Montreal, Québec, Canada, March 29, 2022 – MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce that it has entered into an agreement with Gold Royalty Corp. (NYSE: GROY) regarding a combination of royalty sales and buyback eliminations, including the sale of an additional C$1.25 per tonne royalty on the Beacon Mill, the sale of an additional 0.25% net smelter return royalty and the elimination of the 1.25% royalty buybacks on each of the Croinor Gold, McKenzie Break and Swanson properties, in exchange for a cash payment of C$4.5 million to Monarch.
Laurentian Bank Securities Inc. acted as financial advisor to Monarch in connection with the transaction.
The Corporation expects to close the transaction by April 15, 2022.
Monarch 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 478,982 ounces and a combined inferred resource of 383,393 ounces.
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.
President and CEO
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Vice President, Corporate Development