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Monarch Mining Reports its Results for the Quarter Ended March 31, 2021

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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.

Monarch Mining Corporation (TSX:GBAR; OTCMKTS:GBARF) is a fully integrated mining company located in the prolific Abibiti mining camp. (CNW Group/Monarch Mining Corporation)
Monarch Mining Corporation (TSX:GBAR; OTCMKTS:GBARF) is a fully integrated mining company located in the prolific Abibiti mining camp. (CNW Group/Monarch Mining Corporation)

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

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