Production cash cost of $1,338 (US $1,052) per ounce at the Beaufor Mine is 31% lower than in the prior quarter under the previous owner
Montreal, Quebec, Canada, March 1, 2018 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX.V:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7)is pleased to report its results for the second quarter ended December 31, 2017. All amounts are in Canadian dollars unless otherwise indicated.
“Monarques was truly successful in its first quarter as a gold producer,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “I am proud of the results achieved by the entire Monarques team, which allowed us to surpass our production cost targets. We also managed to generate a positive EBITDA for the quarter.”
“In addition, 2018 will be a very active year for Monarques on the exploration side. We have allocated significant amounts to increasing the reserve at the Beaufor Mine and extending the mine’s life, as well as increasing the resource at the Croinor Gold deposit, which continues to develop in line with our expectations. The results of the latest drilling programs on Beaufor and Croinor Gold show that those deposits have excellent exploration potential. We have also undertaken 43101 resource estimates for the McKenzie Break and Swanson properties and are currently planning our development strategy for the Wasamac gold deposit,” Mr. Lacoste concluded.
Financial results summary
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, Eng., the Corporation’s qualified person under National Instrument 43101.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corp (TSX.V:MQR) is an emerging gold producer 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 Beaufor Mine, the Croinor Gold (see video), Wasamac, McKenzie Break and Swanson advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill. Monarques enjoys a strong financial position and has more than 150 skilled employees who oversee its operating, development and exploration activities.
The Corporation has provided measures prepared in accordance with IFRS as well as certain non-IFRS measures of financial performance in this press release. Non-IFRS measures of performance do not have a standard meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Corporation provides these non-IFRS measures of financial performance because investors sometimes use them to measure financial performance. As a result, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures of financial performance have been reconciled against the IFRS measures presented in the management discussion and analysis (refer to the section “Selected Quarterly Financial Information” for the description and reconciliation of these non-IFRS measures).
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarques’ actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.