MANILA, Philippines, June 25, 2013 /PRNewswire/ – Monarchy Resources, Inc., (MONK.OB) today announced that the company’s portfolio will expand as New World Metals make plans to bring Peneto Mine into production.
In a release New World Metals announced plans to increase its production with a third property the Peneto Mine in Santa Barbara, Chihuahua.
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.
New World Metals currently has stockpiled 5,300 tons of ore rich in gold and silver that is ready to be processed from the Morelos, La Luna and the Peneto mines.
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.