GOLD: Monarques says updated PFS for Croinor is positive

QUEBEC – Monarques Gold of Montreal has updated the pre-feasibility study for its Croinor project with a 10% increase in proven and probable reserves, a 16% decrease in operating costs, and a 13% cut to total costs. [caption id="attachment_1003721988" align="alignright" width="300"] Ore from the Croinor gold mine would be processed at the Beacon mill near Val d’Or. (Image: Monarques Gold)[/caption] The revised study puts total costs at US$902/oz. of gold with annual gold production of 31,472 oz. The project has an after tax internal rate of return of 30%. Located near Val d’Or, the Croinor mine will be a four-year underground venture with ore to be processed at the Beacon mill. Monarques says the Croinor mine has probable and probable reserves of 602,994 tonnes at a grade of 6.66 g/t gold. There are 125,889 oz. of gold in the reserves. It would take approximately $50.7 million to put the mine into production. More information is available at www.MonarquesGold.com.