MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQB: GBARF) announces that it has entered into an agreement to sell its 100% interest in the Croinor gold property (the “Property”) to Probe Gold Inc. (“Probe”) for $4.5 million in cash and common shares of Probe.

More precisely, to acquire the 100% interest in the Property, Probe will:

Make a cash payment of $2,000,000 to Monarch at the closing of the transaction; and
Issue a value of $2,500,000 in common shares of Probe, based on a 10-day volume weighted average price (VWAP).
The transaction is expected to close in the coming weeks and is subject to usual approvals, including regulatory approval.

Monarch Mining Corporation (TSX: GBAR) (OTCQB: GBARF) is a gold mining company that owns four projects, including the Beaufor Mine, which is currently on care and maintenance and has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.