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Monarch Gold Corp
Symbol MQR
Shares Issued 294,086,953
Close 2020-07-08 C$ 0.435
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Monarch Gold signs MOU with railway for Wasamac ore

2020-07-09 08:29 ET - News Release

Mr. Jean-Marc Lacoste reports


Monarch Gold Corp. has entered into a memorandum of understanding (MOU) with Ontario Northland Railway for the transportation of ore from its Wasamac gold project to the Kidd concentrator in Timmins, Ont., pursuant to the MOU with Glencore Canada Corp. The first phase of the agreement consists of an economic study on the infrastructure for the transportation of ore by train from Wasamac to Kidd, to be completed no later than Dec. 31, 2020.

"This is another important step in the development of our Wasamac gold project with respect to the custom milling option, the objective of which will be to negotiate a favourable rate for the transportation of Wasamac ore to the Kidd concentrator," said Jean-Marc Lacoste, president and chief executive officer of Monarch. "Ontario Northland has the necessary capacity, a solid reputation and has been providing this transportation service to mining companies for more than a century. It is important to remember that if we choose the custom milling option, we will be able to significantly reduce the construction costs of the Wasamac mine compared to the initial option of building the mill and tailings facility directly on site, in addition to reducing the impact on the environment and neighbouring communities. The other important aspect will be to ensure that our operating costs are as low as possible, including transportation costs, which will allow us to increase the profitability of the project."

In addition to Northern Ontario, Ontario Northland serves Northern Quebec to Rouyn-Noranda, where the railway connects and interchanges traffic with CN, which then serves other major Abitibi region mills, including Canadian Malartic (Yamana Gold/Agnico Eagle), Westwood (Iamgold) and Lamaque (Eldorado Gold), as well as the corporation's Camflo and Beacon mills.

About Monarch Gold Corp.

Monarch Gold is an emerging gold mining company focused on becoming a 100,000-to-200,000-ounce-per-year gold producer through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada.

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