MON Monto

    Managed wind down
             



Monto Minerals: managed wind down

Administrators of Monto Minerals Ltd (MOO), PricewaterhouseCoopers
partners Ian Hall and
David McEvoy have announced a managed wind down of the company's
mining operations
from Thursday 4 September 2008.

Deliveries of existing stockpiles are continuing and a skeleton staff
is being retained for care
and maintenance of the mining site and processing plants at Goondicum
and Dakiel, located
near the central Queensland town of Monto.

PricewaterhouseCoopers partner Ian Hall says, "It is in the best
interests of the employees
and creditors that we begin a managed wind down while we seek
expressions of interest for
the acquisition of the mining leases, plant and equipment and
corporate shell."

"An information memorandum is currently being prepared that will
specify what assets will beoffered and we expect strong interest in
Monto Minerals' assets either through an outright saleor Deed of
Company Arrangement proposal."

The finalisation and payment of employee entitlements for workers who
have been stood
down will be a focus for the administrators.

PricewaterhouseCoopers partners Ian Hall and David McEvoy were
appointed Administrators
of Monto Minerals LTD (MOO) on 29 August 2008.

Enquiries:
Richard Hall, PricewaterhouseCoopers - +61 7 3257 5405
Richard Brown, Ambrian Partners Limited - +44 (0) 20 7634 4700

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