Monarch Gold Q4 Results https://www.monarquesgold.com/news-releases/monarch-gold-reports-its-fourth-quarter-results-for-fiscal-2020
Monarch Gold Reports Its Fourth Quarter Results For Fiscal 2020
Montreal, Quebec, Canada, September 24, 2020 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCQX: MRQRF) (FRANKFURT: MR7) reported its results today for the fourth quarter ended June 30, 2020. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial results
“Fiscal 2020 was a milestone year for Monarch, as we made progress on our Wasamac, McKenzie Break and Beaufor projects, sold our Fayolle, Monique, Simkar, Regcourt and Louvem non-core projects and strengthened our Board of Directors,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Our strategy of acquiring gold properties that we consider undervalued has paid off for Monarch. With the recovery of the gold market, our assets have substantially increased in value, allowing us to sell certain non-core assets at a good profit margin and to access financing on more attractive terms, so that we now have over $35 million in cash and cash equivalents, including investments.”
“Given our strong financial position, we can now focus on the development of our flagship Wasamac project, which is at the stage of pre-production permitting, an 18 to 24-month process that we initiated on November 2, 2019. Meanwhile, we are working to enhance Wasamac’s value by assessing the option of using an existing mill for production, such as Glencore's Kidd concentrator, which could significantly reduce our project construction cost. We also recently initiated a study to assess the silver content of the Wasamac deposit, which was not part of the 2018 feasibility study. These initiatives are aimed at enhancing the project’s economics and making it even more attractive to potential partners.”
“We are currently very active on our Beaufor and McKenzie Break projects, where we are carrying out major drilling programs. We also announced the start of an internal assessment of Camflo, Barrick Gold’s old mine, which we believe has strong exploration potential. In addition, Croinor Gold is once again attracting interest from potential partners, and our two mills are poised to restart once demand for custom milling services picks up. In short, thanks to these initiatives and the favourable gold market, we believe that we are looking at an eventful year ahead, with plenty of news to come,” concluded Mr. Lacoste.