MONTREAL, Oct. 5, 2018 /CNW/ - MONARQUES GOLD CORPORATION ("Monarques" or the "Corporation") (TSXV: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce that it acquired a 2% net smelter royalty ("NSR") on the Chimo-Boyd claims in exchange for the issuance of 170,000 common shares of Monarques at a price of $0.28 per share and a cash payment of $8,400. On September 10, 2018, Monarques announced the sale of its remaining interest in the Chimo property (including the Chimo-Boyd claims) to Chalice Gold Mines Ltd.
"With this transaction, we now hold a 2.5% NSR on almost all of the 73 claims forming the Chimo property, with the exception of a few claims for which we hold a 0.5% NSR," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "If the property were ever to go into production, we would be able to reap the benefits of this investment at a more than reasonable cost."
The common shares issued pursuant to this transaction are subject to a statutory hold period of four months and one day from the issuance of the shares.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corporation (TSXV: MQR) is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns close to 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold (see video), McKenzie Break and Swanson advanced projects and the Camflo and Beacon mills, as well as five 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 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.
SOURCE Monarques Gold Corporation
Jean-Marc Lacoste, President and Chief Executive Officer, 1-888-994-4465, [email protected], www.monarquesgold.com; Elisabeth Tremblay, Senior Geologist - Communications Specialist, 1-888-994-4465, [email protected], www.monarquesgold.com
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