20/12/2005 - 13:50

Monarch declares Siberia offer unconditional

20/12/2005 - 13:50

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Michael Kiernan's Monarch Resources Ltd has declared its takeover offer for Andrew Forrest's Siberia Mining Corporation Ltd unconditional after increasing its interest in the exploration company.

Monarch declares Siberia offer unconditional

Michael Kiernan's Monarch Resources Ltd has declared its takeover offer for Andrew Forrest's Siberia Mining Corporation Ltd unconditional after increasing its interest in the exploration company.

Monarch has increased its interests in Siberia shares to 60 per cent, listed options to 57 per cent and unlisted options to 100 per cent.

The takeover offer is scheduled to close at 5pm on 10 January 2006.

Monarch's chairman Michael Kiernan said there had been a strong flow of acceptances from Siberia shareholders and optionholders following lodgement of Monarch's Bidder's Statement and Siberia's Target's Statement recommending the offer on 2 December 2005.

"We are very pleased with the response to date and look forward to successfully concluding the offer and completing the merger early in 2006, establishing a significant new Australian gold company," Mr Kiernan said.

"The transaction will be completed at a very positive time for the gold industry, with gold prices recently
attaining 25-year highs and a very strong outlook into 2006," he said. "The expanded Monarch will be
very well placed to pursue both the development of its own assets and other opportunities in the
Australian and international gold sector."

The merger will consolidate ownership of the gold exploration and development assets assembled by
Monarch and Siberia in the Davyhurst, Siberia and Lady Ida gold belts north-west of Kalgoorlie.
Following completion of the offer, Monarch will have a combined resource base of over 2 million ounces,
a centrally located gold treatment facility and extensive regional exploration portfolio. The strategic
objective is to commence intensive regional exploration as soon as possible targeting 3-5 years of
mineable gold reserves prior to starting production.

The offer is still subject to certain prescribed conditions set out in section 652C(2) of the Corporations Act 2001.

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