Monarch Mining prepares the Beaufor mine and the Beacon plant for


MONTREAL, October 27, 2021 (GLOBE NEWSWIRE) – MONARCH MINING COMPANY (“Monarch“or the”company”) (TSX: GBAR) (OTCQX: GBARF) is pleased to provide an update on the restart of operations at the Beaufor mine and the Beacon plant, which should begin in the coming weeks in preparation for the start of the mining operation in 2022. Rehabilitation work on the two sites is carried out by around thirty employees and more than 120 regular and part-time contract employees.

Here is a summary of the work carried out to date at the Beaufor mine:

  • Rehabilitation of 900 meters of railway line including four new switches at level 20 to allow maximum sustained transport between zone Q and the shaft.
  • Rehabilitation of the main ramp from level 20 to zone Q at level 132, necessary for the resumption of development and production.
  • Return to service of four R1300 LHD loaders, three 30-tonne trucks, including the AD30, and two 15-tonne trucks.
  • Dismantling of the surface ventilation system at the Pascalis well and reassembly near the old Beaufor # 4 well to improve the ventilation system in zones Q, W and 350.
  • Installation of a 25 kV electrical system to supply the future development of the W zone and the new ventilation system.
  • Rehabilitation of surface silos to make them safer.

At the Beacon plant, major work has been undertaken since the plant was last commissioned in 2014:

  • The administrative offices, the dryers, the warehouses and the electrical room have been renovated.
  • The plant’s electrical distribution system and internal piping were replaced.
  • The main crusher has been dismantled for a complete overhaul.
  • The pumping system has been improved.
  • The plant’s internal conveyor system was inspected and major repairs were made to the main conveyor below the grizzly bear and to the exterior rock breaker.

“This work is part of our estimated budget of approximately $ 12.5 million to put the Beaufor mine and the Beacon plant back into service and will allow our employees to work more efficiently and safely,” said Jean-Marc Lacoste, President and CEO of Monarch. “In addition, as we said before, we will now be able to extract gold from two sources, the shaft and the ramp, instead of just one, which should increase the capacity of the mine. With respect to our production schedule, we expect to complete mine and mill preparation work by the end of the fourth quarter. “

“In terms of exploration at the Beaufor mine, we currently have four underground drills in operation on site and the 42,500 meter drill program is approximately 85% complete. We are extremely satisfied with the results obtained to date and look forward to seeing what the next drill results will show, ”added Mr. Lacoste.

The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., The Company’s qualified person under National Instrument 43-101.

About monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company with four projects, including the former Beaufor mine, which has produced over one million ounces of gold over the past 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near the 750 tpd Beacon mill, wholly owned by Monarch. Monarch owns 28,702 hectares (287 km2and) mining assets in the prolific Abitibi mining camp which hosts 478,982 ounces of combined Measured and Indicated gold resources and 383,393 ounces of combined inferred resources.

Forward-looking statements
The forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to differ materially from the results, performance or achievements therein. expressed or implied. Neither the 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

Table 1: Monarch’s Combined Gold Resources

Mineral resource estimates Tons
(metric)
Class
(g / t Au)
Ounces
Beaufor mine1
Measured resources 328,500 5.7 59,900
Indicated Resources 956,400 5.2 159,300
Total measured and indicated 1,284,900 5.3 219,200
Inferred total 818,900 4.7 122,500
McKenzie Break2
In the pit
Total shown 1,441,377 1.80 83,305
Inferred total 2 243 562 1.44 104,038
Underground
Total shown 387,720 5.03 62 677
Inferred total 1,083,503 4.21 146,555
Swanson3
In the pit
Total shown 1,864,000 1.76 105,400
Inferred total 29,000 2.46 2,300
Underground
Total shown 91,000 2.86 8,400
Inferred total 87,000 2.87 8,000
COMBINED TOTAL4
Measured and Indicated Resources
Inferred resources
478,982
383,393
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mining Project, July 23, 2021, Val-d’Or, Quebec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo., And Dario Evangelista, P. Eng., BBA Inc.
2 Source: NI 43-101 Technical Assessment Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Quebec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe -Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.
3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Quebec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P.Geo., InnovExplo Inc.
4 Numbers may not add up due to rounding.
Historical Mineral Resource Estimate Tons
(metric)
Class
(g / t Au)
Ounces
Golden cross1.2
Measured resources 80 100 8.44 21,700
Indicated Resources 724,500 9.20 214,300
Total measured and indicated 804,600 9.12 236,000
Inferred total 160,800 7.42 38,400
1 Source: Monarch Gold Pre-Feasibility Study (January 19, 2018) and Resource Estimate (January 8, 2016). This resource has been completed for Monarch Gold and has not been reviewed by a Qualified Person for Monarch Mining as required by National Instrument 43-101 and is therefore considered a historical estimate.
2 Numbers may not add up due to rounding.

The photos accompanying this announcement are available on:

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