MONTREAL, May 13, 2021 MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCMKTS: GBARF) reported its results today for the quarter and 141-day period ended March 31, 2021. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial results
“These are our financial results for a full quarter following the closing of the Yamana Gold Inc. transaction and our January 26 listing as the new Monarch Mining Corporation entity,” said Jean-Marc Lacoste, President and CEO of Monarch. “We started the year strong, with major drilling programs on the Beaufor Mine, McKenzie Break and Croinor Gold properties, which are still ongoing. We also updated the mineral resource estimate technical reports on the Beaufor Mine, McKenzie Break and Swanson projects, which showed clear growth in the value of our mining assets. We expect the new resource estimate for the Beaufor Mine, which will include the results from the latest drilling programs, to further increase the potential value of the deposit.”
“We are still aiming to restart the Beaufor mine within the next 12 months in a gold market that remains strong. During the quarter, we also upgraded our technical team by adding experienced people who will help make Monarch a success. In addition, our strong financial position enables us to move forward with our advanced high-grade gold projects, for which we have high hopes,” Mr. Lacoste added.