CAMPBELL, CALIFORNIA -- (Marketwired) -- 08/30/13 -- Monarchy Resources, Inc., (OTCBB: MONK)
The Company is pleased to provide an update on its interest in its three working mines; Morelos, La Luna, and Peneto. The Company is a 45% shareholder in New World Metals, the owner of these three mines located in Chihuahua, Mexico.
New World has informed the Company that the La Luna Mine has been pumped free of water to the lower levels, and the shaft has been lowered an additional 7 meters. Most recent assays at these levels show 1.5 grams of Gold and 600 grams of Silver. The La Luna mine is 30 hectares and has gold and silver as its main minerals with assays averaging 2.5 grams of gold and 600 grams of silver per ton. Currently there is a stockpile of 3000 tons of ore ready to process. Production is currently 25 tons per day. The La Luna mine has just over 300,000 tons of indicated resources and an additional 413,480 tons of inferred resources.
Major repairs and upgrades have been carried out to the mining structure at the Morelos Mine. Current assays at this new level show 1 gram of Gold and 200 grams of Silver. The Morelos mine is 21 hectares and has gold and silver as its main minerals with assays averaging 2 grams of gold and 600 grams of silver per ton. Currently there is a stockpile of 4,500 tons of ore ready to process. Production is currently 30 tons per day. The Morelos mine has over 1,000,000 tons of proven and probable resources and an additional 550,000 tons of inferred resources.
At the Peneto Mine, the shaft was deepened an additional 8 meters, and assays have been ordered on these recent samples. The Peneto mine has gold and silver as its main minerals with assays averaging 11 grams of gold and 170 grams of silver per ton. Currently there is a stockpile of 500 tons of ore ready to process. Production will start at 15 to 20 tons a day. The Peneto mine has 160,000 tons of indicated resources and an additional 138,000 tons of inferred resources.
About Monarchy Resources
Monarchy Resources ("Monarchy") engages in a variety of investments in historically significant, mining claims and mining real estate world-wide with mineral reserves primarily consisting of precious metals. Monarchy Resources takes a minority, non-operated position in precious metal mining projects. We combine experienced management, low overhead and capital towards promising strategic acquisitions. We allow operators to remain focused on their operated interests and in return Monarchy receives revenue share of the profits from such participation. Monarchy's non-operated position continues to gain momentum as Monarchy partners with more operators and land professionals.
About New World Metals
New World Metals Corporation ("NWM") is a mineral development, ore processing and refining company focusing on expanding its production of gold and silver in Chihuahua, Mexico. NWM has two operational mines currently producing 200 tons per day. As of 2013 the company is in the process of acquiring an equal share percentage on a 250-ton per day processing plant. They will expand their mine production to 360 ton-per-day within two years.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.
Monarchy Resources, Inc.
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