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Monarch Gold Reports its Second Quarter Results for Fiscal 2020

Wednesday, 12 February 2020 07:05 AM

Monarch Gold Corp.

MONTREAL, QC / ACCESSWIRE / February 12, 2020 / MONARCH GOLD CORPORATION ("Monarch" or the "Corporation") (TSX:MQR) (OTC PINK:MRQRF) (FRANKFURT:MR7) reported its results today for the second quarter ended December 31, 2019. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

(in dollars, except per-share data)
Three months ended
December 31
Six months ended
December 31
  2019     2018     2019     2018  
    2,458,842       11,411,996       5,603,541       19,189,360  
Gross margin
    1,636,969       2,895,749       3,340,474       2,389,936  
Net earnings
    127,263       2,175,702       1,306,197       325,157  
Earnings per share, basic and diluted
    0.000       0.009       0.005       0.001  
(in dollars)
  December 31, 2019     June 30, 2019  
Cash and cash equivalents
    5,079,132       6,381,307  
    3,623,158       2,326,036  
Total assets
    76,097,411       72,577,395  

"We have undertaken several strategic initiatives since the end of 2019 to develop our major mining projects, including Wasamac, Beaufor, Croinor Gold, Fayolle and McKenzie Break (see press release dated January 28, 2020), which represent combined resources of more than 3.5 million ounces of gold (see table of combined gold resources)," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "These initiatives are now well underway, and we are confident that for Monarch and its shareholders, the best is yet to come."

"In terms of exploration potential, results to date for McKenzie Break suggest that the property has excellent high-grade gold potential, and we have only just started to investigate its potential at depth. Based on the internal data collected since we started exploration, we consider that McKenzie Break could become a high-quality gold deposit," added Mr. Lacoste.

The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the Corporation's qualified person under National Instrument 43‑101.


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 nearly 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor, Croinor Gold (see video), Fayolle, McKenzie Break, and Swanson advanced projects and the Camflo and Beacon mills, as well as promising exploration projects. 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.

Jean-Marc Lacoste
President and Chief Executive Officer
[email protected]

Mathieu Séguin
Vice President, Corporate Development
[email protected]

Elisabeth Tremblay
Senior Geologist - Communications Specialist
[email protected]

Monarch Gold Corp., Wednesday, February 12, 2020, Press release picture

SOURCE: Monarch Gold Corp.

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