Monroe Minerals applies for diamond mining license in SA

Monroe Minerals Inc. Canada-based Mining Company announced that it has applied to the South African Department of Minerals and Energy in South Africa for a full mining license for the London Project in that country�s Northwest Province on January 16,2006.
The completion of long-term feasibility test was meant to simulate full production conditions at the London diamond property which generated gross revenue of more than $3 million (U.S.).

The results of the study during 2004 and 2005 were: 1,025,000 metric tons of gravel processed; 7,842 carats of rough diamonds recovered, for a production grade of 0.8 carats per 100 tons; average diamond value per carat, $403.

Monroe CEO and President Derek Moran said, "This application concludes our feasibility study and is Monroes first under the new Minerals Act. We anticipate a positive response from the department, but, until the license is granted, the regulations require that we suspend operations at the London Mine. Although processing during the test exceeded 50,000 tons per month, we project a monthly average of 35,000 tons during the first few years under a full mining license. The market remains buoyant and we anticipate selling in the local market, where we have achieved international prices throughout the feasibility test."

Monroe is focused on kimberlite exploration in southern Africa, where its management team has wide experience. Its strategy is to advance southern African diamond projects to profitable long-term production. Monroes shares trade on the Toronto Stock Exchange�s Venture Exchange under the symbol MMX.