Monarques Gold produces 4,695 ounces of gold and generates $10 million in revenue in fourth quarter
MONARQUES GOLD CORPORATION ("Monarques" or the "Corporation") (TSXV:MQR) (OTCMKTS:MRQRF) (FRANKFURT: MR7) is pleased to report its production results and other highlights for the fourth quarter ended June 30, 2018. Amounts are in Canadian dollars unless otherwise indicated.
- Monarques produced 4,695 ounces of gold in its fourth quarter, down 5% from 4,932 ounces the previous quarter.
- The Corporation recorded revenues of $10.0 million in the fourth quarter, from the sale of 4,589 ounces of gold at an average price of $1,609 per ounce (US $1,246), combined with revenue from custom milling, which was up 31% 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 (see press release dated July 17, 2018).
"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."
- On May 31, 2018, the Corporation 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 (see press release).
- On June 14, 2018, the Corporation reported the results of a mineral resource estimate for its McKenzie Break gold project 35 km north of Val-d'Or, Québec (see press release).
- 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 (see press release).
- 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, Québec. 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 (see press release).
- On August 14, 2018, Monarques announced that it has repaid the US $4 million senior secured gold loan borrowed from Auramet International LLC (see press release).
- As at June 30, 2018, the Company had more than $15 million in cash.
Current project timelines
The following is a summary of the Corporation's key projects, as well as their timelines:
- Drilling programs at the Beaufor Mine and at Croinor Gold. Some results are expected soon.
- BBA feasibility study on the Wasamac deposit. The results are expected in December 2018.
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the Corporation's qualified person under National Instrument 43‑101.
About Monarques Gold Corporation
Monarques Gold Corporation (TSXV: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.
Forward-Looking Statements Apply