Monarques Gold reports production results for last quarter

Production highlights

Monarques produced 4417 oz of gold in the second quarter, up 23% from the first quarter but down 19% from 5444 oz last year.

The corporation recorded revenues of CAN$11.4 million in the second quarter from the sale of 5169 ounces of gold at an average price of CAN$1656/oz (US$1254), combined with revenues from custom milling operations, which were up 2% from the first quarter and more than 71% year over year.

"These positive results for Monarques in the second quarter reflect a number of factors, including better grades from known stopes at the Beaufor mine, higher gold prices and the sustained contribution of custom milling activities at Camflo," said Jean-Marc Lacoste, President and CEO of Monarques.

"We will continue mining the ore remaining in the known stopes at Beaufor over the next few months, which should allow us to continue producing until April 2019. To reduce costs and in anticipation of the upcoming suspension of production activities at Beaufor, we stopped doing exploration and development work a few months ago and currently have 51 employees at the Beaufor mine, compared to approximately 130 employees prior to the announcement of the suspension. I would also like to thank our employees for their outstanding performance during the quarter."

Corporate highlights

On 23 October 2018, the corporation provided new results from the Probe Metals Inc. 2018 drilling programme on the Monique property, located near Val-d'Or (Quebec).

On 3 December 2018, the corporation reported positive results from the feasibility study prepared by BBA Inc. for the Wasamac gold project.

On 13 December 2018, Monarques announced that it had closed a non-brokered private placement of an aggregate of 3 029 606 flow-through shares at a price of CAN$0.33 per flow-through share, for aggregate gross proceeds of CAN$999 769.98.

On 18 December 2018, the corporation reported that it had consolidated its position around its Wasamac property through an exchange of mineral claims with Globex Mining Enterprises Inc.

On 15 January 2019, the corporation reported additional positive assay results from the 2018 diamond drilling programme at its wholly owned Croinor gold project 50 km east of Val-d'Or (Québec).

Read the article online at: https://www.globalminingreview.com/exploration-development/24012019/monarques-gold-reports-production-results-for-last-quarter/