Montreal, Quebec, Canada, July 31, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report its production and corporate highlights for the fourth quarter ended June 30, 2019. Amounts are in Canadian dollars unless otherwise indicated.
“This was a solid quarter in terms of performance, especially given that we operated with approximately one-third the workforce we had last year,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “This quarter also marks the suspension of our production activities at the Beaufor mine during the quarter, as of June 27, 2019, and at the Camflo mill on July 10, 2019. Given the current gold environment, our team is focusing on identifying new exploration targets at the Beaufor mine and preparing a drilling program on the most promising targets, while Camflo is currently undergoing maintenance work that should take place over a 90-day period.”
“Despite the fact that we have suspended our production activities, Monarch is in an excellent position to benefit from the current upward trend in gold prices. The Corporation has a large portfolio of high-quality mining assets that include two mills, six advanced gold projects with total measured and indicated resources of more than 3.1 million ounces of gold (see table at the end of this press release), a 14.2% interest in Unigold (TSXV: UGD), as well as a strong financial position. Our goal in the coming quarters will be to develop our flagship Wasamac project, which has an annual production potential of 142,000 ounces of gold over 11 years (see press release dated December 3, 2018), and to increase the value of our assets through partnerships and other transactions.”
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the Corporation’s qualified person under National Instrument 43101.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns close to 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Croinor Gold (see video), McKenzie Break, Beaufor and Swanson advanced projects and the Camflo and Beacon mills, as well as other promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX accepts responsibility for the adequacy or accuracy of this press release.