Monarch loses another director

Monarch Gold Mining Company Ltd has lost its third director since it was placed into voluntary administration in July with John Davis stepping down today.

Mr Davis, who once held the managing director position, follows in the steps of David Humann and Philip Botsis.

Monarch was placed in administration in early July despite previously outlining a $25 million rescue package.

Monarch's woes were triggered when it was forced to suspend operations in June at its Davyhurst gold mine due to continued underpeformance.