Monarch Gold sells Simkar property
Emerging gold mining company Monarch Gold has sold two mining concessions and 15 claims east of Val-d’Or, Quebec, for cash and shares in O3 Mining.
Toronto-headquartered O3, which is a consolidator of exploration projects in Canada, acquired the Simkar property for $140 000 in cash, as well as 435 000 common shares and 435 000 warrants.
Each warrant entitles Monarch to subscribe for one additional common share of O3 Mining at $4.20 a share for a period of three years following the closing of the transaction.
"O3 Mining has an outstanding technical team, led by José Vizquerra Benavides, and is capable of taking the Simkar project to a whole new stage of development,” said Monarch president and CEO Jean-Marc Lacoste.
The structure of this transaction would enable Monarch to benefit from O3 Mining's upside potential, while continuing to develop the Wasamac flagship project, as well as its five other gold projects.
Last month, Monarch filed a project notice with the Quebec government for the Wasamac project, marking the first step in the mining permit application process.
Located about 15 km west of Rouyn-Noranda in the Abitibi-Témiscamingue region, Wasamac is forecast to produce an average of 142 000 oz/y over an 11-year mine life at an all-in sustaining cost of C$826/oz.
The company also intends to make Wasamac a Mining 4.0 project, combining new technologies and respect for the environment.
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