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Monarques Gold Corp
Symbol MQR
Shares Issued 233,052,967
Close 2018-08-16 C$ 0.20
Market Cap C$ 46,610,593
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Monarques produces 4,695 oz Au in Q4 2018

2018-08-16 09:37 ET - News Release

Mr. Jean-Marc Lacoste reports

MONARQUES GOLD PRODUCES 4,695 OUNCES OF GOLD AND GENERATES $10 MILLION IN REVENUE IN ITS FOURTH QUARTER

Monarques Gold Corp. has released its production results and other highlights for the fourth quarter ended June 30, 2018.

Production highlights:

  • Monarques produced 4,695 ounces of gold in its fourth quarter, down 5 per cent from 4,932 ounces the previous quarter.
  • The company recorded revenues of $10-million in the fourth quarter from the sale of 4,589 ounces of gold at an average price of $1,609 per ounce ($1,246 (U.S.)) combined with revenue from custom milling, which was up 31 per cent for the quarter.
  • Monarques reported an initial set of results for its 2018 drilling program at the Beaufor mine. The results were for nine holes totalling 2,047 metres of drilling on the QF1 and 1700 projects (please see press release dated July 17, 2018).

Other highlights:

  • Strong growth in revenue from custom milling operations, which rose more than 31 per cent;
  • Feasibility study continuing for the Wasamac gold deposit (measured and indicated resources of 2,587,900 ounces of gold), based on proven Rail-Veyor material transport technology;
  • Results of resource estimates for the McKenzie Break and Swanson deposits bring the company's total combined measured and indicated resource to more than 3.15 million ounces of gold.

"The highlights of the quarter were the strong growth in our custom milling operations and the start of our feasibility study on the Wasamac deposit," said Jean-Marc Lacoste, president and chief executive officer of Monarques. "Our custom milling operations at the Camflo mill grew significantly, enabling us to offset some of the decline in production at the Beaufor mine and generate fourth quarter revenues of $10-million. We expect to maintain the production rate at Camflo in the coming quarters.

"We also started several projects during the quarter, including the Wasamac feasibility study, which is based on the proven Rail-Veyor system, a material transport technology that has led to dramatically lower operating costs at other major mines. Given the current gold market, we will obviously be boosting our efforts to assess the options and technologies that allow us to advance the world-class Wasamac project and put the deposit into production at the lowest possible cost."

                                          PRODUCTION STATISTICS 
  
                                           Quarter ended June 30, 2018    Nine months ended June 30, 2018

Beaufor mine (since being acquired 
from Richmont Mines on Oct. 2, 2017)                                                            
Ore processed (tonnes)                                          30,523                             98,394
Gold recovery (%)                                                98.70                              98.76
Ounces produced                                                  4,695                             15,071
Ounces sold                                                      4,589                             14,856

Corporate highlights:

  • On May 31, 2018, the company announced that it had retained BBA to conduct a feasibility study on its Wasamac gold project. The study will cover the assessment, design, engineering and costing of the mine, mill, tailings management facility, and all related services and infrastructure needed to develop and mine the Wasamac deposit. The new feasibility study will be based on an upgraded measured and indicated resource of 2,587,900 ounces of gold.
  • On June 14, 2018, the company reported the results of a mineral resource estimate for its McKenzie Break gold project 35 kilometres north of Val d'Or, Que.
  • On June 20, 2018, Monarques reported the results of a mineral resource estimate for its Swanson gold project 65 kilometres north of the Beacon mill.
  • On July 10, 2018, Monarques reported new assay results from the 2018 diamond drill program at its wholly owned Croinor Gold project 50 kilometres east of Val d'Or, Que. The 20,000-metre diamond drilling program, which started in March, 2018, is focused on the expansion of the Croinor gold deposit. The phase 1 results were from a total of 4,584 metres of drilling in 16 holes.
  • On Aug. 14, 2018, Monarques announced that it repaid the $4-million (U.S.) senior secured gold loan borrowed from Auramet International LLC.
  • As at June 30, 2018, the company had more than $15-million in cash.

Current project timelines

The following is a summary of the company's key projects (as well as their timelines):

  • Some results from the drilling programs at the Beaufor mine and the Croinor gold deposit are expected soon.
  • The results from the BBA feasibility study on the Wasamac deposit are expected in December, 2018.

The technical and scientific content of this press release has been reviewed and approved by Marc-Andre Lavergne, PEng, the corporation's qualified person under National Instrument 43-101.

About Monarques Gold Corp.

Monarques Gold 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 square kilometres of gold properties, including the Beaufor mine, the Croinor gold, 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.

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