Montreal, Quebec, Canada, September 27, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) reported its results today for the fourth quarter and fiscal year ended June 30, 2019. Amounts are in Canadian dollars unless otherwise indicated.
•Fourth quarter revenues of $7.3 million from the sale of 2,666 ounces of gold combined with revenue from custom milling.
•Fourth quarter net income of $0.9 million or $0.005 per share, diluted, compared to a net loss of $2.8 million or $0.014 per share, diluted, last year.
•Cash and cash equivalents of $6.4 million and investments with a fair value of $2.3 million as at June 30, 2019.
•Production activities temporarily suspended at the Beaufor mine on June 27, 2019, and at the Camflo mill on July 10, 2019.
•Ongoing discussions with potential partners for the Wasamac gold project and implementation of a strategy to develop the Corporation’s other advanced gold projects, including Beaufor, Croinor Gold, Fayolle and McKenzie Break.
•Monarch now has a combined Measured and Indicated resource of 3.3 million ounces of gold and an Inferred resource of 1.1 million ounces (see table at the end of the press release).
“The favourable gold price environment and a smaller workforce enabled us to have a solid quarter on the operations front,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “We believe that this favourable gold price environment should also have a positive impact on Monarch’s valuation given our strong gold mining assets, namely eight projects with a combined NI 43-101 compliant resource of more than 4 million ounces of gold and two mills with a total capacity of 2,350 tonnes per day, as well as a significant portfolio of exploration projects and mining companies’ securities. In addition, our main Wasamac project generated considerable interest from potential strategic partners in the last quarter, and again at the Beaver Creek mining conference in Colorado in September, where we met with over 70 mining and finance companies.”
“Although our production activities at the Beaufor mine and Camflo mill are temporarily suspended, the favourable gold price environment could change our plans in the short and medium term. We have implemented a strategy for developing our other advanced gold projects, namely Beaufor, Croinor Gold, Fayolle and McKenzie Break, which could eventually provide feed for our Camflo and Beacon mills. In line with this, we recently started a new drilling program on McKenzie Break, which we consider one of the most advanced of the group given its high-grade near-surface resources. We are confident that our current and future efforts will bring us closer to our ultimate goal of becoming a 100,000 to 200,000 ounce-per-year gold producer,” concluded Mr. Lacoste.
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