QUÉBEC CITY, QUÉBEC--(Marketwired - June 26, 2014) - MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (TSX VENTURE:MQR) (FRANKFURT:MR7) is pleased to announce that it has decided to consolidate its 13 recently acquired gold properties into 4 large properties (see map). These properties, all wholly owned by the Corporation, are located in the Val-d'Or area, in the vicinity of the prolific Cadillac Break.
The Company was able to acquire all 13 properties just in the past 18 months. In the difficult market for junior exploration companies, Monarques' strategy was to acquire gold properties, ideally with known mineral resources and accumulated work credits with the Ministry of Energy and Natural Resources. The four new properties cover a total area of 193 km2 and consist of 600 mineral claims, two mining concessions, and one mining lease with a cumulative total of over $9.5 million in work credits.
"Our goal was to consolidate part of the region, and we have successfully achieved that," said Jean-Marc Lacoste, President and Chief Executive Officer. "The consolidation of these assets into four large properties will facilitate their development and help us achieve our ultimate goal of becoming a gold producer in the medium term."
The four new large properties are: Croinor Gold, Simkar Gold, Regcourt Gold and Belcourt Gold.
Properties
|
Mineral claims, mining concessions and mining lease |
|
Area
km2 |
MRN credits
($) |
NSR
(%) |
Pre-consolidation properties |
| Croinor Gold1 |
304 claims
1 mining lease |
|
128.46 |
$7,851,630 |
1.5% * |
Croinor, Croinor-Pershing, Lac Tavernier, Bel-Rive |
| |
| Simkar Gold2 |
21 claims
2 mining concessions |
|
5.29 |
$586,447 |
1.5% |
Simkar, Tex-Sol |
| |
| Regcourt Gold |
270 claims |
|
57.64 |
$1,097,065 |
1.5%-2.5% |
Regcourt, Plator I, Plator II, Plator III, Plator IV, Plator V |
| |
| Belcourt Gold |
5 claims |
|
2.12 |
$338 |
- |
Belcourt |
| |
| Total |
600 |
|
193.51 |
$9,535,480 |
|
|
*Royalties only applicable to the mining lease and 44 claims only.
1,2 The historical data and mineral resource estimates can be found in the following press releases: Croinor Gold, Simkar Gold, Regcourt Gold.
ABOUT MONARQUES
Monarques is a junior gold exploration company currently focusing its efforts on the development of gold projects along the Cadillac Break, in the Val-d'Or area of Quebec. Monarques currently has nearly 200 km² of property holdings in the Val-d'Or area consisting of 600 claims, two mining concessions and one mining lease, with over $9.5 million in credits from the Ministère de l'Énergie et des Ressources naturelles.
Forward-Looking Statements
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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
A map is available at the following address: http://media3.marketwire.com/docs/954419_Map.jpg.