MONTREAL, June 19, 2019 /CNW Telbec/ - MONARCH GOLD
CORPORATION ("Monarch" or the "Corporation") (TSX:
MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce that
its wholly-owned subsidiary Louvem Mines Inc. ("Louvem") has sold a
2% net smelter return ("NSR") royalty on certain claims of the
Chimo Mine property to Cartier Resources Inc. ("Cartier") (TSXV:
ECR) in consideration of a cash payment of $350,000. Monarch acquired Louvem as part of the
acquisition of Richmont Mines' Quebec assets in October 2017.
"This transaction allows us to monetize an asset that did not
fit with our core business," said Jean-Marc
Lacoste, President and Chief Executive Officer of Monarch.
"The funds will be allocated to the development of our priority
projects in Abitibi. Furthermore, we retain a portfolio of NSR
royalties ranging from 0.50% to 2.50% on the Chalice Gold Mines
property, which surrounds the Chimo Mine property."
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: MQR) is an emerging gold mining
company 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
Wasamac deposit (measured and indicated resource of 2.6 million
ounces of gold), the Beaufor Mine, the Croinor Gold (see video),
McKenzie Break and Swanson
advanced projects and the Camflo and Beacon mills, as well as other
promising exploration projects. It also offers custom milling
services out of its 1,600 tonne-per-day Camflo mill.
Forward-Looking Statements
The forward-looking statements in this press release involve
known and unknown risks, uncertainties and other factors that may
cause Monarch's actual results, performance and achievements to be
materially different from the results, performance or achievements
expressed or implied therein. Neither TSX nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX accepts responsibility for the adequacy or accuracy of this
press release.
www.monarquesgold.com
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SOURCE Monarch Gold Corporation