Monarques Gold Reports its Second Quarter Results
1 Non-IFRS measure. See under “Non-IFRS Measures” at the end of the press release. See also the Corporation’s financial statements and management discussion and analysis for the reconciliation of this non-IFRS measure.
Corporate highlights
On October 2, 2017, Monarques completed the acquisition of the Quebec assets of Richmont Mines in conjunction with the closing of a $6.5 million financing and a US $4.0 million credit facility (see press release).On October 26, 2017, the Corporation announced the results of an updated NI 43-101 mineral resource estimate for its wholly owned Wasamac gold project establishing a measured and indicated resource of 2,587,900 ounces of gold and an inferred resource of 293,900 ounces (see press release).On December 14, 2017, Monarques announced strong results from its drilling program on the Croinor Gold deposit, including 7.84 g/t Au over 9.0 metres (29.5 feet) (see press release). The Corporation noted that the new results continued to demonstrate the predictability of the geological model used, and that the Croinor Gold deposit remains open laterally and at depth.On December 21, 2017, Monarques announced the acquisition of the McKenzie Break and Swanson gold properties from Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (see press release). The transaction enabled the Corporation to consolidate its portfolio of properties in the Abitibi region with the addition of two high quality gold projects that, with the Wasamac and Croinor Gold properties, bring Monarques' total number of advanced projects to four.On January 11, 2018, the Corporation reported excellent results from its drilling program at the Beaufor Mine, including 61.48 g/t Au over 3.9 metres (see press release), confirming the strong exploration potential in the area to the east of Zone Q.On February 8, 2018, Monarques announced a positive updated prefeasibility study for the Croinor Gold deposit (see press release).Next steps
Monarques' goal for the coming quarters is to increase the profitability of the Beaufor mine, mainly by cutting production costs and increasing the grade through more selective mining. Production costs will be reduced through higher productivity at the Camflo Mill, among other things, with the increase in custom milling activities.Monarques has announced drilling programs of 30,000 metres at the Beaufor Mine and 20,000 metres at the Croinor Gold deposit. The Corporation has also started 43-101 resource estimates for its McKenzie Break and Swanson gold projects.The Corporation will also assess the possibility of restarting the Beacon Mill in the second half of the year to accommodate an anticipated increase in demand for custom milling services.Finally, the Corporation is exploring a number of options for the development of the Wasamac gold deposit, including custom milling and the use of a railway system (located less than 500 metres from the Wasamac site).The technical and scientific content of this press release has been reviewed and approved by Marc-Andr?(C) Lavergne, Eng., the Corporation's qualified person under National Instrument 43?EUR'101.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corp (TSX.V: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 km ? 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.
Non-IFRS measures
The Corporation has provided measures prepared in accordance with IFRS as well as certain non-IFRS measures of financial performance in this press release. Non-IFRS measures of performance do not have a standard meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Corporation provides these non-IFRS measures of financial performance because investors sometimes use them to measure financial performance. As a result, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures of financial performance have been reconciled against the IFRS measures presented in the management discussion and analysis (refer to the section "Selected Quarterly Financial Information" for the description and reconciliation of these non-IFRS measures).
Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarques' actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Jean-Marc LacostePresident and Chief Executive Officer1-888-994-4465jm.lacoste@monarquesgold.comwww.monarquesgold.com
Elisabeth TremblaySenior Geologist - Communications Specialist1-888-994-4465e.tremblay@monarquesgold.comwww.monarquesgold.com