Monarch Gold sells 2% NSR royalty on the Chimo Mine property to Cartier Resources
TSX VENTURE: ECR
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.
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.