MONTREAL, Dec. 18, 2018 /CNW/ - MONARQUES GOLD CORPORATION ("Monarques" or the "Corporation") (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report that it has consolidated its position around its Wasamac property through an exchange of mineral claims with Globex Mining Enterprises Inc. ("Globex") (TSX: GMX).
The transaction has enabled Monarques to extend the eastern part of the Wasamac property by 16 additional claims and the western part of the property by an additional claim adjacent to the land acquired last summer, where the proposed mining facilities will be located, as indicated in the feasibility study issued on December 3, 2018 (see the feasibility study). The transaction also extends the Corporation's McKenzie Break property by adding a claim adjacent to that property and includes an agreement to store the old Wasamac drill core on Globex's Francoeur property for a period of two years.
In return, Globex receives 63 Monarques mining claims acquired during the transaction with Richmont Mines.
"This transaction will make the Wasamac project even more attractive to a potential partner," said Jean-Marc Lacoste, President and CEO of Monarques. "In fact, Wasamac has been attracting considerable interest since the feasibility study was filed."
Finally, the Corporation has received a letter from Quebec's Ministry of Energy and Natural Resources confirming the official status of the three mining concessions on the Wasamac property.
ABOUT MONARQUES GOLD CORPORATION
Monarques 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 Monarques' 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.
SOURCE Monarques Gold Corporation
For further information: Jean-Marc Lacoste, President and Chief Executive Officer, 1-888-994-4465, [email protected], www.monarquesgold.com; Elisabeth Tremblay, Senior Geologist - Communications Specialist, 1-888-994-4465, [email protected], www.monarquesgold.com