Monarch raised A$10 million. The placement consisted of 20 million shares. Funds will be used for increasing production at the Davyhurst project and commencing mining at the Riverina prospect.
Reported drill results. At Iguana deposit, highlights included hole IGRC004, 6 metres at 48.51 g/t Au from 33 metres and in hole IGRC003, 2 metres at 10.24 g/t Au from 42 metres and 3 metres at 19.86 g/t Au from 52 metres. At Mt Banjo and Macedon prospects, hole RDEC102 intersected 4m @ 2.55g/t Au from 36m.
June 30, 2007
Reported RC drilling. Highlights include:
at Federal Flag (9m @ 3.47 g/t Au, 11m @ 2.28 g/t Au, 15m @ 2.21 g/t Au) and Walhalla ( 26m @ 1.31 g/t Au, 5m @ 10.51 g/t Au, 3m @ 8.12 g/t Au). Also, at the Walhalla North prospect, (6m @ 19.21 g/t Au, 5m @ 6.11 g/t Au) and Macedon to Mt Banjo prospects (6m @ 2.85 g/t Au, 3m @ 27.86 g/t Au, 10m @ 1.89 g/t Au).
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