Monarch Gold Reports Its Results For The First Quarter Of Fiscal 2020

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Algemeen advies 12/11/2019 06:59
Montreal, Quebec, Canada, November 11, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) reported its results today for the first quarter ended September 30, 2019. Amounts are in Canadian dollars unless otherwise indicated.

Highlights
•First quarter revenues of $3.1 million from the sale of gold in inventory as at June 30, 2019, combined with the sale of a portion of the ounces recovered from the Camflo mill cleaning.
•First quarter net earnings of $1.2 million or $0.005 per share, diluted, compared to a net loss of $1.9 million or $0.008 per share, diluted, last year.
•Cash and cash equivalents of $6.5 million and investments with a fair value of $2.1 million as at September 30, 2019.
•Production activities temporarily suspended at the Beaufor mine on June 27, 2019, and at the Camflo mill on July 10, 2019.
•On August 19, 2019, the Corporation completed the acquisition of a 100% interest in the Fayolle property from Hecla Québec Inc. and Typhoon Exploration Inc.
•On September 3, 2019, the Corporation announced the results of a new mineral resource estimate for its Monique property. The new estimate shows a pit constrained Inferred resource of 307,000 ounces and an underground Inferred resource of 354,400 ounces, for a total of 661,400 ounces of gold. Probe Metals Inc. can earn a 60% interest in the Monique property by spending an aggregate of $2,000,000 on exploration before January 2021.
•On September 10, 2019, the Corporation announced the results of a new mineral resource estimate for its Fayolle gold project. The new estimate shows a pit-constrained Indicated resource of 405,600 tonnes at an average grade of 5.42 g/t Au for a total of 70,630 ounces of gold, and an underground Indicated resource of 300,800 tonnes at an average grade of 4.17 g/t Au for a total of 40,380 ounces.
•Discussions with potential mining and financial partners for the Wasamac, Croinor Gold and Beaufor advanced gold projects are ongoing.
•With the increase in the resources of the Fayolle and Monique properties, Monarch’s combined measured and indicated resources now stands at 3.3 million ounces of gold with an inferred resource of 1.1 million ounces (see table of combined gold resources).

“During the quarter, we continued to focus on identifying mining and financial partners for our Wasamac, Croinor Gold and Beaufor gold projects,” said Jean-Marc Lacoste, President and CEO of Monarch. “Because they are fairly advanced, those projects are attracting considerable interest in the current gold market environment. In addition, any future production from Croinor Gold and Beaufor could easily be processed at the Camflo and Beacon mills, which is a significant advantage for both those projects. We also continued to develop our Fayolle and McKenzie Break projects, with positive results reported for the Fayolle resource calculation and a new drilling program initiated on McKenzie Break. We expect to report the first drill results from McKenzie Break in the coming weeks.”

“In terms of our operations, we have temporarily suspended production activities at the Beaufor mine and the Camflo mill and are continuing to clean the Camflo mill to recover the gold that has been locked up in the circuits and equipment for several years. The clean-up, which started in the first quarter and is expected to finish in the second quarter, will further strengthen our financial position. It will also allow us to upgrade the equipment at the Camflo plant when needed in the future.”

Summary of financial results
see & read more on
https://www.monarquesgold.com/news-releases/monarch-gold-reports-its-results-for-the-first-quarter-of-fiscal-2020



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