Canadian Mining Journal

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GOLD: Monarch sells Monique project in Quebec



QUEBEC – Monarch Gold announced that it has sold its Monique property to Probe Metals.

The deal entails the issue of 1.28 million Probe shares to Monarch for a total value of $1.5 million. In addition, the buyer will assume any reclamation liabilities associated with the past-producing Monique open-pit mine, estimated at about $900,000.

“This transaction is consistent with the corporation’s stated objective to derive value from its non-core exploration assets, either through their sale or partnerships with well-established companies,” Jean-Marc Lacoste, Monarch’s president and CEO, said in a media statement. “The Monique property was part of the assets acquired from Richmont Mines and was not part of our future plans. Probe has done excellent exploration work since acquiring the option from Richmont in January 2017 and we are confident that they will be able to develop this property to its full potential.”

Monique consists of a mining lease and 22 mining claims covering an area of 5.5 sq. km in the Louvicourt township. The site is located 25 km east of Val-d’Or in Quebec.

This story originally appeared on www.Mining.com.