MONARCH GOLD MINING COMPANY LIMITED (MON)

name changed to Swan Gold Mining Limited

advises it is completing funding and documentation arrangements for the $15m recapitalisation of Monarch Gold with formal settlement to occur later this week. Settlement date for the transaction is set for 26th February 2010 and on completion Stirling will own and control 35% of Swan Gold Mining Limited (the renamed Monarch Gold company)

completion of the Recapitalisation Deed ("Completion") did not occur on Friday, 5 February 2010 as previously expected - Stirling has advised that it still intends to re-list Monarch as Swan Gold Mining (ASX:SWA) as soon as practicable after Completion

administrator advises that completion of the Recapitalisation Deed ("Completion") has been deferred from 31 January 2010 and is now expected to occur on 5 February 2010 - the first dividend to unsecured creditors from the Monarch Group Trust and Mt Ida Trust has been declared to be paid on 9 February 2010. I note that payment of the first dividend to the Territory Trust was previously paid by Stirling directly to Territory Resources Limited on 27 November 2009

regarding the Recapitalisation Deed between Monarch and Stirling Resources Limited ("Stirling"). Stirling has advised it has experienced significant delay in its fund raising for the recapitalisation of the Monarch Group resulting from the Australian Securities and Investment Commission's ("ASIC") request for additional information to supplement Stirling's original Prospectus dated 13 October 2009. Stirling has advised that due to the delay and difficulties in seeking clarity on ASIC's requirements, Stirling is unable to complete the Recapitalisation Deed ("Completion") as anticipated on 31 December 2009. In this regard, Stirling has requested a further extension to Completion to on or before 31 January 2010

administrators advise that Monarch has sought and received permission from the Australian Securities Exchange ("ASX") to extend its waiver of ASX Listing Rule 14.7 from 30 November 2009 to 31 January 2010. The waiver enables the Company to proceed with the issue of shares on the same terms as previously approved by shareholders once the recapitalisation is completed as expected on 31 December 2009

India Resources Limited (IRL) is pleased to advise that it has received the first instalment of $602,966 with respect to the debt that it is owed by Monarch Gold Mining Company Limited (Subject to Deed of Company Arrangement)

administrators advise that completion of the Recapitalisation Deed ("Completion") has been deferred from the anticipated conclusion date of 30 September 2009 - completion is now expected to occur in mid November 2009 - it is anticipated that the Company will still re-list under its new name, Swan Gold Mining Limited (ASX:SWA) in due course

Stirling Resources Limited (ASX: SRE), has welcomed the approval by Monarch Gold Mining shareholders for Stirling's proposal to recapitalise and recommence its operations - Stirling reached agreement with Administrators Pitcher Partners to inject funds into Monarch to recommence operations at the Carnegie and Mt Ida gold projects in the WA Goldfields

at a meeting of shareholders held on 10 September 2009 all resolutions as detailed in the Notice of General Meeting, and which facilitate the recapitalisation of the Company in accordance with the terms of the Recapitalisation Deed executed between the Company and Stirling Resources Limited on 23 June 2009, were approved - it is now anticipated the recapitalisation will be completed on 30 September 2009 at which time the Company will be renamed Swan Gold Mining Limited (ASX code: SWA) It is intended that the Company will be relisted by the end of the year

the Shareholders' meeting will be held at 10.30 am on Thursday 10 September 2009 and not on 8 September 2009 as per the Explanatory Memorandum

administrators report that the proposed Recapitalisation Deed with Stirling Resources Limited (ACN 009 659 054) and Stirling Gold Pty Ltd (ACN 134 037 513) (collectively "Stirling") was approved by the creditors of each of the companies in the Monarch Group at meetings held on 30 June 2009 - the Recapitalisation Deed will see a cash injection of approximately $15M invested into the Monarch Group if shareholders approve the transaction - Stirling expects to be in a position to recommence operations at both the Mt Ida and Davyhurst operations within 12 months and has commissioned independent expert advice which indicates these operations will be profitable and cash flow positive at current gold prices - it is anticipated a shareholders' meeting will be convened in early to mid September 2009 to consider the proposed share restructure under the Recapitalisation Deed

administrator reports the Company has executed a Recapitalisation Deed with Stirling Resources Limited (ACN 009 659 054) and Stirling Gold Pty Ltd (ACN 134 037 513) (collectively "Stirling") which will see fresh funds invested into the Monarch Group

administrator reports that the period for submission of final offers closed on Friday 3 April 2009 and he is currently analysing and conducting further enquiries in relation to the final proposals received and will be formally documenting the preferred offer(s) in the next phase of the sale process over the next few weeks

settlement of the Share Sale Agreement with Golden Stallion Resources Pty Ltd occurs and the Minjar Deed of Company Arrangement is fully effectuated

the Deed Administrator reports that the sale process has progressed significantly and expects finalisation by 1 May 2009

a Share Sale Agreement is executed with Golden Stallion Resources Pty Ltd for the sale of Monarch's shares in Minjar Gold Pty Ltd

there have been further staff losses and non- integral leases have been disclaimed - the various mining operations within the Monarch Group remain on a care and maintenance program to preserve the plant and equipment and to facilitate an easy transition for purchasers with an option to recommence production soon after the completion of any acquisition (to date the Deed Administrators have received over 140 expressions of interest)

deed administrators advise that all shareholdings are now issuer sponsored

at the third meeting of creditors today, creditors resolved to allow additional time in which to complete the sale process to no later than 30 June 2009

the Administrators have been conducting an extensive advertising campaign in respect of Monarch's assets - to date over 80 expressions of interest have been received. It is expected these will be narrowed down to several serious bidders following the release of information memorandums in respect of each of the Monarch Group projects, in the coming weeks

the Administrators advise that shareholders may transfer shares offmarket - if you are wishing to crystallise your capital loss now, please contact us at admin@delisted.com.au, otherwise we recommend you wait until towards the end of the current financial year when the way forward should be clearer

a Deed of Company Arrangement ("DOCA") is executed

creditors resolved that Monarch enter into a Deed of Company Arrangement

administrators advise shareholders that it is too early to predict the likely outcome and to refrain from contacting them

India Resources Limited provides an update in relation to issues relating to Monarch Gold Mining Company Limited (ASX: MON) ("Monarch") and outstanding loans to that company and a more detailed statement regarding India Resources Limited (ASX: IRL) ("Company") actual status and forward business activities

company appoints Bryan Kevin Hughes and Christopher John Munday of Pitcher Partners as Voluntary Administrators under section 436A of the Corporations Act to the parent company Monarch Gold Mining Company Limited and each of its subsidiaries

company announces a clear go forward funding package has been put in place to underpin the operations of the Mount Ida and Mount Magnet gold projects

the securities of the company will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company

shares reinstated to quotation following release of an announcement regarding a capital placement

shares suspended from quotation pending release of an announcement regarding a capital raising

we understand that on or about this date the company consolidated its shares 1 for 3

shares reinstated to quotation

shares suspended from quotation pending release of an announcement regarding a capital raising

name changed from Monarch Resources Limited