MONTREAL, June 8, 2020 /CNW Telbec/ - MONARCH GOLD
CORPORATION ("Monarch" or the "Corporation")
(TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is
pleased to announce the closing of the sale of the Fayolle property
to IAMGOLD Corporation ("IAMGOLD") (TSX: IMG) (NYSE:
IAG) for a total consideration of $11.5
million.
IAMGOLD issued 1,851,145 common shares to Monarch at a price of
$5.24 per share for a total value of
$9.7 million and will pay an
additional $0.3 million in cash upon
transfer of ownership of a parcel of land to IAMGOLD and an
additional $1.5 million in cash 90
days after the initial transport of ore from the Fayolle
deposit.
Following this transaction, Monarch now has approximately
$20 million in cash and short-term
investments.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: MQR) is an emerging gold mining
company focused on becoming a 100,000 to 200,000 ounce per year
gold producer through its large portfolio of high-quality projects
in the Abitibi mining camp in Quebec,
Canada. The Corporation currently owns over 315 km² of gold
properties (see map), including the Wasamac deposit (measured and
indicated resource of 2.6 million ounces of gold, which includes
proven and probable reserves of 1.8 million ounces of gold), the
Beaufor, Croinor Gold (see video), McKenzie Break and Swanson advanced projects, and the Camflo and
Beacon mills. It also offers custom milling services out of its
1,600 tonne-per-day Camflo mill.
Forward-Looking Statements
The forward-looking statements in this press release involve
known and unknown risks, uncertainties and other factors that may
cause Monarch's 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.
www.monarquesgold.com
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SOURCE Monarch Gold Corporation