY have cut off all future sources of funding for MON, and have also appointed a reciever for one of MON's assets. I imagine they will be feeling distinctly uncomfortable about their $18m investment now... 

Meanwhile MK has made "mild" threats that unless MON can get $4m quickly to see themselves through the next 4 months, he could call in the administrators, and leave TTY high and dry. Hard position for TTY really, should they call MK's bluff?... they need to stand up to him, but at the same time don't want to walk away from their investment.

I am surprised that MON can remain in suspension for so long, is it possible they would be insolvent at this point? Otherwise it hardly seems ethical to have your stock suspended, just to prevent traders exiting this in a panic, and then potentially have your company's book value based on the last traded price?

Comments guys??

jman


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## Lucky_Country (30 June 2008)

Newspaper reports in the West Australian  MON will become Mt Magnet Gold thats if MK has got funding sorted.


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## 2BAD4U (10 July 2008)

"Appointment of Voluntary Administrator" - that's todays announcement. Not good for all those still holding. Glad I got out when I did and I will never touch an MK company again.


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## shanep753 (10 July 2008)

Yeah 2BAD4U i got caught holding mon.I to will be avoiding any mk company as well.I think i will only hold bigger gold stocks as i got caught by sgw sometime ago


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## grace (10 July 2008)

2BAD4U said:


> "Appointment of Voluntary Administrator" - that's todays announcement. Not good for all those still holding. Glad I got out when I did and I will never touch an MK company again.




Glad I missed that too.  TTY's share price won't be holding up too well either over the next few days!  $20 mill investment isn't it?  Not sure if that includes the loans, or just the share investment.


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## refined silver (11 July 2008)

Hmmm! My first stock into admin out of 60+ long term holds over the years. 

Only had a small parcel and I knew it was tight, and hightly leveraged. I didn't know though that MK had previously failed also. My own fault, not thorough enough DD.


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## boundless (30 January 2009)

Does anyone think this has a chance of rising from the ashes?

Any comments are welcomed.

Cheers


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## SM Junkie (30 January 2009)

Only if you believe in Miracles.  But at least we have had no letters from the administrator YET.  So I'll take it as no news is good news.


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## boundless (30 January 2009)

Here is a copy of the latest Administrations report. What do you make of it?

http://stocknessmonster.com/news-item?S=MON&E=ASX&N=436687


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## oldblue (31 January 2009)

A very verbose way of saying that we really have very little to report at this stage, other than that someone may be interested at some future time.
Patience is required.

Disc: Not holding.


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## boundless (31 January 2009)

oldblue said:


> A very verbose way of saying that we really have very little to report at this stage, other than that someone may be interested at some future time.
> Patience is required.
> 
> Disc: Not holding.




Do you think Kiernan may try and buy it and relist?

This was his baby - he may try and reinvent himself


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## oldblue (31 January 2009)

Not in this market.

I doubt whether MK has sufficient credibility to try again for some time. Remember, he had other "babies" as well as MON!


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## jman2007 (5 February 2009)

oldblue said:


> Not in this market.
> 
> I doubt whether MK has sufficient credibility to try again for some time. Remember, he had other "babies" as well as MON!




Interesting to see this old chestnut rear its head again 

MK might have been able to make a first of things had MON been able to hold out for the $/oz prices we are seeing 2day (were they forward hedged?...), some mutterings around that he wants to regain control of the company, but who really knows? Yes this is just one of his babies in the intensive care ward, last time checked out IRL that one was almost on life support.

jman


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## onetrack (27 February 2009)

A private individual with extensive mining contracting knowledge has engineered a deal to purchase the Minjar assets as a complete concern. This individual is known to me, and knows value when he sees it, and has the equipment and knowledge to run Minjar at a profit. He has gone into this with some partners, and beaten MK to any deal with the liquidators. 

