Monarques Resources Inc.

Monarques Resources Inc.

September 05, 2013 09:00 ET

Monarques Proceeds to the Acquisition of 4 More Gold Properties in Val-d'Or

QUEBEC CITY, QUEBEC--(Marketwired - Sept. 5, 2013) - MONARQUES RESOURCES INC. ("Monarques" or the "Company") (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to announce the acquisition of 4 other properties belonging to X-Ore, a subsidiary of Blue Note Mining ("Blue Note") in the gold-bearing sector of Val-d'Or: the Tex-Sol, Belcourt, Lac Tavernier and Bel-Rive properties. They cover a total area of ΓÇïΓÇï43 km², which adds up to the 69 km² of the other properties recently acquired in the Val-d'Or area. These properties consist of 100 mining claims for a total of over $430,000 in credits from the Ministry of Natural Resources and Wildlife (MNRF).

On May 16, 2013, Blue Note announced that as part of a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada), PricewaterhouseCoopers Inc. ("PWC") has been appointed as trustee to attend Blue Note and X-Ore in their restructuring efforts. In this context, PWC has developed a request for proposals procedure.

The proposal submitted to PWC by Monarques for the acquisition of the Tex-Sol, Belcourt, Lac Tavernier and Bel-Rive properties has been accepted. The agreed purchase price is $25,000.

"Monarques continues to acquire promising gold-bearing properties in Canada's largest gold producing area," commented Jean-Marc Lacoste, President and Chief Executive Officer of the Company. "We are currently in a buyer's market, and the last time it was possible to make acquisitions at such a fair price was following the Second World War. When investors regain interest in the commodity sector, Monarques will be a leader in Val-d'Or."


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 dedicating its efforts to the acquisition and development of gold projects located along the Cadillac Break in the Val-d'Or area. Monarques owns properties that cover more than 110 km2 in Val-d'Or, comprising a total of 402 claims, 2 mining leases and over $1.45M in credits from the Ministry of Natural Resources and Wildlife (MNRF). Furthermore, Monarques continues to develop other properties located in Nemaska, ΓÇïΓÇïon the James Bay territory in Quebec, which cover nearly 550 km² on 1,098 claims for a total of over $7.2M in credits from the MNRF. The Company also holds a 100% interest in the Nisk-1 deposit, a project that complies with the National Instrument 43-101.

Forward-Looking Statements

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.

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