MONTREAL, Canada –Monarques Gold Corp. reported its production results and highlights for the second quarter ended December 31, 2017. It produced 5,444 ounces of gold, a 62% increase over the 3,380 ounces produced in the prior quarter by the previous owner, and a 16% increase over the quarterly average of 4,715 ounces produced during the prior nine-month period.
The Corporation recorded revenue of $10.3 million in the second quarter based on an average gold price of $1,612 per ounce (US $1,268) and 5,444 ounces sold combined with toll milling activities.
“We exceeded our target for the quarter by producing more gold than anticipated,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “Our toll milling activities were also strong. With the addition of Eldorado Gold (TSX:ELD; NYSE:EGO) and Nottaway Resources, the Camflo mill operated at 72% capacity during the last quarter, and based on the contracts signed for 2018 with Nottaway and Wallbridge Mining, among others, we expect to continue to increase mill productivity in the next quarter. On the exploration side, our recent drilling program at Beaufor was a success, and we plan to continue drilling to increase the mine’s gold resource.”