Monarques Acquires 5 Gold Properties in Val-d’Or
June 12, 2013 — QUÉBEC CITY, QUÉBEC (Source: Marketwired) — MONARQUES RESOURCES INC. (“Monarques” or the “Corporation”) (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to announce the acquisition of 5 other properties owned by Plato Gold Corp. (“Plato”) in the gold sector of Val-d’Or: the gold properties Horseshoe, Hop O’my Thumb, Vauquelin I, Vauquelin II and Vauquelin Pershing. These properties will be renamed Plator I to V, respectively. They cover a total area of 32 km², which must be added to the 26 km² of the Regcourt property (renamed Regcourt Gold) acquired in early May this year.
Under the terms of the agreement, the Corporation acquired a 100% interest in 192 mining claims belonging to Plato in consideration of a sum of $25,000, which is payable by the issuance of 192 308 common shares of the Corporation (the “Common Shares”) at a deemed price of 0,13 $ per Common Share. The Common Shares will be escrowed for a period of three years and gradually released in equal tranches of 33 1/3% per year following the anniversary date of the transaction. Also, Monarques has agreed to pay to Plato a 1% royalty (NSR) upon the commencement of commercial production of the mining claims. The Corporation will have the right to purchase this royalty, at any time, before the commencement of commercial production for a sum of $1,000,000.
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The Common Shares issued pursuant to the agreement are subject to a four month restriction period expiring on October 13, 2013 and the approval of the TSX Venture Exchange.
Monarques is moving forward with its strategy of acquiring highly prospective gold projects in the Val-d’Or sector. “Monarques wants to act as a consolidator in the area,” commented Jean-Marc Lacoste, President and Chief Executive Officer of the Corporation. “In the current context, junior exploration companies are facing financing challenges, and this enables us to acquire valuable assets at lower costs.”
Monarques Resources Inc. (MQR) is a junior gold exploration company dedicated to excellence and committed to a socially and environmentally responsible development plan. The Company is currently focusing its efforts on the acquisition of gold projects in the Val-d’Or sector where she hold 60 km² of gold properties, and the development of its properties located in the James Bay territory, in Quebec, which cover nearly 625 km². The Company also holds a 100% interest in the Nisk-1 deposit, a 2 million ton nickel project according to the National Instrument 43-101.
The forward-looking statements herein involve inherent known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Monarques to be materially different from any future results, performance or achievements expressed or suggested in this press release. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>