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Monarch Gold Reports its Second Quarter Results for Fiscal 2020

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Monarch Gold Reports its Second Quarter Results for Fiscal 2020

 

 

 

 

 

MONARCH GOLD CORPORATION (TSX: MQR) (OTCMKTS: 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
Revenues 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
Investments 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 under way, 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.

 

ABOUT MONARCH GOLD CORPORATION

 

Monarch Gold Corporation  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, including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor, Croinor Gold, 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.

 

Posted February 12, 2020

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