- Monarch (GBAR) starts processing the Beaufor Mine Ore at its wholly-owned Beacon Mill
- Monarch plans to pour its first gold bar in July
- The corporation started feeding the mill with that ore this week and expects to pour its first gold bar in July
- Monarch Mining Corporation is a fully integrated mining company that owns four projects, including the Beaufor Mine
- Monarch Mining Corporation (GBAR) is down 2.44 per cent, trading at C$0.40 at 11:28 am EST
Monarch Mining Corporation (GBAR) has begun processing the Beaufor Mine and Beacon Mill east of Val‑d’Or, Québec.
After investing about $20 million to refurbish the Beacon Mill, the corporation began processing waste rock and fine-tuning the mill about six weeks ago.
The company has also been mining ore at the Beaufor Mine over the last few months and 30,549 tonnes of ore averaging 4.76 g/t Au are currently stockpiled.
The corporation started feeding the mill with that ore this week and expects to pour its first gold bar in July.
“We’ve been working relentlessly over the last year to restart the Beaufor Mine and Beacon Mill and we’re pleased to see our efforts coming to fruition,” said Jean-Marc Lacoste, President and CEO of Monarch.
“We are convinced that our new mining and exploration strategies will enable us to make the Beaufor Mine a success once again and create new, good-quality jobs and sustainable employment in the region in the process,” added Lacoste.
Monarch Mining Corporation is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years and hopes to do more.
Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly-owned 750 tpd Beacon Mill.
Monarch owns 29,504 hectares of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.
Monarch Mining Corporation (GBAR) is down 2.44 per cent, trading at C$0.40 at 11:28 am EST.