Monarch Reports Its Results for the Fourth Quarter and Year Ended June 30, 2022

Sep 28th, 2022 19:25 EST

MONTREAL, Sept. 28, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the fourth quarter and year ended June 30, 2022. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

(Indollars, except per share data)Three months endedJune 30,Year endedJune 30,232 daysendedJune 30,
 2022202120222021
Operating expenses(8,809,760)- (12,473,263)- 
Administration expenses(2,610,057)(1,176,022)(8,902,910)(1,761,466)
Exploration expenses(272,053)(2,229,013)(3,646,827)(3,471,155)
Care and maintenance- (1,794,899)- (2,757,758)
Revaluation of financial liabilities on tons milled at Beacon mill(162,608)- (972,621)- 
Gain on disposal of assets- - 16,259,338 - 
Impairment of property, plant and equipment(13,000,000)- (13,000,000)- 
Deferred income and mining taxes2,481,836 1,790,126 960,233 1,766,907 
Net loss and comprehensive loss(22,674,979)(2,837,751)(21,133,506)(5,598,402)
Net loss per share, basic and diluted(0.26)(0.04)(0.24)(0.12)

(In dollars)June 30, 2022 June 30, 2021 
Cash and cash equivalents10,339,558 20,480,457 
Restricted cash (1)6,000,000 - 
Total assets93,895,219 64,424,473 

1) Not included in cash and cash equivalents

For more information, please consult the Corporation’s consolidated annual financial statements, management’s discussion and analysis, and annual information form for the year ended June 30, 2022, which have been filed on SEDAR at www.sedar.com.

About MonarchMonarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.

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.

FOR MORE INFORMATION:
  
Jean-Marc Lacoste1-888-994-4465
President and Chief Executive Officer[email protected]
  
Mathieu Séguin1-888-994-4465
Vice President, Corporate Development[email protected]

www.monarchmining.com

Table 1: Monarch combined gold resources

Mineral resource estimatesTonnes(metric) Grade (g/t Au)Ounces 
Beaufor Mine1    
Measured Resources328,5005.759,900 
Indicated Resources956,4005.2159,300 
Total Measured and Indicated1,284,9005.3219,200 
Total Inferred818,9004.7122,500 
Croinor Gold2    
Measured Resources97,7006.2419,600 
Indicated Resources805,9006.50168,300 
Total Measured and Indicated903,6006.47187,900 
Total Inferred200,1006.1939,800 
McKenzie Break3    
In-pit    
Total Indicated1,441,3771.8083,305 
Total Inferred2,243,5621.44104,038 
Underground    
Total Indicated387,7205.0362,677 
Total Inferred1,083,5034.21146,555 
Swanson4    
In-pit    
Total Indicated1,864,0001.76105,400 
Total Inferred29,0002.462,300 
Underground    
Total Indicated91,0002.868,400 
Total Inferred87,0002.878,000 
TOTAL COMBINED5Measured and Indicated ResourcesInferred Resources  666,882423,193 
 
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc. 2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Québec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc.3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of GoldMinds GeoServices Inc.4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.5 Numbers may not add due to rounding.

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