MONTREAL, May 13, 2021 /CNW Telbec/ - MONARCH MINING CORPORATION
("Monarch" or
the "Corporation") (TSX: GBAR) (OTCMKTS: GBARF)
reported its results today for the quarter and 141-day period ended
March 31, 2021. Amounts are in
Canadian dollars unless otherwise indicated.
Summary of financial results
|
(In dollars,
except per share data)
|
THREE MONTHS
ENDED
MARCH
31
2021
|
141-DAY PERIOD
ENDED
MARCH 31
2021
|
|
Administrative
expenses
|
585,444
|
585,444
|
|
Care and maintenance
expenses
|
962,859
|
962,859
|
|
Exploration
expenses
|
1,242,142
|
1,242,142
|
|
Net loss
|
(2,760,651)
|
(2,760,651)
|
|
Basic and diluted net
loss
|
(0.05)
|
(0.08)
|
|
|
|
|
|
|
|
(In
dollars)
|
|
MARCH 31,
2021
|
|
Cash and cash
equivalents
|
|
19,013,624
|
|
Total
assets
|
|
61,211,859
|
|
Non current
liabilities
|
|
12,906,332
|
|
Shareholders'
equity
|
|
46,461,437
|
"These are our financial results for a full quarter following
the closing of the Yamana Gold Inc. transaction and our
January 26 listing as the new Monarch
Mining Corporation entity," said Jean-Marc
Lacoste, President and CEO of Monarch. "We started the year strong, with
major drilling programs on the Beaufor Mine, McKenzie Break and
Croinor Gold properties, which are still ongoing. We also updated
the mineral resource estimate technical reports on the Beaufor
Mine, McKenzie Break and Swanson
projects, which showed clear growth in the value of our mining
assets. We expect the new resource estimate for the Beaufor Mine,
which will include the results from the latest drilling programs,
to further increase the potential value of the deposit."
"We are still aiming to restart the Beaufor mine within the next
12 months in a gold market that remains strong. During the quarter,
we also upgraded our technical team by adding experienced people
who will help make Monarch a
success. In addition, our strong financial position enables us to
move forward with our advanced high-grade gold projects, for which
we have high hopes," Mr. Lacoste added.
About Monarch
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining
company that owns four advanced projects, including the fully
permitted past-producing Beaufor Mine, which has produced more than
1 million ounces of gold over the last 30 years. Other advanced
assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near
Monarch's wholly owned and fully
permitted Beacon 750 tpd mill. Monarch owns 28,725 hectares
(287 km2) of mining assets in the prolific Abitibi
mining camp that host 588,482 ounces of combined measured and
indicated gold resources and 329,393 ounces of combined inferred
resources.
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.monarchmining.com
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SOURCE Monarch Mining Corporation