MK is trying score any of these gold assets up for grabs, at rock bottom prices (knowing full well that gold and gold mining companies will shine this year). MK thought he could offer bugger-all for most of MON's better assets, and score them, to his benefit. It hasn't happened, and won't happen. 

The liquidators have done a deal to sell Minjar at a very good price (more than the proposed sale price last year) - but it comes at a cost - payment over an extended period. 

The buyer of Minjar is no fool, knowing that the liquidators are seeking the maximum return to MON shareholders and creditors - so the buyer offered a good price, with the extended payment proviso. He knows he can cover the payments from future production - at a gold price that is running at nearly double what it was a year ago - and turn him a tidy profit with his low overheads (read - no West Perth office and BMW's or Mercs). The liquidators are happy - they can report a better sale price than expected - and they are in the job for longer.

MON is dead in the water - shareholders and creditors will get a minimal return - but better than nothing, I guess - and this is a timely warning to share investors not to place your money into companies that are led by people who have little or no interest in making sure that you get it back, with benefits. 

The CEO and upper management are the ones who get the benefits - 1st class travel, luxury offices, expense accounts, prestige brand cars, etc etc, ad infinitum. They can nearly always bank on another media roadshow to suck more money in from new shareholders when the biscuit tin gets low.

MON was a typical, top-heavy, debt-laden operation - with a couple of good mines that couldn't support the overheads, and couldn't support the rest of the clapped-out mines owned by MON. 
Be very aware, that many of these old mines have had the guts ripped out of them in the 80's and 90's, and if a company comes out and trumpets it's going to make zillions reviving old mines - start running. 
Old mines are high overhead, low profit margin operations - often with less reserves than stated - and often come with costly hangovers from previous operations/poor management.

If the company can't produce good figures and action, showing new exploration and solid drilling results, and good cashflow - you might as well go and blow your dough on the pokies at Burswood. It will just have the same result, but much quicker, and with less worry. 

I have no doubt the liquidators will be back soon with more reports of MON asset sales - but a lot of MON's assets won't bring much - because they aren't worth much. Minjar was one of the few assets that could have put MON on its feet, in another day, and another time, and with different management - but it's effectively amongst the "also-rans", from here on in - and if it's ever revived, it will only be the company shell that is revived.


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## onetrack (14 March 2009)

M.K. didn't get his cheap gold show - but at least he stands to - maybe - get some of Territory Resources lost $$'s back, out of the MON wreckage ..... W.A. Business News report ......

Monarch's Minjar set to be sold for $13m
13-March-09 by Rebecca Lawson

Perth businessman Robert Nash, through his company Golden Stallion Resources, is set to buy the Minjar gold asset from collapsed company Monarch Gold Mining for some $13 million. 

A spokesperson for Monarch administrators, Pitcher Partners, said a share sale agreement has been executed with both parties currently working through the conditions attached to the deal. 

Final approval of the sale agreement rests with creditors with a meeting scheduled for Monday. 

The spokesperson would not confirm the exact sale amount but said it was more or less around the $13 million mark. 

She added that confidentiality clauses prevented her from revealing the nature of the share sale agreement. 

Monarch, which went into administration in July last year, had signed a heads of agreement to sell Minjar to Aard Metals and Energy for $11 million however that deal fell through.

Additionally, the spokesperson said the administrators have received several indicative offers for the sale of other Monarch's assets and or the restructure and recapitalisation of the company. 

She said Pitcher Partners have shortlisted a number of parties that will now conduct further detailed due diligence and visit the sites. The due diligence period is set to end on March 27.


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## YOUNG_TRADER (17 March 2009)

jman2007 said:


> Interesting to see this old chestnut rear its head again
> 
> MK might have been able to make a first of things had MON been able to hold out for the $/oz prices we are seeing 2day (were they forward hedged?...),
> jman




Hey Jman, amazing isn't it to consider where alot of these failed goldies would be in the current AUD gold price environment, MON VRE CRS to name a few


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